Dycom Q1 Profit Rises; Contract Revenues Up 19.3%

(RTTNews) - Dycom Industries, Inc. (DY) reported first quarter net income of $51.5 million, or $1.73 per common share compared to $19.5 million or $0.65 per share, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.70, for the quarter. Analysts' estimates typically exclude special items. Non-GAAP adjusted EBITDA increased to $113.5 million from $63.7 million.

Contract revenues were $1.045 billion, compared to $876.3 million, prior year, an increase of 19.3%. Analysts on average had estimated $939.2 million in revenue.

The company expects contract revenues for the quarter ending July 29, 2023 to increase mid-single digit as a percentage of contract revenues as compared to the quarter ended July 30, 2022.

Shares of Dycom are up 4% in pre-market trade on Wednesday.

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