Dycom Industries Q1 Profit Rises - Update

(RTTNews) - Contracting service provider Dycom Industries Inc. (DY), Monday reported an increase in profit for the first quarter, as contract revenues surged on acquisitions. Dycom's earnings for the quarter easily beat Wall Street expectations, while revenues also topped estimates.

Palm Beach Gardens, Florida-based Dycom Industries first-quarter profit rose to $18.7 million or $0.54 per share from $11.9 million or $0.35 per share last year. On average, seven analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Dycom's contract revenues for the quarter grew to $512.7 million from $323.3 million last year. Analysts expected revenues of $486.10 million for the quarter.

Dycom said its contract revenues grew 10 percent organically after excluding $157.1 million of revenue from businesses acquired during fiscal year 2013. Dycom offers engineering, maintenance and installation services to telecom companies and utilities.

Looking forward to the second quarter, Dycom expect earnings in the range of $0.03 to $0.09 per share, with revenues of $400.0 million to $420.0 million. Analysts currently expect earnings of $0.18 per share on revenues of $433.23 million for the quarter.

DY closed Monday's trading at $27.10,, down $0.63 or 2.27%, on the NYSE.