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Strong top-line and backlog growth, coupled with a raised annual outlook and an accretive acquisition, typically drives multiple expansion and investor optimism, despite near-term margin pressures from wireless revenue deferrals.
What happened, with direct paths to the underlying reporting
Dycom delivered a record second quarter with contract revenues of $2.006B, up 45.6% year over year and 16.7% organically, while backlog rose to $12.242B (+53.2%). The company completed the acquisition of National Technology Integrators, which contributed about $22.9M in revenue this quarter. Management raised the fiscal 2027 outlook to $7.48B–$7.66B, signaling strong visibility from digital-infrastructure deployments and integration synergies, though wireless revenue deferrals temper near-term margins.
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