Dycom Swings to Loss in Q1; Shares Drop 15%

Shares of Dycom Industries (DY) tanked 15.1% to close at $70.51 on May 25 after the engineering services company reported fiscal Q1 results (ended May 1) that came in below analysts’ expectations.

Dycom reported a Q1 adjusted loss of $0.04 per share compared to the EPS of $0.06 that had been estimated by analysts. The company recorded earnings of $0.36 per share in the same quarter last year.

Total contract revenues of $726.1 million missed the consensus estimate of $752.53 million.

Non-GAAP adjusted EBITDA came in at $44.1 million, down 36.9% year-over-year. (See Dycom stock analysis on TipRanks)

For the second quarter of Fiscal 2022, the company forecasts contract revenues to range from in-line to modestly lower on a year-over-year basis.

Following the Q1 results, D.A. Davidson analyst Brent Thielman decreased the stock’s price target to $100 (41.8% upside potential) from $105 and maintained a Buy rating.

Shares have rallied 66.5% over the past year, and Wall Street analysts are still bullish about the stock. The Strong Buy consensus rating boasts 3 Buy ratings versus 1 Hold rating. Looking ahead, the average analyst price target stands at $102.75, putting the upside potential at 45.7% over the next 12 months.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Dycom, with 31.1% of investors increasing their exposure to DY stock over the past 30 days.

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