Dycom Industries (DY) Tops Q3 EPS by 11c

Dycom Industries (NYSE: DY) reported Q3 EPS of $1.30, $0.11 better than the analyst estimate of $1.19. Revenue for the quarter came in at $786.3 million versus the consensus estimate of $736.69 million.

• Contract revenues of $786.3 million for the quarter ended April 29, 2017, compared to $664.6 million for the quarter ended April 23, 2016. Contract revenues for the quarter ended April 29, 2017 grew 14.9% on an organic basis after excluding contract revenues from acquired businesses that were not owned for the entire period in both the current and prior year quarter. Total contract revenues from acquired businesses were $23.0 million for the quarter ended April 29, 2017, compared to none for the quarter ended April 23, 2016.
• Non-GAAP Adjusted EBITDA of $108.2 million, or 13.8% of contract revenues, for the quarter ended April 29, 2017, compared to $91.9 million, or 13.8% of contract revenues, for the quarter ended April 23, 2016.
• On a GAAP basis, net income was $38.8 million, or $1.22 per common share diluted, for the quarter ended April 29, 2017, compared to net income of $33.1 million, or $1.00 per common share diluted, for the quarter ended April 23, 2016. Non-GAAP Adjusted Net Income was $41.6 million, or $1.30 per common share diluted, for the quarter ended April 29, 2017, compared to Non-GAAP Adjusted Net Income of $35.7 million, or $1.08 per common share diluted, for the quarter ended April 23, 2016. Non-GAAP Adjusted Net Income for the quarters ended April 29, 2017 and April 23, 2016 excludes $4.4 million and $4.2 million, respectively, of pre-tax interest expense incurred for non-cash amortization of the debt discount associated with the Company\'s 0.75% convertible senior notes due September 2021.

The Company also announced its outlook for the fourth quarter of fiscal 2017. The Company currently expects total contract revenues for the fourth quarter of fiscal 2017 to range from $780 million to $810 million, including approximately $25.0 million of revenues from acquired businesses that were not owned for the full period in both the current and prior year periods. For comparative purposes, Non-GAAP Organic Contract Revenues were $727.6 million during the fourth quarter of fiscal 2016. The fourth quarter of fiscal 2016 contained an incremental week of operations as a result of the Company\'s 52/53 week fiscal year.

For earnings history and earnings-related data on Dycom Industries (DY) click here.

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