Why Is Dycom Industries Stock Surging Premarket Wednesday?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 22 2024
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- Financial Performance: Dycom Industries, Inc. reported first quarter FY25 results with a 9.3% increase in contract revenue to $1.142 billion.
- Earnings and Repurchases: Adjusted EBITDA rose to $130.9 million, exceeding last year's figures, and EPS of $2.12 surpassed expectations. The company repurchased 210,000 shares for $29.8 million.
- Outlook: Dycom expects high-single digit organic contract revenue growth in the second quarter and an increase in adjusted EBITDA margin by 25 to 75 basis points Y/Y. They also anticipate around $70 million in acquired contract revenues.
- Financial Position: As of April 27, Dycom had cash and equivalents amounting to $26.1 million.
- Stock Performance: DY shares surged by 9.72% to $169.40 premarket following the earnings report. Investors can access the stock through First Trust RBA American Industrial Renaissance ETF (AIRR) and Hilton Small-MidCap Opportunity ETF (SMCO).
Analyst Views on AIRR
Wall Street analysts forecast AIRR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AIRR is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 114.450
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
