PALM BEACH GARDENS, Fla. - Dycom (NYSE:DY) Industries, Inc. (NYSE:DY) reported second quarter earnings that beat analyst expectations. Dycom's stock dipped 1.13% in premarket trading following the earnings release
The specialty contracting services provider posted adjusted earnings per share of $2.46, surpassing the consensus estimate of $2.26. Revenue grew 15.5% year-over-year to $1.203 billion, in line with analyst projections.
Organic revenue, which excludes contributions from acquired businesses, increased 9.2% compared to the prior year period.
Dycom's non-GAAP adjusted EBITDA rose to $158.3 million, or 13.2% of contract revenues, up from $130.8 million, or 12.6% of revenues, in the year-ago quarter.
For the third quarter, the company expects total contract revenues to increase mid- to high-single digits compared to $1.136 billion in the same period last year.
"Our strong second quarter results demonstrate continued solid execution across our business," said Steven Nielsen, Chairman and Chief Executive Officer of Dycom. "We remain well-positioned to capitalize on robust industry demand as we deliver critical infrastructure to our customers."
The company also announced plans for a CEO transition, with Nielsen set to retire on November 30, 2024. As part of this succession plan, Dycom will incur approximately $11.4 million in stock-based compensation modification expenses through Nielsen's retirement date.
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