Dycom Industries 3Q profit falls but tops analysts

Dycom Industries Inc., a telecommunications contractor, said Tuesday its fiscal third-quarter profit tumbled 45 percent but beat Wall Street's expectations.

For the period ended April 26, the company reported income of $6.9 million, or 17 cents per share, compared with $12.4 million, or 31 cents per share, in the year-ago period.

Dycom reported adjusted earnings from continuing operations, excluding certain one-time gains and other items, of $5.5 million, or 14 cents per share, compared with $11.1 million, or 27 cents per share, in the prior-year quarter.

Revenue rose slightly to $293.4 million from $291.6 million in the year-ago quarter.

Analysts polled by Thomson Financial, on average, anticipated earnings of 12 cents per share on sales of $290.2 million. Analyst estimates typically exclude one-time items.

Shares added 3 cents to close at $15.89. In aftermarket activity, the stock rose another $1.21, or 7.6 percent, to $17.10. The stock has ranged from $11.12 to $34.13 over the past year.