Dycom Industries' 12.5% Increase in Q4 Revenues

By Tamara Parker • Thursday, February 29 06:08 • Permanent Link

Dycom Industries, Inc. (NYSE: DY) reported its fourth quarter results for fiscal 2024 in a conference call on February 28, 2024. The company's total contract revenues for the fourth quarter were $850.2 million, a 12.5% increase from the same period in the previous year. Gross contract revenues were $1.03 billion, up 13.1% from the prior year.

The operating margin for the quarter was 3.4%, up from 2.9% in the same period last year. Adjusted EBITDA was $66.6 million, representing a margin of 7.8%, compared to $57.5 million and a margin of 7.3% in the previous year's fourth quarter.

Net income attributable to Dycom was $16.3 million, or $0.44 per share on a diluted basis. This is a notable improvement from the prior year's net loss of $3.4 million, or $0.09 per share on a diluted basis.

The company's cash and equivalents stood at $187.2 million at the end of the quarter, with a total debt of $1.35 billion. This marks a decrease in cash and equivalents from $196.7 million in the same period last year, and a decrease in total debt from $1.39 billion.

Dycom Industries' backlog at the end of the quarter was $6.04 billion, reflecting a 6.2% increase from the backlog of $5.69 billion at the end of the fourth quarter of the prior fiscal year.

In terms of capital expenditures, the company spent $17.2 million in the fourth quarter of fiscal 2024, a decrease from $20.7 million in the same period last year.

Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $126.57. For the full picture, make sure to review Dycom Industries's 8-K report.

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