Dycom Industries Q1 Profit Climbs, Tops Estimates; Stock Up In Pre-market

(RTTNews) - Dycom Industries, Inc. (DY), a provider of specialty contracting services, reported Wednesday that its first-quarter net income climbed to $62.55 million or $2.12 per share from last year's $51.52 million or $1.73 per share.

Analysts on average expected the company to report earnings of $1.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Non-GAAP Adjusted EBITDA increased to $130.9 million, or 11.5 percent of contract revenues, from $113.5 million, or 10.9 percent of contract revenues, in the year ago quarter.

Contract revenues increased 9.3 percent to $1.142 billion from $1.045 billion in the year ago quarter. Contract revenues increased 2.5 percent on an organic basis. The Street was looking for revenues of $1.09 billion for the quarter.

Looking ahead for the second quarter, the company projects adjusted EBITDA margin to increase 25 to 75 basis points compared to last year. Organic contract revenues would grow by high-single digits as a percentage of contract revenues. In addition, the cmpany expects approximately $70 million of acquired contract revenues for the quarter.

In pre-market activity on the NYSE, Dycom shares were gaining around 4.3 percent to trade at $161.

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