$336 million (market cap) Construction firm Dycom Industries (DY) is falling hard tonight after the company reported fiscal Q1 sales and profit below expectations. Revenue fell 22%, year over year, to $259 million, below the $269 million expected, yielding profit per share of 15 cents, excluding some costs, versus 17 cents expected.
The company’s services, primarily to telecoms and utilities, are suffering from reduced capital expenditures by those industries. The firm predicted a decline in revenue this quarter from last, which is about as expected: analysts have been forecasting $238 million this quarter. Dycom shares are off 71 cents, or 8%, at $8.
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