Dycom Industries, Inc. (NYSE: DY) announced on Wednesday its results for the fourth quarter ended January 28, 2023. Contract revenues were $917.5 million for the quarter ended January 28, 2023, compared to $761.5 million in the year ago period, an increase of 20.5 percent. Non-GAAP Adjusted EBITDA was $83.1 million, or 9.1 percent of contract revenues, for the quarter ended January 28, 2023, compared to $43.3 million, or 5.7 percent of contract revenues, in the year ago period.
Dycom President/CEO Steven Nielsen said that demand increased from four of its top five customers. “All other customers increased 13.6 percent organically. AT&T was our largest customer at 22.5 percent of total revenue, or $206.6 million,” Nielsen said. “This was our eighth consecutive quarter of organic growth with AT&T. Lumen was our second largest customer, 12 percent of revenue or $110.3 million. Lumen grew organically 64.6 percent. This was our fourth consecutive quarter of organic growth with Lumen.”
Revenue from Comcast was $98.7 million or 10.8 percent of revenue. Comcast was Dycom’s third largest customer. Frontier was its fourth largest customer at $97.5 million or 10.6 percent of revenue. Frontier grew 153 percent organically. Verizon was the company’s fifth largest customer, according to Nielsen, at $90.5 million or 9.9 percent of revenue.
Net income was $24.8 million, or $0.83 per common share diluted, for the quarter ended January 28, 2023, compared to $0.8 million, or $0.03 per common share diluted, in the year ago period.
Contract revenues were $3.808 billion for the fiscal year ended January 28, 2023, compared to $3.131 billion for the fiscal year ended January 29, 2022. Contract revenues increased 21.8 percent organically after excluding $3.9 million of contract revenues from storm restoration services in the year ago period.
During the fiscal year ended January 28, 2023, the company purchased 514,030 shares of its own common stock in open market transactions for $48.7 million at an average price of $94.80 per share.
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