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Dycom Industries net income rises 10 percent

Dycom Industries fiscal 4th-quarter net income rises 10 percent; revenue jumps 50 percent

PALM BEACH GARDENS, Fla. (AP) -- Dycom Industries Inc., the telecommunications contractor, said Tuesday that its fiscal fourth-quarter net income rose 10 percent as its revenue jumped.

The Palm Beach Gardens, Fla.-based company also said that its board of directors authorized a $40 million share repurchasing plan.

Dycom reported earnings of $14.7 million, or 43 cents per share, in the three months ending July 27. That's up from $13.3 million, or 39 cents per share, in the same quarter a year ago.

Adjusted earnings were 44 cents per share in the fourth quarter, a penny below analysts' expectations of 45 cents per share, according to FactSet.

Revenue jumped 50 percent to $478.6 million in the fourth quarter from $318 million a year ago. That beat analysts' expectations of $465.7 million, according to FactSet.

For the fiscal first quarter, the company expects adjusted earnings between 42 cents per share and 49 cents per share. It expects revenue between $475 million to $495 million. Analysts expect earnings of 47 cents per share and revenue of $471.5 million, according to FactSet.

Dycom said that the stock repurchasing program will take place over the next 18 months and it will pay for it with cash. The company said that the program will replace one that expires on Sept. 15. As of Aug. 26, Dycom said that it had 33,279,302 shares of common stock outstanding.

Shares of Dycom fell 52 cents, or 2 percent, to close at $26.32 in trading Tuesday. The dropped another 63 cents to $25.69 in aftermarket trading following the release of the earnings report.

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