Dycom Shares Rise In Pre-Market On Upbeat Q1 Results

(RTTNews) - Shares of Dycom Industries, Inc. (DY), a provider of specialty contracting services, were rising more than 8 percent in pre-market on Wednesday to $168.48, after reporting better-than-expected first-quarter results.

Net income for the first quarter increased to $62.55 million or $2.12 per share from $51.52 million or $1.73 per share a year ago. Analysts on average expected the company to report earnings of $1.51 per share, according to figures compiled by Thomson Reuters.

Contract revenues increased 9.3 percent to $1.142 billion from $1.045 billion in the year ago quarter. The consensus estimate was for $1.09 billion.

On an organic basis, contract revenues increased 2.5 percent.

For the second-quarter, the company expects organic contract revenues to grow by high-single digits.

Dycom shares had closed at $154.40, up 1.55 percent on Tuesday. The stock has traded in the range of $78.42 - $154.44 in the last 1 year.