Dycom Industries (DY) Misses Q1 EPS by 5c, Miss on Revenues; Lowers FY19 EPS/Revenue Outlook

Dycom Industries (NYSE: DY) reported Q1 EPS of $0.65, $0.05 worse than the analyst estimate of $0.70. Revenue for the quarter came in at $731.38 million versus the consensus estimate of $734.86 million.

• Contract revenues of $731.4 million for the quarter ended April 28, 2018, compared to $786.3 million for the quarter ended April 29, 2017. Contract revenues for the quarter ended April 28, 2018 decreased 10.0% on an organic basis. Organic revenue excludes $14.8 million of contract revenues from storm restoration services in the current period and 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 $15.4 million for the quarter ended April 28, 2018, compared to $7.1 million for the quarter ended April 29, 2017.
• Non-GAAP Adjusted EBITDA of $73.7 million, or 10.1% of contract revenues, for the quarter ended April 28, 2018, compared to $108.2 million, or 13.8% of contract revenues, for the quarter ended April 29, 2017.
• On a GAAP basis, net income was $17.2 million, or $0.53 per common share diluted, for the quarter ended April 28, 2018, compared to net income of $38.8 million, or $1.22 per common share diluted, for the quarter ended April 29, 2017. Non-GAAP Adjusted Net Income was $20.6 million, or $0.65 per Non-GAAP Adjusted Diluted Share, for the quarter ended April 28, 2018, compared to Non-GAAP Adjusted Net Income of $41.6 million, or $1.30 per common share diluted, for the quarter ended April 29, 2017.Non-GAAP Adjusted Net Income for the quarters ended April 28, 2018 and April 29, 2017 excludes $4.7 million and $4.4 million, respectively, of pre-tax interest expense for the non-cash amortization of the debt discount associated with the Company\'s 0.75% convertible senior notes due September 2021 (the \"Notes\"). Shares used in computing Non-GAAP Adjusted Diluted Earnings per Common Share for the quarter ended April 28, 2018 exclude the GAAP dilutive effect of approximately 0.6 million weighted shares from the Notes, as the Company has a note hedge in effect to offset the economic dilution of additional shares up to an average quarterly share price of $130.43 per share.

GUIDANCE:

Dycom Industries sees FY2019 EPS of $4.26-$5.15, versus the consensus of $5.70. Dycom Industries sees FY2019 revenue of $3.23-3.43 billion, versus the consensus of $3.4 billion.

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

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