Dycom Industries, Inc. (NYSE: DY) fell hard Monday, after the company lowered its outlook for the second quarter and FY19.
The company, based in Palm Beach Gardens, Fla., reported that, on a preliminary basis, the Company had cash and equivalents of approximately $23.9 million late last month, no outstanding borrowings on its revolving line of credit and $346.0 million of term loans outstanding.
Second-quarter diluted earnings per common share were $0.94 - $0.97.
Contract revenues were $799.5 million. The Company's revised guidance for diluted earnings per share on a GAAP and Non-GAAP basis for fiscal 2019 includes approximately $0.9 million of incremental tax benefits primarily from fiscal year tax filings and the tax effect of the settlement of share-based awards recognized during the quarter ended July 28, 2018.
The Company's preliminary results for contract revenues for the quarter ended July 28, 2018 include approximately $3.8 million of storm restoration services and approximately $9.1 million of contract revenues from a previously acquired business.
Revised guidance for fiscal 2019 indicate contract revenues of $3.01 - $3.11 billion. Diluted earnings of $2.17 - $2.62.
According to CEO Steven Nielsen, "Despite disappointing results for the quarter and near-term trends, we are pleased with our substantial backlog growth and remain confident in our industry's opportunities.”
Dycom is a leading provider of specialty contracting services throughout the United States and in Canada, including program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities
Shares plummeted $18.10, or 20.2%, to $71.61 mid-morning Monday.
