Why Dycom Industries (DY) Shares Are Gaining Today - Dycom Industries (NYSE:DY)

Dycom Industries, Inc DY reported a Q1 FY24 contract revenue growth of 19.3% Y/Y to $1.05 billion, beating the consensus of $939.2 million.
EPS improved to $1.73 from $0.65 a year ago, beating the consensus of $0.70.
Non-GAAP adjusted EBITDA increased to $113.5 million from $63.7 million in the prior year, and the margin expanded to 10.9% from 7.3% a year ago.
Repurchase: The company bought back shares worth $20.3 million in Q1 2023.
Q2 FY24 Outlook: Dycom expects contract revenues for the quarter ending July 29, 2023, to increase mid-single digits as a percentage of contract revenues as compared to the quarter ended July 30, 2022.
DY expects Non-GAAP adjusted EBITDA as a percentage of contract revenues to increase 50 to 100 basis points Y/Y in the quarter.
Price Action: DY shares are trading higher by 1.96% at $102.33 on the last check Wednesday.

Why Dycom Industries Shares Are Gaining Today