Dycom Q2 Profit Misses Estimates

(RTTNews) - Dycom Industries, Inc. (DY) reported a decline in profit for the second-quarter that also missed Wall Street estimates. Non-GAAP adjusted EBITDA was 9.4% of contract revenues, compared to 12.5%, a year ago. Contract revenues declined 4.4%, for the quarter. Looking forward, the company projects third quarter contract revenues to be in-line year-over-year, and non-GAAP adjusted EBITDA to decrease as a percentage of contract revenues.

Second quarter non-GAAP adjusted net income per share was $0.60 compared to $1.18, last year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.73, for the quarter. Analysts' estimates typically exclude special items. On a GAAP basis, net income was $18.2 million, or $0.59 per share, compared to $37.0 million, or $1.15 per share.

Contract revenues were $787.6 million, compared to $823.9 million, previous year. Analysts expected revenue of $810.47 million, for the quarter.