Dycom Industries (DY) Reports Q3 EPS of $0.98, Revenues Beat; Offers FY19 Revenue Guidance Above Consensus
Dycom Industries (NYSE: DY) reported Q3 EPS of $0.98, versus $0.99 reported last year. Revenue for the quarter came in at $848.2 million versus the consensus estimate of $809.22 million.
- Contract revenues of $848.2 million for the quarter ended October 27, 2018, compared to $756.2 million for the quarter ended October 28, 2017. Contract revenues for the quarter ended October 27, 2018 increased 12.9% on an organic basis after excluding contract revenues of $8.8 million from an acquired business that was not owned during the comparable prior period and contract revenues from storm restoration services. Contract revenues from storm restoration services were $3.9 million for the quarter ended October 27, 2018 compared to $15.9 million for the quarter ended October 28, 2017.
- Non-GAAP Adjusted EBITDA of $98.6 million, or 11.6% of contract revenues, for the quarter ended October 27, 2018, compared to Non-GAAP Adjusted EBITDA of $97.6 million, or 12.9% of contract revenues, for the quarter ended October 28, 2017.
- On a GAAP basis, net income was $27.8 million, or $0.87 per common share diluted, for the quarter ended October 27, 2018, compared to net income of $28.8 million, or $0.90 per common share diluted, for the quarter ended October 28, 2017. Non-GAAPAdjusted Net Income was $31.3 million, or $0.98 per common share diluted, for the quarter ended October 27, 2018, compared to Non-GAAP Adjusted Net Income of $31.6 million, or $0.99 per common share diluted, for the quarter ended October 28, 2017.Non-GAAP Adjusted Net Income for the quarters ended October 27, 2018 and October 28, 2017 excludes $4.8 million and $4.5 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
GUIDANCE:
Dycom Industries sees FY2019 EPS of $2.70-$2.92. Dycom Industries sees FY2019 revenue of $3.074-3.125 billion, versus the consensus of $3.06 billion.
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