Dycom Industries, Inc. Announces Fiscal 2025 Second Quarter Results

Core Points - Dycom Industries, Inc. reported a 15.5% increase in contract revenues to $1.203 billion for the second quarter ended July 27, 2024, compared to $1.042 billion in the same quarter last year [1][4] - Non-GAAP Adjusted EBITDA rose to $158.3 million, representing 13.2% of contract revenues, up from $130.8 million or 12.6% in the prior year [2][20] - Non-GAAP Adjusted Net Income for the quarter was $72.5 million, or $2.46 per diluted share, compared to $60.2 million, or $2.03 per diluted share, in the same quarter last year [3][22] Quarterly Highlights - Contract revenues for the quarter increased to $1.203 billion, a 15.5% growth from $1.042 billion in the previous year [1] - Organic contract revenues increased by 9.2% after excluding $65.9 million from acquired businesses [1][18] - Non-GAAP Adjusted EBITDA for the quarter was $158.3 million, up from $130.8 million in the prior year [2][20] - GAAP net income for the quarter was $68.4 million, or $2.32 per diluted share, compared to $60.2 million, or $2.03 per diluted share, in the same quarter last year [3][21] Year-to-Date Highlights - For the six months ended July 27, 2024, contract revenues increased by 12.4% to $2.345 billion from $2.087 billion in the same period last year [4] - Non-GAAP Adjusted EBITDA for the six months was $289.2 million, or 12.3% of contract revenues, compared to $244.3 million, or 11.7% in the prior year [5][20] - GAAP net income for the six months was $131.0 million, or $4.44 per diluted share, compared to $111.8 million, or $3.76 per diluted share, in the same period last year [6][21] Share Repurchase - The company repurchased 210,000 shares of its common stock for $29.8 million at an average price of $141.84 per share during the six months ended July 27, 2024 [7] Outlook - For the quarter ending October 26, 2024, the company expects total contract revenues to increase in the mid- to high single digits compared to $1.136 billion for the quarter ended October 28, 2023 [8] - Non-GAAP Adjusted EBITDA as a percentage of contract revenues is expected to increase by approximately 25 to 50 basis points compared to 12.9% for the quarter ended October 28, 2023 [9]