Dycom Q1 Adj. EBITDA Rises; Contract Revenues Up 21.1% Organically

(RTTNews) - Dycom Industries, Inc. (DY) reported first quarter non-GAAP adjusted EBITDA of $63.7 million compared to $44.1 million, last year. GAAP net income was $19.5 million, or $0.65 per share compared to $0.9 million, or $0.03 per share, last year. The company noted that the GAAP results included income tax benefits of $0.09 per share for the vesting and exercise of share-based awards, and $0.05 per share for tax credits related to a tax filing for a prior year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.16, for the quarter. Analysts' estimates typically exclude special items.

Contract revenues were $876.3 million for the first quarter, compared to $727.5 million in the year ago period. Contract revenues increased 21.1% organically, for the quarter. Analysts on average had estimated $779.5 million in revenue.

The company expects contract revenues for the second quarter to increase mid-teens to 20% as a percentage of contract revenues as compared to a year ago. Non-GAAP adjusted EBITDA as a percentage of contract revenues is expected to range from in-line to modestly higher for the second quarter as compared to prior year.