Leading specialty contracting services provider, Dycom Industries Inc. (DY - Analyst Report) reported third-quarter (ended Apr 26) fiscal 2014 net income of $7.9 million or 23 cents per share, beating the Zacks Consensus Estimate by a penny. In the prior-year quarter, the company had reported a net income of $7.2 million or 21 cents per share.
Dycom’s contract revenues declined 2.5% year over year to $426.3 million. Revenues also fell short of the Zacks Consensus Estimate of $429 million.
Income and Expenses
The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $39.6 million, down from $44.0 million in the prior-year quarter. General and administration expenses were $39.2 million versus $38.2 million in the prior-year quarter.
Balance Sheet and Cash Flow
Cash and cash equivalents increased to $18.7 million at the quarter-end from $18.6 million at the end of Jul 27, 2013. The figure also marked an increase from $16.3 million in the last quarter. Dycom reported total equity of $465 million, compared with $428.4 million at the end of Jul 27, 2013. Long-term debt decreased to $403.1 million from $444.2 million as on Jul 27, 2013.
Along with the earnings release, management provided guidance for the fourth quarter of fiscal 2014. Revenues for quarter are expected to be in the $475.0–$495.0 million range and earnings per share are projected at 43–50 cents.
Dycom currently carries a Zacks Rank #3 (Hold).
Performance of Other Stocks in the Same Sector
EMCOR Group Inc. (EME - Analyst Report) reported robust first-quarter 2014 results with adjusted earnings of 64 cents per share easily surpassing the Zacks Consensus Estimate of 53 cents.
Tutor Perini Corporation (TPC - Snapshot Report) reported first-quarter 2014 non-GAAP earnings of 33 cents a share, beating the Zacks Consensus Estimate of 20 cents a share.
Quanta Services Inc. (PWR - Analyst Report) reported first-quarter 2014 non-GAAP earnings of 44 cents a share, beating the Zacks Consensus Estimate of 37 cents a share.