Dycom Industries Inc. DY reported solid results for third-quarter fiscal 2022 (ended Oct 30, 2021), wherein earnings and revenues surpassed the respective Zacks Consensus Estimate. Shares of the company rallied 19.65% on Nov 23, post the earnings release.Major industry players have been constructing or upgrading significant wireline networks across broad sections of the country to provision 1 gigabit network speeds to consumers, either directly or wirelessly using 5G technologies, which is meaningfully broadening the industry as well as Dycom’s opportunities.Earnings & Revenue DiscussionDycom reported adjusted earnings of 95 cents per share, surpassing the Zacks Consensus Estimate of 79 cents by 20.3%. In the year-ago period, earnings were $1.06 per share.Contract revenues of $854 million gained 5.4% year over year and beat the consensus mark by 2%. The company witnessed higher demand from two of the top five customers. Dycom deployed 1-gigabit wireline networks, wireless/wireline converged networks and wireless networks in the reported quarter.Its top five customers contributed 65.4% to total contract revenues, which grew 6.6% organically. Overall, top five customers’ sales declined 3.5% organically. Revenues from all other customers grew 32.5% organically for the quarter.Dycom’s largest customer AT&T (accounting for 23.4% of total revenues) advanced 68% on an organic basis. This marked its third consecutive quarter of organic growth. Comcast (the second-largest customer) added 14.2% to total revenues, Lumen Technologies accounted for 12.1%, and Verizon and Frontier represented 10.9% and 4.8% of total revenues, respectively. Frontier grew 118.6% organically. It is to be noted that this marks the 11th consecutive quarter wherein DY’s all other customers in aggregate, excluding the top five customers, have grown organically.Dycom’s backlog at the end of the reported quarter totaled $5.896 billion, comparing unfavorably with $6.810 billion at fiscal 2021-end and $5.412 billion in the year-ago comparable period. Of the backlog, $2.938 billion is projected to be completed in the next 12 months.Dycom Industries, Inc. Price, Consensus and EPS Surprise Dycom Industries, Inc. price-consensus-eps-surprise-chart | Dycom Industries, Inc. QuoteOperating HighlightsGross margin for the quarter was 17.3%, down 140 basis points (bps) from the year-ago level. Adjusted EBITDA margin of 9.7% contracted 180 bps from the year-ago level. The downside reflected higher fuel costs and the impact of revenue declines from several large customers.FinancialsAs of Oct 30, 2021, Dycom had cash and cash equivalents worth $263.7 million compared with $11.8 million on Jan 30, 2021. Long-term debt was $827.2 million at the end of the reported quarter compared with $501.6 million at fiscal 2021-end.Fiscal Q4 ViewFor the fiscal fourth quarter (ended Jan 29, 2021), it expects contract revenues to grow modestly year over year. Adjusted EBITDA margin (as a percentage of contract revenues) is expected to range from in line to modestly higher.Zacks RankDycom currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Performance of Some Other Heavy Construction CompaniesEMCOR Group Inc. EME reported stellar results for third-quarter 2021, wherein adjusted earnings and revenues surpassed the respective Zacks Consensus Estimate by 1.7% and 6.9% and grew 5.1% and 14.5% on a year-over-year basis. The uptrend was mainly driven by robust demand for its services and prudent cost discipline.EMCOR currently carries a Zacks Rank #2 (Buy). EME has gained 48.3% over the past year compared with a 41.9% rise of the Zacks Building Products - Heavy Construction industry it belongs to.MasTec, Inc. MTZ reported third-quarter 2021 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate by 7.1% and 5.2%, respectively. Revenues grew 41.6%, but earnings declined 7.7% year over year. The company’s earnings surpassed the consensus mark for the 24th consecutive quarter. Yet, earnings declined from the year-ago period despite solid revenues due to lower margins across businesses (except Electrical Transmission).MasTec currently carries a Zacks Rank #3. The stock has gained 71.5% over the past year.Sterling Construction Company, Inc. STRL reported third-quarter 2021 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate by 28.6% and 13.9%, respectively. Earnings and revenues grew 33.3% and 20.8% year over year, respectively.Sterling currently carries a Zacks Rank #2. The stock has gained 67.8% over the past year. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EMCOR Group, Inc. (EME): Free Stock Analysis Report Dycom Industries, Inc. (DY): Free Stock Analysis Report Sterling Construction Company Inc (STRL): Free Stock Analysis Report MasTec, Inc. (MTZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research