Dycom Industries Inc. DY, -1.05% reported Tuesday a surprise fiscal first-quarter loss, revenue that missed expectations and provided a downbeat outlook for the current quarter. The provider of contracting services’ stock was still inactive in premarket trading. For 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 gained 10.0% year to date, while the S&P 500 SPX, +0.99% has advanced 11.7%.
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