So What's Happening With Dycom Shares Nosediving Tuesday?

Dycom Industries Inc DY shares are trading lower by 10.41% to $98.15 after the company reported third-quarter earnings results.

What Happened?

Dycom Industries reported quarterly earnings of $1.80 per share which beat the analyst consensus estimate of $1.32. The company reported quarterly sales of $1.04 billion which beat the analyst consensus estimate of $975.50 million by 7%. This sales figure is a 22% increase over sales of $853.97 million in the same period last year.

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During says during the nine months ended October 29, 2022, the company purchased 304,030 shares of its own common stock in open market transactions for $28.5 million at an average price of $93.85 per share.

Additionally, Dycom expects contract revenues for the quarter ending January 28, 2023 to increase by mid- to high-single digit as a percentage of contract revenues as compared to the quarter ended January 29, 2022.

According to data from Benzinga Pro, Dycom has a 52-week high of $112.12 and a 52-week low of $76.21.