Thu, May 23, 1:02 PM (151 days ago)
Dycom Industries, Inc. reported a significant increase in contract revenues for the quarter ended April 27, 2024, totaling $1.142 billion, up from $1.045 billion in the same quarter of the previous year. This growth was driven by acquisitions and increased demand from telecommunications customers. Costs of earned revenues decreased slightly as a percentage of contract revenues, from 81.6% to 80.7%, due to lower direct material costs. General and administrative expenses rose to $94.6 million, or 8.3% of revenues, primarily due to higher administrative, payroll, and stock-based compensation costs. Depreciation and amortization expenses also increased, reflecting higher capital expenditures and acquisitions. Net income for the quarter was $62.6 million, up from $51.5 million, with an effective tax rate of 19.2%, down from 22.1%. The company's liquidity remains strong with $26.1 million in cash and equivalents and significant borrowing capacity under its credit agreement. Backlog decreased to $6.364 billion from $6.917 billion, with 60.7% expected to be completed within the next 12 months.