PALM BEACH GARDENS, Fla. - Dycom (NYSE:DY) Industries, Inc. (NYSE:DY) reported a robust first quarter with earnings and revenue surpassing analyst expectations.
The company's first-quarter earnings per share (EPS) came in at $2.12, significantly higher than the analyst estimate of $1.51. Revenue also exceeded forecasts, reaching $1.14 billion against the consensus estimate of $1.09 billion.
The telecommunications infrastructure and utility services provider saw its contract revenues climb 9.3% compared to the same period last year, from $1.045 billion to $1.142 billion. This increase includes a 2.5% organic growth after accounting for $71.2 million in revenues from acquired businesses not included in the previous year's quarter. Adjusted EBITDA rose to $130.9 million, or 11.5% of contract revenues, up from the prior year's $113.5 million, or 10.9%.
Net income for the quarter also saw a significant increase, rising to $62.6 million, or $2.12 per diluted common share, from $51.5 million, or $1.73 per diluted common share in the previous year. This year's results benefited from income tax advantages due to the vesting and exercise of share-based awards, contributing $5.9 million, or $0.20 per diluted common share.
Looking ahead, Dycom anticipates organic contract revenue growth in the high-single digits for the quarter ending July 27, 2024, compared to the same quarter of the previous year. The company also expects an additional $70 million in contract revenues from acquisitions. Adjusted EBITDA as a percentage of contract revenues is projected to increase by 25 to 75 basis points.
The company's financial performance reflects its ongoing commitment to delivering high-quality services and expanding its market presence. "Our strong first-quarter results demonstrate the continued demand for our specialty contracting services," said Dycom's CEO. "We are well-positioned to capitalize on the robust opportunities in the telecommunications infrastructure and utility industries."
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