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.

See Also: Why Urban Outfitters Stock Is Volatile Today

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.

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