Why Dycom Shares Soared 23% on Tuesday

Shares of Dycom Industries (NYSE: DY), which offers specialty contracting services primarily for telecom service providers, were soaring over 23% early Tuesday morning after the company's first-quarter results blew past analysts' estimates.

Revenue declined 2.3% compared with the prior year to $814.3 million, easily topping analysts' estimates of $746.6 million. But the driving force behind the stock price jump was adjusted earnings per share of $0.36, smashing analyst estimates calling for a $0.04 adjusted per-share loss.

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