Dycom Industries, Inc. (DY) announced yesterday its results for the second quarter and six months ended July 28, 2018. (See full release). The company also affirmed its financial guidance for the 2019 fiscal year ending January 26, 2019 and outlook for the quarter ending October 27, 2018 that was previously provided by the company on August 13, 2018.
The board of directors also authorized a new $150M share repurchase program. The new repurchase authorization replaces the Company’s previous repurchase authorization which expired on August 26 with ~$95.2M of the previous repurchase authorization still outstanding.
Highlights included:
- Contract revenues of $799.5 million for the quarter ended July 28, 2018, compared to $780.2 million for the quarter ended July 29, 2017. Contract revenues for the quarter ended July 28, 2018 increased 0.8 percent on an organic basis after excluding $3.8 million of contract revenues from storm restoration services in the current period and $9.1 million of contract revenues from an acquired business that was not owned during the comparable prior period.
- On a GAAP basis, net income was $29.9 million, or $0.94 per common share diluted, for the quarter ended July 28, 2018, compared to net income of $43.7 million, or $1.38 per common share diluted, for the quarter ended July 29, 2017. Non-GAAP Adjusted Net Income was $33.3 million, or $1.05 per Non-GAAP Adjusted Diluted Share, for the quarter ended July 28, 2018, compared to Non-GAAP Adjusted Net Income of $46.5 million, or $1.47 per common share diluted, for the quarter ended July 29, 2017.
August 30, 2018
