PALM BEACH GARDENS, Fla. (AP) ¿ Telecommunications contractor Dycom Industries Inc. said its fiscal first quarter profit fell two-thirds and it expects a loss in the second quarter.
The Palm Beach Gardens, Fla., company said late Monday it earned $3.5 million, or 9 cents per share, compared with $10.5 million, or 27 cents per share in the same quarter last year.
Revenue of $248.7 million for the quarter ended Oct. 24 was down 21 percent from $312.8 million in the year-ago period.
Excluding $2 million for a charge related to a wage and hour class action settlement and about $1 million for a valuation allowance on a deferred tax asset, earnings would have been $5.8 million, or 15 cents per share.Analysts surveyed by Thomson Reuters expected Dycom Industries to earn 17 cents per share on revenue of $269.3 million. Analysts typically exclude one-time charges and gains. Dycom Industries said it expects a modest loss per share in the second quarter and revenue to be down due to seasonal patterns and slowing capital spending by an unspecified customer. Shares rose 11 cents to $8.72 in morning trading.