DYCOM Industries, Inc. has announced its fiscal 2025 second-quarter results, with contract revenues increasing to $1.203 billion, representing a 15.5% increase from the year-ago quarter. On an organic basis, contract revenues increased by 9.2% after excluding $65.9 million of contract revenues from acquired businesses not owned during the year-ago quarter.
Non-GAAP adjusted EBITDA increased to $158.3 million, or 13.2% of contract revenues, compared to $130.8 million, or 12.6% of contract revenues in the year-ago quarter. GAAP net income increased to $68.4 million, or $2.32 per common share diluted, compared to $60.2 million, or $2.03 per common share diluted in the year-ago quarter. Non-GAAP adjusted net income was $72.5 million, or $2.46 per common share diluted for the quarter ended July 27, 2024.
For the six months ended July 27, 2024, contract revenues increased 12.4% to $2.345 billion compared to $2.087 billion for the comparable year-ago period. On an organic basis, contract revenues increased by 5.8% after excluding $137.2 million of contract revenues from acquired businesses not owned during the comparable year-ago period.
Non-GAAP adjusted EBITDA for the six months ended July 27, 2024, increased to $289.2 million, or 12.3% of contract revenues, compared to $244.3 million, or 11.7% of contract revenues for the comparable year-ago period. GAAP net income increased to $131.0 million, or $4.44 per common share diluted, compared to $111.8 million, or $3.76 per common share diluted for the comparable year-ago period. Non-GAAP adjusted net income was $135.0 million, or $4.58 per common share diluted for the six months ended July 27, 2024.
The company also announced an outlook for the quarter ending October 26, 2024, expecting total contract revenues to increase mid* to high single digit as a percentage of contract revenues, and non-GAAP adjusted EBITDA as a percentage of contract revenues for the same period is expected to increase approximately 25 to 50 basis points compared to the prior year period.
During the six months ended July 27, 2024, the company purchased 210,000 shares of its own common stock in open market transactions for $29.8 million at an average price of $141.84 per share.
DYCOM Industries, Inc. is a leading provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. The market has reacted to these announcements by moving the company's shares -7.7% to a price of $179.2. For the full picture, make sure to review Dycom Industries's 8-K report.
