— Dycom Industries Inc. (NYSE: DY) reported its third-quarter 2020 adjusted earnings of $0.88 per share versus $0.72 per share expected.
— Contract revenues rose by 4.2% to $884.1 million versus $849.9 million expected. The contract revenues increased by 4.7% on an organic basis after excluding $3.9 million in contract revenues from storm restoration services.
— Adjusted EBITDA decreased to $91.7 million from $98.6 million in the previous year quarter.
— Looking ahead into the fourth quarter, the company now expects total contract revenues in the range of $700-740 million compared to the consensus estimates of $747.28 million.
— For the fourth quarter, the net loss is predicted to be in the range of $0.27-0.10 per share and adjusted per-share results are anticipated to be between a loss of $0.15 and a profit of $0.02. The consensus estimates EPS of $0.10.
— The company had solid liquidity of $219.6 million at the end of Q3 2020 consisting of availability under the senior credit facility and cash on hand.
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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard