Dycom Q2 Results Top Estimates, Q3 Guidance Strong; To Buyback $40 Mln Stock

(RTTNews) - Dycom Industries Inc (DY), a provider of specialty contracting services, on Tuesday reported second-quarter net earnings of $9.4 million or $0.27 per share compared with a loss of $3 million or $0.09 per share last year.

Revenues for the quarter were up about 13 percent at $441 million compared with $390.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.10 per share on revenues of $419.8 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects earnings of $0.33 to $0.40 per share on revenues of $455 million to $475 million. Analysts expect earnings of $0.31 per share on revenues of $458.8 million.

Dycom announced a $40 million share buyback, which is to be made over the next 18 months. This replaces an earlier stock buyback in which about $12.9 million remained outstanding.

Dycom provides engineering and construction services to telecommunications providers; underground facility locating services to various utilities; and other construction and maintenance services to electric and gas utilities.