Dycom Industries Q1 Profit Rises - Update

(RTTNews) - Contracting service provider Dycom Industries Inc. (DY), Monday reported an increase in profit for the first quarter, driven largely by lower expenses despite lower contract revenues, with both earnings and revenues beating Wall Street estimates.

Palm Beach Gardens, Florida-based Dycom Industries first-quarter profit rose to $20.8 million or $0.59 per share from $18.7 million or $0.54 per share last year. On average, six analysts polled by Thomson Reuters estimated earnings of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter were $510.4 million compared with $512.7 million in the prior year. Analysts had a consensus revenue estimate of $500.9 million for the quarter.

Total expenses for the quarter dropped to $471.1 million from $476.7 million last year.

Looking forward to the second quarter, the company expects earnings of $0.07 to $0.14 per share on revenues of $410 million to $430 million. Analysts currently expect earnings of $0.08 per share on revenues of $412 million.

Dycom provides engineering, construction, maintenance and installation services to telecommunications providers and utilities.

DY closed Monday's trading at $26.20, up $0.24 or 0.92%, on the NYSE. The stock further gained $1.61 or 6.15% in after-hours trade.