Dycom Industries Inc. (NYSE:DY) stock traded lower Wednesday after the company issued third-quarter adjusted earnings guidance with a midpoint below Wall Street estimates.
Earnings Snapshot
Dycom reported adjusted earnings of $5.29 per share, beating the $4.72 estimate. Contract revenue climbed 45.6% year over year to $2.01 billion, topping the $1.98 billion estimate. Organic revenue increased 16.7%.
CEO Dan Peyovich cited strong digital infrastructure demand, improved profitability and above-market growth. New contract awards pushed backlog to a record $12.2 billion. That included more than $1 billion of long-haul, middle-mile and defense fiber projects.
Adjusted EBITDA rose 53.5% to $315.5 million. The adjusted EBITDA margin expanded 81 basis points to 15.7%.
