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Dycom Industries Q2 Earnings Misses Consensus

Benzinga · 09/01/2021 07:48
  • Dycom Industries, Inc. (NYSE:DYreported a second-quarter contract revenue decline of 4.4% year-over-year to $787.6 million, missing the consensus of $817.9 million.
  • Adjusted EPS decreased to $0.60 from $1.18 in 2Q21, missing a consensus of $0.79.
  • Non-GAAP Adjusted EBITDA declined by 28.1% Y/Y to $73.77 million, and margin contracted by 310 bps to 9.4%.
  • The company repurchased 0.63 million common shares for $50 million at an average price of $79.16 per share during Q2.
  • Dycom had cash and equivalents of $261.9 million as of July 31, 2021.
  • Q3 Outlook: Dycom expects contract revenues to be in line and Non-GAAP Adjusted EBITDA to decrease as a percentage of contract revenues compared to the quarter ended October 24, 2020.
  • Price Action: DY shares closed lower by 1.12% at $75.33 on Tuesday.