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Dycom Q3 Net Income Rises; Contract Revenues Up 22.1%

Dycom Industries, Inc. (DY) reported third quarter net income of $54.0 million, or $1.80 per share, compared to $28.7 million, or $0.94 per share, a year ago. The company noted that results for the quarters ended October 29, 2022 and October 30, 2021 included income tax benefits of $3.2 million, or $0.11 per share, and $3.0 million, or $0.10 per share, respectively. Non-GAAP adjusted EBITDA was $114.6 million compared to $83.1 million, last year.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.32, for the quarter. Analysts' estimates typically exclude special items.

Contract revenues were $1.04 billion, compared to $854.0 million, last year, an increase of 22.1%. Analysts on average had estimated $975.5 million in revenue.

The company expects contract revenues for the quarter ending January 28, 2023 to increase by mid- to high-single digit as a percentage of contract revenues as compared to the quarter ended January 29, 2022. Non-GAAP adjusted EBITDA as a percentage of contract revenues is expected to increase modestly for the quarter ending January 28, 2023.

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