Dycom Industries Shares Gain On Q2 Results Exceeding Analyst Expectations - Dycom Industries (NYSE:DY)

Dycom Industries, Inc. (NYSE:DY) reported a second-quarter FY23 contract revenue growth of 23.5% year-over-year to $972.27 million, beating the consensus of $932.74 million.
EPS improved to $1.46 from $0.59 in 2Q22, beating the consensus of $0.99.
Adjusted EBITDA improved by 41.9% Y/Y to $104.71 million, and margin expanded by 140 bps to 10.8%.
The company repurchased ~0.10 million common shares for $10 million at an average price of $96.06 per share during Q2.
Dycom had cash and equivalents of $120.28 million as of July 30, 2022.
3Q23 Outlook: Dycom expects contract revenues to increase low- to mid-teens as a percentage of contract revenues year-over-year.
It expects Non-GAAP Adjusted EBITDA as a percentage of contract revenues to increase modestly for the quarter ending October 29, 2022.
Price Action: DY shares are trading higher by 5.51% at $118.76 on the last check Wednesday.

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