Dycom Industries Inc.'s (DY) stock surged 5.72% in pre-market trading on Wednesday, following the company's better-than-expected fourth-quarter earnings results and the announcement of a new $150 million share repurchase program.
The specialty contracting services provider reported adjusted earnings per share of $1.17 for the quarter ended January 25, 2025, beating the consensus estimate of $0.90 by a significant margin. The robust performance was driven by a 13.9% increase in contract revenues to $1.085 billion, fueled by strong industry demand and successful execution of the company's strategy.
In addition to the impressive earnings beat, Dycom announced that its Board of Directors has authorized a new $150 million stock repurchase program, allowing the company to buy back shares over the next 18 months. This move underscores the company's confidence in its future prospects and its commitment to enhancing shareholder value.
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