Mastec Misses Third-Quarter Estimate

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MasTec

(MTZ) - Get Report

said third-quarter net income fell sharply to $5.6 million, or 12 cents a share, from $26.1 million, or 53 cents a share, a year ago. Analysts had been expecting earnings of 29 cents, according to Thomson Financial/First Call.

Revenues also dropped, to $302.2 million for the quarter from $382.3 million in the year ago period.

The telecommunications infrastructure company cited tough economic conditions for the worse than expected performance. Shares of MasTec closed at $4.98 on the New York Stock Exchange Wednesday; their 52-week high is $34.75.