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PALM BEACH GARDENS, Fla.,
Feb. 10, 2014 /PRNewswire/ -- Dycom Industries, Inc. (NYSE: DY) announced today that revenue and results for the second quarter of fiscal 2014, which ended
January 25, 2014, will be below previous guidance. Worse than expected weather during the latter part of the fiscal quarter sharply impacted the Company's second quarter results. The Company now expects revenue of approximately
$390 million and a loss per share ranging from
$0.08 to $0.10. Major snowfalls and extremely cold temperatures reduced the number of available workdays and negatively impacted productivity and margins.
Adverse weather conditions continued into the beginning of the Company's third fiscal quarter and, accordingly, the Company has lowered its outlook. The Company now expects total revenue for the third quarter of fiscal 2014 to be essentially in line with the third quarter of fiscal 2013. Previous expectations for the third quarter had been for mid-single digit total revenue growth.
"Extreme weather across many parts of the country created challenging operating conditions for our employees," said
Steven Nielsen, President and Chief Executive Officer of Dycom. "While disappointed with our results for the quarter, we are encouraged by the increasing capital expenditures announced by several of our key customers. We continue to see substantial industry opportunities."
During the second quarter of fiscal 2014, the Company repurchased 360,900 common shares for
$10.0 million, at an average price of
$27.71 per share, and repaid
$58.6 million of credit facility borrowings. The Company ended the quarter with cash and equivalents of approximately
$16.0 million and borrowings on its revolving line of credit of
The Company plans to report full financial results for the second quarter of fiscal 2014 on
Tuesday, February 25, 2014, after the close of trading on the New York Stock Exchange.