Dycom Beat Estimates, Outlook Strong; Stock Up - Update

(RTTNews) - Specialty contracting services provider Dycom Industries Inc (DY), on Tuesday reported a better-than-expected increase in fourth-quarter profit, driven by higher revenues.

The company also announced an additional stock buyback of $50 million.

Dycom shares gained more than 9 percent in after-hours trade on the New York Stock Exchange.

Dycom posted quarterly net income of $33.8 million or $0.97 per share, compared to $16.5 million or $0.47 per share in the year-ago quarter.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the fourth quarter rose to $578.5 million from $482 million a year ago, while analysts expected $567 million.

For the first quarter, the company projects earnings of $0.96 to $1.04 per share on revenues of $615 million to $635 million. Analysts expect earnings of $0.76 per share on revenue of $567.6 million.

Dycom stock closed Tuesday at $60.31, up $0.93 or 1.57%, on the NYSE. In after hours, the stock gained $5.59 or 9.27% at $65.90.