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Dycom Industries (DY) Tops Q4 EPS by 13c, Revenues Beat; Offers Q1 EPS/Revenue Guidance Below Consensus

February 26, 2020 6:12 AM EST

Dycom Industries (NYSE: DY) reported Q4 EPS of $0.10, $0.13 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $737.6 million versus the consensus estimate of $726.58 million.

Fourth Quarter Fiscal 2020 Highlights

Contract revenues of $737.6 million for the quarter ended January 25, 2020, compared to $748.6 million for the quarter ended January 26, 2019. Contract revenues for the quarter ended January 25, 2020 increased 1.3% on an organic basis after excluding $20.4 million in contract revenues from storm restoration services for the quarter ended January 26, 2019.
Non-GAAP Adjusted EBITDA of $44.5 million, or 6.0% of contract revenues, for the quarter ended January 25, 2020, compared to $59.8 million, or 8.0% of contract revenues, for the quarter ended January 26, 2019.
On a GAAP basis, net loss was $11.2 million, or a loss of $0.35 per common share, for the quarter ended January 25, 2020, compared to net loss of $12.1 million, or a loss of $0.38 per common share, for the quarter ended January 26, 2019. Non-GAAP Adjusted Net Loss was $7.2 million, or a loss of $0.23 per common share, for the quarter ended January 25, 2020, compared to Non-GAAP Adjusted Net Income of $3.2 million, or $0.10 per Non-GAAP Adjusted Diluted Share, for the quarter ended January 26, 2019.
During the quarter ended January 25, 2020, the Company reduced net debt by approximately $176.3 million by repaying $108.6 million of borrowings on the Senior Credit Facility, purchasing $25.0 million of principal amount of the Company's 0.75% convertible senior notes due September 2021 (the "Notes") at a discount for $24.3 million, and increasing cash. As of January 25, 2020, the Company had cash and equivalents of approximately $54.6 million, no outstanding borrowings on its revolving line of credit, $444.4 million of term loans outstanding and $460.0 million principal amount of Notes outstanding.

GUIDANCE:

Dycom Industries sees Q1 2021 EPS of ($0.09)-$0.08, versus the consensus of $0.36. Dycom Industries sees Q1 2021 revenue of $730-780 million, versus the consensus of $802.5 million.

The Company also announced its outlook for the fiscal quarter ending April 25, 2020.

  • The Company currently expects total contract revenues for the fiscal quarter ending April 25, 2020 to range from $730 million to $780 million.
  • On a GAAP basis, loss per common share for the fiscal quarter ending April 25, 2020 is expected to range from $(0.20) to $(0.03) and Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share is expected to range from $(0.09) to $0.08.
  • Non-GAAP Adjusted Diluted (Loss) Earnings per Common Share guidance excludes $4.9 million of pre-tax interest expense, or $0.11 per common share on an after-tax basis, for the non‑cash amortization of the debt discount associated with the Company's 0.75% convertible senior notes due September 2021.

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



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