Dycom Industries stock plummeted nearly -30%, following news of the company’s weaker-than-expected earnings for the fourth quarter, in addition to its lower-than-expected earnings guidance for the forthcoming first quarter.
The specialty contracting services company reported earnings of 10 cents per share for the fourth quarter, which fell short of analysts’ expectations of 15 cents a share.
The company’s fourth quarter revenue of $749 million came in lower than analysts’ estimates of $721 million.
Looking ahead, the company is expecting its first quarter earnings to come in between 34 cents and 56 cents per share, which is below analysts’ expectation of 77 cents per share. The company forecasts revenue to range between $750 million and $800 million, compared to analysts’ prediction of $790 million.