Dycom Industries, Inc.
) recently released its third quarter 2013 results with an EPS of
21 cents per share, beating Zacks Consensus Estimate of 17 cents
by 23.5%. However it was down by 25% compared to 28 cents in the
Earnings in the quarter included a lesser amount of pre-tax
gains on asset sales, as compared to the year-ago quarter. The
gain was $1.5 million during the quarter, as compared to $7.4
million in the year-earlier quarter.
Dycom reported total contract revenue of $ 437.4 million, up
47.7% from that in the prior year quarter. The revenues benefited
a strongly on organic basis, which grew almost 6.2% year over
year. Revenues in the quarter benefited strongly from
subsidiaries acquired during last few quarters. The company
recorded a benefit of $122.9 million from its recent acquisition
of Quanta Services.
Contract for the nine months ended April 27, 2013 were $1.130
billion compared to $883.1 million in the year-ago period
Net income for the quarter was $7.2 million with an adjusted
EBITDA (non-GAAP) of $44.0 million. Net income experienced a 25%
decline year over year, while EBITDA was up 47.2%.
Apart from the pre-tax gains on asset sales during the
quarter, the company had to incur a pre-tax acquisition-related
cost in relation to its recent acquisition of Quanta Services,
and a pre-tax deferred financing cost of $0.3 million related to
the replacement of its credit facility in Dec 2012.
Cash, cash equivalents reached approximately $18.2 million at
the end of the quarter with long-term debt of $433.6 million.
The company believes its strong competitive position and
strategic market initiatives will facilitate it to perform well
as it moves ahead. Revenue in fourth quarter fiscal 2013 is
expected to be in the range of $455.0 million to $475.0 million,
with an EPS in the range of 40 cents to 47 cents.
Dycom currently has a Zacks Rank #3 (Hold), while other sector
participants are performing better.
) has Zacks Rank #1 (Strong Buy), while
Orion Marine Group
) has Zacks Rank #2 (Buy).
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