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Dycom Industries, Inc. has submitted its 10-Q filing for the quarterly period ended October 26, 2024.
The filing includes financial statements for the quarter, showing an increase in contract revenues to $1,272.0 million from $1,136.1 million in the same quarter the previous year. The increase is attributed to higher demand from telecommunications customers and storm restoration services.
Costs of earned revenues were $1,007.4 million, representing 79.2% of contract revenues, compared to 78.0% in the same quarter of the previous year. This increase in cost ratio is due to higher labor and subcontractor costs.
General and administrative expenses increased to $110.8 million from $87.5 million, primarily due to higher compensation expenses and acquisition-related costs.
Net income for the quarter was $69.8 million, down from $83.7 million in the previous year. The decrease was primarily due to increased costs and expenses.
Cash provided by operating activities was $20.9 million, while cash used in investing and financing activities was $335.4 million and $228.7 million, respectively.
Dycom had a working capital of $1,293.3 million as of October 26, 2024. The company continues to focus on expanding its geographic presence and customer base through acquisitions.
The filing details several acquisitions completed during the fiscal year, including the acquisition of telecommunications construction contractors to expand services in various U.S. regions.
Dycom does not anticipate cash dividend payments to common stockholders in the near future.
The company reported a decrease in its effective income tax rate to 23.6% from 25.5% in the previous year.
Dycom's backlog increased to $7.856 billion from $6.917 billion at the beginning of the fiscal year, indicating strong demand for its services.
The filing also highlights the company's exposure to market risks, including interest rate fluctuations affecting its debt obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dycom Industries Inc. quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.