AP News

Dycom shares plunge aftermarket on weak 4Q report

PALM BEACH GARDENS, Fla. (AP) — Shares of Dycom Industries Inc. fell nearly 13 percent in after-hours trading on Tuesday after the telecommunications contractor said its fiscal fourth-quarter net income and revenue fell short of analysts' expectations.

Net income during the three months ended July 28 rose 2 percent to $13.3 million, or 39 cents per share. That compares with net income of $13 million, or 38 cents per share, last year. Analysts expected 41 cents per share, according to FactSet.

Revenue rose 5 percent to $318 million from $303.7 million last year. Analysts expected revenue of $323.7 million.

Revenue from storm restoration services was $2.3 million in the quarter, compared with $14.1 million in the prior year quarter.

For the fiscal year, net income more than doubled to $39.4 million, or $1.14 per share. Revenue rose 16 percent to $1.2 billion.

Dycom shares rose 60 cents, or 3.3 percent, to close at $18.88 in the regular session. They lost $2.40, or 12.7 percent, to $16.48 in extended trading.

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