Dycom Industries Shares Dropped 20% On Yesterday's Q1 Earnings Miss & Lowered Guidance
Dycom Industries (DY) stock lost a significant amount of its value during on Tuesday after the company posted worse-than-expected Q1 earnings and lowered its guidance for the upcoming fiscal year.
Investors also appear to have been disappointed by the company’s decision to lower its guidance for the upcoming financial year. At the time of writing, the stock was trading at $92.64 after losing $23.45, or 20.20%.
DY Earnings & Outlook
(Click on image to enlarge)
In the first quarter of fiscal year 2019, Dycom Industries posted a net income of $17.2 million, or $0.53 a share. The company posted a net income of 38.8 million, or $1.22 a share in the same quarter last year.
Adjusted earnings per share in Q1 of fiscal 2019 was $0.65, compared to the $1.30 figure that the company posted in the same quarter last year. Wall Street anticipated adjusted earnings per share of $0.69.
Dycom expects its full-year adjusted earnings per share to be between $4.26 and $5.15, compared to the previous $5.2-$6.14 figure that the company had set. On their part, the analysts expect the company to post an adjusted earnings per share of $5.70 for the full year.
Dycom contract revenue during the first quarter of fiscal 2019 dropped by 7% to stand at $731.4 million. Analysts expected a contract revenue of $734.9 million. Dycom has set its contract revenue for 2019 fiscal year at between $3.23 billion and 3.43 billion.
Previously, the company expected to post a contract revenue of between $3.3 billion and $3.5 billion. According to analysts surveyed by Thomson Reuters, the company will post a revenue of $3.4 billion.
Disclaimer: This is not meant to be a recommendation to buy or to sell securities nor an offer to buy or sell securities. Before selling or buying any stock or other investment you should consult ...
more