UPDATE 2-Dycom Q1 profit lags estimates, sees weak Q2

* Q1 EPS $0.15 vs est $0.17

* Rev down 22 pct

* Sees modest loss per share in Q2, lower rev

* Shares fall 9 pct (Recasts, adds background)

Nov 23 (Reuters) - Engineering and construction services firm Dycom Industries Inc (DY.N) posted a lower-than-expected quarterly profit, hurt by lower contract revenue, and forecast a surprise second-quarter loss, sending its shares down 9 percent.

The company, whose customers include telecommunications providers and utilities, said it expects a modest loss per share for the second quarter as revenue is expected to be down sequentially, reflecting seasonal patterns and slowing capital expenditures by a key customer.

Analysts on average were expecting earnings of 5 cents a share, before special items, on revenue of $238.3 million for the second quarter, according to Thomson Reuters I/B/E/S.

For the first quarter ended Oct. 24, net income was $3.5 million, or 9 cents a share, compared with $10.5 million, or 27 cents a share, a year ago.

Excluding items, the company, whose biggest customers include Verizon Communications Inc (VZ.N), Comcast Corp (CMCSA.O) and AT&T Inc (T.N), earned 15 cents a share.