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Jan 29, 2022
Dycom Q4 2022 Earnings Report
Dycom's Q4 2022 financial results were announced, revealing a slight increase in contract revenues and a return to profitability.
Key Takeaways
Dycom Industries reported a slight increase in contract revenues for Q4 2022, alongside a return to net income profitability compared to a net loss in the same quarter last year. The company also executed share repurchases during the quarter.
Contract revenues increased to $761.5 million, compared to $750.7 million in the same quarter last year.
Organic contract revenues increased by 10.1% year-over-year, excluding storm restoration services and adjusting for an additional week of operations in the prior year.
GAAP net income was $0.8 million, or $0.03 per diluted share, a significant improvement from the net loss of $4.2 million, or $0.13 per share loss, in the prior year.
The company repurchased 600,000 common shares for $56.1 million at an average price of $93.55 per share.
Forward Guidance
For the quarter ending April 30, 2022, the Company expects contract revenues to increase mid-to-high single digits as a percentage of contract revenues as compared to the quarter ended May 1, 2021. Additionally, the Company expects Non-GAAP Adjusted EBITDA as a percentage of contract revenues to increase modestly for the quarter ending April 30, 2022, as compared to the quarter ended May 1, 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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