RTTNews | Nov 23, 2021 07:06AM EST

07:05 Tuesday, November 23, 2021 (RTTNews.com) - Shares of specialty contracting services provider Dycom Industries, Inc. (DY) are climbing more than 3% in pre-market trade on Tuesday following third-quarter results that surpassed the Street expectations.

Net income was $28.72 million, or $0.94 per share for the third quarter, compared with $33.93 million, or $1.05 per share in the same quarter a year ago.

Excluding one-time items, earnings were $29 million, or $0.95 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.69 per share.

Contract revenue for the quarter increased to $853.97 million from $810.26 million last year. The consensus estimate was for $814.79 million.

Looking forward, the company expects contract revenues for the fourth quarter to increase modestly from the year-ago quarter adjusted organic contract revenues of $691.8 million. Analysts expect revenue of $761.9 million for the period.

DY closed Monday's regular trade at $83.50, down $1.31, or 1.54%. The stock is currently at $86.03.

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