Dycom Industries (DY) Misses Q4 EPS by 6c, Revenues Beat; Offers 1Q EPS Guidance Below Consensus, Provides 1Q Revenue Outlook

Dycom Industries (NYSE: DY) reported Q4 EPS of $0.10, $0.06 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $748.6 million versus the consensus estimate of $713.73 million.

• Contract revenues of $748.6 million for the quarter ended January 26, 2019, compared to $655.1 million for the quarter ended January 27, 2018. Contract revenues for the quarter ended January 26, 2019 increased 13.7% on an organic basis after excluding contract revenues of $5.9 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 $20.4 million for the quarter ended January 26, 2019 compared to $19.8 million for the quarter ended January 27, 2018.
• Non-GAAP Adjusted EBITDA of $59.8 million, or 8.0% of contract revenues, for the quarter ended January 26, 2019, compared to Non-GAAP Adjusted EBITDA of $59.6 million, or 9.1% of contract revenues, for the quarter ended January 27, 2018.
• On a GAAP basis, net loss was $12.1 million, or a loss of $0.38 per common share, for the quarter ended January 26, 2019, compared to net income of $40.1 million, or $1.24 per common share diluted, for the quarter ended January 27, 2018. Non-GAAP Adjusted Net Income was $3.2 million, or $0.10 per Non-GAAP Adjusted Diluted Share, for the quarter ended January 26, 2019, compared to Non-GAAP Adjusted Net Income of $3.8 million, or $0.12 per Non-GAAP Adjusted Diluted Share, for the quarter ended January 27, 2018.
• One of its customers filed a voluntary petition for reorganization on February 25, 2019. During the quarter ended January 26, 2019, the Company recorded a pre-tax non-cash charge of $17.2 million against approximately $45.0 million of total accounts receivable and contract assets related to this customer. During the twelve months ended January 26, 2019, the Company\'s contract revenues from this customer were $113.6 million. The Company looks forward to working with this customer on collecting the balances owed and continues to provide services to this customer post-petition.

GUIDANCE:

Dycom Industries sees Q1 2020 EPS of $0.34-$0.56, versus the consensus of $0.80. Dycom Industries sees Q1 2020 revenue of $750-800 million, versus the consensus of $784.06 million.

For earnings history and earnings-related data on Dycom Industries (DY) click here.

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