Dycom Industries (DY) Lower Q2 and FY Guidance

Dycom Industries, Inc. (NYSE: DY) announced today that revenues and results for the quarter ended July 28, 2018 will be below previous guidance. The Company's previous guidance and its preliminary results are as follows:

"Despite disappointing results for the quarter and near-term trends, we are pleased with our substantial backlog growth and remain confident in our industry's opportunities," said Steven Nielsen, President and Chief Executive Officer of Dycom.

A conference call to discuss this press release and related materials will be hosted Monday, August 13, 2018 at 9:00 a.m. (ET). Specific dial-in and replay information appears below. The Company plans to report full financial results for the fiscal 2019 second quarter on Wednesday, August 29, 2018, before the open of trading on the New York Stock Exchange.

Outlook

The Company is revising its financial guidance for the 2019 fiscal year ending January 26, 2019 to reflect the preliminary results for the fiscal 2019 second quarter and the current expectations for the remainder of the fiscal year. The revised financial guidance is preliminary and will be updated, as necessary, in the Company's fiscal 2019 second quarter results release scheduled for Wednesday, August 29, 2018. The Company currently expects the following:

*For a reconciliation of the previous Diluted Earnings per Common Share guidance to the previous Non-GAAP Adjusted Diluted Earnings per Common Share guidance and a reconciliation of the previous Net income guidance to the previous Non-GAAP Adjusted EBITDA guidance, see Exhibit 99.1 of the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 22, 2018.

The Company is also providing its outlook for the quarter ending October 27, 2018. The following outlook is preliminary and will be updated, as necessary, in the Company's fiscal 2019 second quarter results release scheduled for Wednesday, August 29, 2018:

(**Street sees Q2 EPS of $1.19 on revenue $844.5 million and FY EPS of $4.68 on revenue of $3.34 billion)

Other Information

As of July 28, 2018, on a preliminary basis, the Company had cash and equivalents of approximately $23.9 million, no outstanding borrowings on its revolving line of credit and $346.0 million of term loans outstanding.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, the Company may use or discuss Non-GAAP financial measures, as defined by Regulation G of the Securities and Exchange Commission. See Explanation of Non-GAAP Financial Measures directly following the press release tables.

Conference Call Information and Other Selected Data

A conference call to discuss this press release and related materials will be hosted at 9:00 a.m. (ET), Monday, August 13, 2018; call (800) 288-8975 (United States) or (612) 332-0718 (International) ten minutes before the conference call begins and ask for the "Dycom Conference Call." A live webcast of the conference call and related materials will be available on the Company's Investor Center website at https://ir.dycomind.com. If you are unable to attend the conference call at the scheduled time, a replay of the live webcast and related materials will be available shortly after the call on the Company's Investor Center website at https://ir.dycomind.com until Wednesday, September 12, 2018.

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