Dycom Q2 Beats but Stock Drops 8.7% as Backlog Hits Record $12.2B
DY sits 45% above its 52-week low of $242.55 on elevated volume (3.2× avg).
Summary
Dycom reported Q2 EBITDA of $315.5M on sales of $2B, beating estimates, but shares fell 8.7% to $321.12 by 10 a.m. ET. The company's backlog reached a record $12.2B, up 53% YoY, and full-year sales guidance was raised to about $7.6B. The stock's negative reaction despite strong fundamentals suggests profit-taking after a 26% jump following Q1 results. This follows the Reuters report earlier today on the same earnings, but adds the market's bearish response and the backlog milestone.
At the time of this announcement, DY was trading at $352.00 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $10.6B. The 52-week trading range was $242.55 to $566.47. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.