RTTNews | May 25, 2021 12:03PM EDT

12:02 Tuesday, May 25, 2021 (RTTNews.com) - Florida-based telecommunication service provider Dycom Industries, Inc. (DY) is down 11% after its first-quarter results failed to meet Wall Street estimates. Net income for the quarter was $0.9 million or $0.03 per share, compared to a loss of $32.4 million or $1.03 per share last year.

Excluding special items, the company recorded a net loss of $1.2 million or $0.04 per share compared to a net income of $11.3 million or $0.36 per share in the first quarter last year. Seven analysts polled by Thomson Reuters had a consensus earnings estimate of $0.06 per share. Analysts' estimates usually exclude the special items.

Revenues for the quarter dropped to $727.5 million from $814.3 million last year, resulting from an 11.1% drop in contract revenues. Analysts expected revenues of $752.1 million for the quarter.

The company is trading at $73.33 per share, down 11.7% or $9.72, from $83.05 at close on Monday. The company opened the market at $76.50 per share. For the 52-week period, the stock has ranged from $36.37 to $101.16.

Read the original article on RTTNews ( https://www.rttnews.com/3197374/stock-alert-dycom-slips-11-as-q1-results-miss-street-view.aspx)

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