Dycom Industries Inc. (NYSE: DY) shares gained 10.3% to $15.25, after the specialty contracting company late Tuesday reported a spike in fiscal fourth-quarter income. Volume for the stock surmounted one million shares, whereas its daily average was about 363,000.
A news release dated August 23 reported that the company, based out of Palm Beach Gardens, Florida, had revenues of $303.7 million for the quarter ended July 30, 2011, compared to $281.5 million for the quarter ended July 31, 2010, an increase of 10.8% after adjusting for revenues from acquired businesses and the incremental week in the fourth quarter of fiscal 2010;
Quarterly net income of $13.0 million, or $0.38 per common share diluted, compared to $4.6 million, or $0.12 per common share diluted, for the prior-year quarter. Share repurchases amounted to 580,000 shares of its common stock for $9.1 million in open market transactions during the quarter ended July 30, 2011.
Dycom is a leading provider of specialty contracting services throughout the United States. These services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others.