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NEW YORK (TheStreet) -- Dycom Industries  (DY) - Get Free Report stock is declining by 4.08% to $82.50 in late morning trading on Tuesday, despite the company's fiscal 2016 first quarter earnings results beating analsts' expectations.

The North Palm Beach FL-based specialty contracting company reported earnings of $1.24 per share. Revenue increased to $659.3 million, up from $510.4 million in the year-ago period.

Analysts surveyed by Zacks Investment Research were expecting the company to report earnings of $1.01 per share on revenue of $626 million for the most recent quarter.

Additionally, the company projected its fiscal 2016 second quarter earnings at 52 cents per share to 60 cents per share. Dycom is expecting revenue to be between $530 million and $550 million.

Separately, TheStreet Ratings team rates DYCOM INDUSTRIES INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

We rate DYCOM INDUSTRIES INC (DY) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

You can view the full analysis from the report here: DY

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.