Dycom Industries (DY) Misses Q4 EPS by 11c, Revenues Beat

Dycom Industries (NYSE: DY) reported Q4 EPS of ($0.07), $0.11 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $750.7 million versus the consensus estimate of $724.45 million.

Fourth Quarter Fiscal 2021 Highlights

• Contract revenues of $750.7 million for the quarter ended January 30, 2021, compared to $737.6 million for the quarter ended January 25, 2020. Contract revenues decreased 6.2% on an organic basis after excluding $5.7 million in contract revenues from storm restoration services and adjusting for the additional week of operations during the quarter ended January 30, 2021 as a result of the Company's 52/53 week fiscal year.
• Non-GAAP Adjusted EBITDA of $45.7 million, or 6.1% of contract revenues, for the quarter ended January 30, 2021, compared to $44.5 million, or 6.0% of contract revenues, for the quarter ended January 25, 2020.
• On a GAAP basis, net loss was $4.2 million, or a loss of $0.13 per common share, for the quarter ended January 30, 2021, compared to net loss of $11.2 million, or a loss of $0.35 per common share, for the quarter ended January 25, 2020. Non-GAAP Adjusted Net Loss was $2.3 million, or a loss of $0.07 per common share, for the quarter ended January 30, 2021, compared to Non-GAAP Adjusted Net Loss of $7.2 million, or a loss of $0.23 per common share, for the quarter ended January 25, 2020.
• As of January 30, 2021, the Company had cash and equivalents of $11.8 million, borrowings on its revolving line of credit of $105.0 million, $421.9 million of term loans outstanding and $58.3 million aggregate principal amount of 0.75% convertible senior notes due September 2021 (the "Notes") outstanding.
• During the quarter ended January 30, 2021, the Company repurchased 1,324,381 common shares in open market transactions for $100.0 million at an average price of $75.51 per share. As of January 30, 2021, the Company had 30,615,167 shares outstanding, excluding the dilutive effect of stock options and unvested restricted stock.

Outlook

For the quarter ending May 1, 2021, as compared sequentially to the quarter ended January 30, 2021, the Company expects contract revenues to range from in-line to modestly lower and Non-GAAP Adjusted EBITDA as a percentage of contract revenues to range from in-line to modestly higher. The Company believes the impact of the COVID-19 pandemic on its operating results, cash flows and financial condition is uncertain, unpredictable and could affect its ability to achieve these expected financial results.

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

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