Dycom Q2 Net Income Rises; Contract Revenues Up 23.5%

(RTTNews) - Dycom Industries, Inc. (DY) reported second quarter net income of $43.9 million, or $1.46 per share, compared to $18.2 million, or $0.59 per share, last year. Non-GAAP adjusted EBITDA was $104.7 million, or 10.8% of contract revenues, compared to $73.8 million, or 9.4% of contract revenues, prior year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.99, for the quarter. Analysts' estimates typically exclude special items.

Contract revenues were $972.3 million, compared to $787.6 million, last year, an increase of 23.5%. Analysts on average had estimated $932.74 million in revenue.

The company expects contract revenues for the third quarter to increase low- to mid-teens as a percentage of contract revenues from a year ago. Non-GAAP adjusted EBITDA as a percentage of contract revenues is projected to increase modestly.

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