Dycom Industries, Inc. (DY), a leading provider of specialty contracting services, announced an impressive increase in first-quarter net income, rising to $62.55 million, or $2.12 per share, compared to $51.52 million, or $1.73 per share, from the same period last year.
According to Thomson Reuters, analysts had anticipated earnings of $1.51 per share on average. These estimates typically exclude special items.
The company reported a rise in Non-GAAP Adjusted EBITDA, which climbed to $130.9 million, equating to 11.5 percent of contract revenues, up from $113.5 million, or 10.9 percent of contract revenues, in the prior year's quarter.
Contract revenues showed a notable 9.3 percent growth, reaching $1.142 billion from $1.045 billion for the previous year's quarter. On an organic basis, contract revenues grew by 2.5 percent. Analysts had projected $1.09 billion in revenues for the quarter.
Looking forward to the second quarter, Dycom Industries expects an adjusted EBITDA margin increase of 25 to 75 basis points compared to last year. The company also anticipates high single-digit growth in organic contract revenues as a percentage of overall contract revenues, along with approximately $70 million in acquired contract revenues for the quarter.
In pre-market trading on the NYSE, Dycom shares saw a rise of approximately 4.3 percent to $161.
