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Dycom Industries, Inc. (NYSE:DY) reported better-than-expected second quarter FY25 results on Wednesday.
Contract revenue increased 15.5% Y/Y to $1.203 billion, beating the consensus of $1.196 billion. Adjusted EBITDA increased to $158.3 million from $130.8 million a year ago. Adjusted EPS of $2.46 surpassed the street view of $2.26.
For the third quarter, Dycom anticipates a mid- to high single-digit percentage increase in total contract revenues, which included the company expectation of around $75 million of acquired contract revenues for the quarter.
In a separate release, Dycom revealed the acquisition of Black & Veatch's public carrier wireless telecom infrastructure business, expanding its reach into nine states and boosting its capabilities in wireless network modernization.
Dycom shares fell 2.4% to trade at $175.20 on Thursday.
These analysts made changes to their price targets on Dycom following earnings announcement.
Keybanc analyst Sangita Jain maintained Dycom Industries with an Overweight and raised the price target from $195 to $200.
B. Riley Securities analyst Alex Rygiel maintained Dycom with a Buy and raised the price target from $205 to $208.
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