Dycom Industries, Inc. announced its first quarter results for fiscal year 2024. Contract revenues increased by 19.3% to $1.045 billion compared to the year-ago period. Net income was $51.5 million, or $1.73 per diluted share, compared to $19.5 million, or $0.65 per diluted share, in the year-ago period.
Contract revenues reached $1.045 billion, reflecting a 19.3% increase.
Non-GAAP Adjusted EBITDA was $113.5 million, representing 10.9% of contract revenue.
Net income amounted to $51.5 million, or $1.73 per diluted common share.
The company repurchased 225,000 common shares for $20.3 million during the quarter.
The Company expects contract revenues for the quarter ending July 29, 2023 to increase mid-single digit as a percentage of contract revenues as compared to the quarter ended July 30, 2022. Non-GAAP Adjusted EBITDA as a percentage of contract revenues for the quarter ending July 29, 2023 is expected to increase 50 to 100 basis points as compared to the quarter ended July 30, 2022.
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