Benzinga | Sep 1, 2021 07:48AM EDT

Dycom Industries Q2 Earnings Misses Consensus

* Dycom Industries, Inc. (NYSE:DY) reported a second-quarter contract revenue decline of 4.4% year-over-year to $787.6 million, missing the consensus of $817.9 million.

* Adjusted EPS decreased to $0.60 from $1.18 in 2Q21, missing a consensus of $0.79.

* Non-GAAP Adjusted EBITDA declined by 28.1% Y/Y to $73.77 million, and margin contracted by 310 bps to 9.4%.

* The company repurchased 0.63 million common shares for $50 million at an average price of $79.16 per share during Q2.

* Dycom had cash and equivalents of $261.9 million as of July 31, 2021.

* Q3 Outlook: Dycom expects contract revenues to be in line and Non-GAAP Adjusted EBITDA to decrease as a percentage of contract revenues compared to the quarter ended October 24, 2020.

* Price Action: DY shares closed lower by 1.12% at $75.33 on Tuesday.