Dycom Industries' Q4 Results Surpass Estimates, Adopts New $150M Buyback Program

Dycom Industries, Inc. DY reported a fourth-quarter contract revenue increase of 1.4% year-over-year to $761.48 million, beating the consensus of $722.32 million.
Adjusted EPS improved to $0.02 from $(0.07) in 4Q21, beating the consensus of $(0.07).
Adjusted EBITDA declined by 5.2% Y/Y to $43.32 million, and margin contracted by 40 bps to 5.7%.
The company repurchased ~1.23 common shares in open market transactions for $106.1 million at an average price of $86.17 per share during the fiscal year.
Dycom had cash and equivalents of $310.8 million as of January 29, 2022.
Outlook: For the quarter ending April 30, 2022, the company expects contract revenues to increase mid-to-high single digits as a percentage of contract revenues compared to the quarter ended May 1, 2021.
It expects non-GAAP Adjusted EBITDA as a percentage of contract revenues to increase modestly.
Buyback Program: Additionally, the Board authorized a new $150 million program to repurchase shares.
The new program replaces the previous $150 million stock repurchase program, of which ~$43.9 million remained outstanding.
Price Action: DY shares closed lower by 3.35% at $84.14 on Tuesday.

Momentum83.63

Growth81.78

Quality93.70

Value55.20

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