=====ENTRY LEVEL $45- PRICE TARGET $50====
EARNINGS CALL TRANSCRIPT
We continue to experience effects of a strong overall industry environment during the quarter with increased demand from four of our top five customers. Organic revenue excluding storm restoration services increased 11.1%. Our top five customers combined produce 78.6% of revenue increasing 12.7% organically. While all other customers increased 5.5% organically. Verizon was our largest customer at 23.2% of total revenue or $205 million. Verizon grew organically 39.1%. Revenue from AT&T was $183.3 million or 20.7% of revenue. AT&T was Dycom's second largest customer and grew 13.5% organically.
CenturyLink was our third largest customer at 15.7% of revenue or $138.7 million. CenturyLink grew 29% organically. Comcast was our fourth largest customer at $133.2 million or 15.1% of revenue. And finally revenue from Windstream was $34.7 million or 3.9% of revenue. Windstream was our fifth largest customer and grew 20.7% organically. Of note, this is the second consecutive quarter where all of our other customers in aggregate, excluding the top five customers have grown organically. We are encouraged with our fourth consecutive quarter of double-digit organic growth and have continued to extend our geographic reach and expand our program management network planning services.
COMPANY PROFILE
Dycom Industries, Inc. provides specialty contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others. The company was founded in 1969 and is headquartered in Palm Beach Gardens, FL.
EARNINGS CALL TRANSCRIPT
We continue to experience effects of a strong overall industry environment during the quarter with increased demand from four of our top five customers. Organic revenue excluding storm restoration services increased 11.1%. Our top five customers combined produce 78.6% of revenue increasing 12.7% organically. While all other customers increased 5.5% organically. Verizon was our largest customer at 23.2% of total revenue or $205 million. Verizon grew organically 39.1%. Revenue from AT&T was $183.3 million or 20.7% of revenue. AT&T was Dycom's second largest customer and grew 13.5% organically.
CenturyLink was our third largest customer at 15.7% of revenue or $138.7 million. CenturyLink grew 29% organically. Comcast was our fourth largest customer at $133.2 million or 15.1% of revenue. And finally revenue from Windstream was $34.7 million or 3.9% of revenue. Windstream was our fifth largest customer and grew 20.7% organically. Of note, this is the second consecutive quarter where all of our other customers in aggregate, excluding the top five customers have grown organically. We are encouraged with our fourth consecutive quarter of double-digit organic growth and have continued to extend our geographic reach and expand our program management network planning services.
COMPANY PROFILE
Dycom Industries, Inc. provides specialty contracting services throughout the United States. Its services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including other construction and maintenance services to electric and gas utilities, and others. The company was founded in 1969 and is headquartered in Palm Beach Gardens, FL.