Shares of Dycom Industries Inc. tumbled 10.7% toward a three-month low in morning trading Tuesday after the provider of contracting services reported a surprise fiscal first-quarter loss, revenue that missed expectations and provided a downbeat outlook for the current quarter. TFor the quarter to May 1, the company swung to net income of about $898,000, or 3 cents a share, from a loss of $32.4 million, or $1.03 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was 4 cents, after adjusted earnings per share of 36 cents. The FactSet consensus was for EPS of 6 cents. Contract revenue fell 10.7% to $727.5 million, below the FactSet consensus of $752.1 million. For the quarter to July 31, Dycom expects revenue to be in-line to modestly lower than a year ago, while the current FactSet consensus of $843 million implies a rise of 2.3%. The stock has slipped 1.8% year to date, while the S&P 500 has advanced 11.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
