- Dycom Industries, Inc. DY reported a first-quarter FY23 contract revenue growth of 20.5% year-over-year to $876.3 million, up 21.1% organically, beating the consensus of $779.5 million.
- EPS improved to $0.65 from $0.03 in 1Q22.
- Adjusted EBITDA improved by 44.6% Y/Y to $63.72 million, and margin expanded by 121 bps to 7.3%.
- The company repurchased 0.20 million common shares for $18.5 million at an average price of $92.70 per share during Q1.
- Dycom had cash and equivalents of $185.6 million as of April 30, 2022.
- 2Q23 Outlook: Dycom expects contract revenues to increase mid-teens to 20% Y/Y.
- It expects Non-GAAP Adjusted EBITDA as a percentage of contract revenues to range from in-line to modestly higher.
- Price Action: DY shares are trading higher by 14.5% at $91.82 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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