MasTec Lowers 2015 Expectations

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MasTec announced that they are lowering their 2015 expectations due to potential lower oil prices and expected lower levels of wireless project activity. The company announced their 2015 expectations in October of up to $5.4 billion, whereas now the company estimated 2015 revenue of $5 billion. The company explained, “While the Company has not experienced any significant delays or cancellations of pipeline, or related oil and gas facilities projects, the company believes that it is prudent to moderate its 2015 expectations for its Oil & Gas segment. Additionally, MasTec’s revised 2015 guidance also includes the estimated impact of reduced levels of wireless project activity, based on previous public announcements by the major customer.” MasTec’s Board of Directors has authorized the repurchase of up to $100 million of MasTec common stock.

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