- Dycom Industries, Inc. (NYSE:DY) reported a fourth-quarter contract revenue increase of 1.4% year-over-year to $761.48 million, beating the consensus of $722.32 million.
- Adjusted EPS improved to $0.02 from $(0.07) in 4Q21, beating the consensus of $(0.07).
- Adjusted EBITDA declined by 5.2% Y/Y to $43.32 million, and margin contracted by 40 bps to 5.7%.
- The company repurchased ~1.23 common shares in open market transactions for $106.1 million at an average price of $86.17 per share during the fiscal year.
- Dycom had cash and equivalents of $310.8 million as of January 29, 2022.
- Outlook: For the quarter ending April 30, 2022, the company expects contract revenues to increase mid-to-high single digits as a percentage of contract revenues compared to the quarter ended May 1, 2021.
- It expects non-GAAP Adjusted EBITDA as a percentage of contract revenues to increase modestly.
- Buyback Program: Additionally, the Board authorized a new $150 million program to repurchase shares.
- The new program replaces the previous $150 million stock repurchase program, of which ~$43.9 million remained outstanding.
- Price Action: DY shares closed lower by 3.35% at $84.14 on Tuesday.
