Dycom Industries Posts Profit In Q1, Adj. Loss Below View; Warns On Q2 Revenues, Margin

(RTTNews) - Dycom Industries, Inc. (DY), a provider of specialty contracting services, reported Tuesday that its first-quarter net income was $0.9 million or $0.03 per share, compared to net loss of $32.4 million or $1.03 per share a year ago.

Adjusted net loss was $1.2 million or $0.04 per share, compared to adjusted net income of $11.4 million or $0.36 per share last year.

On average, seven analysts polled by Thomson Reuters expected earnings of $0.06 per share. Analysts' estimates typically exclude special items.

Contract revenues of $727.5 million were lower than last year's $814.3 million. Contract revenues decreased 11.1 percent on an organic basis.

Adjusted EBITDA was $44.1 million, or 6.1 percent of contract revenues, compared to $69.9 million, or 8.6 percent of contract revenues last year.

Looking ahead for the second quarter, the company expects contract revenues to range from in-line to modestly lower and adjusted EBITDA as a percentage of contract revenues to decrease as compared to the prior year.