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Construction Partners, Inc. (NASDAQ: ROAD) is a leading civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states: Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee. The company, through its subsidiaries, provides a comprehensive range of products and services for public and private infrastructure projects. These services include the construction and maintenance of highways, roads, bridges, airports, and commercial and residential developments.
The company’s core business focuses on manufacturing and distributing hot mix asphalt (HMA), paving activities including the construction of roadway base layers and application of asphalt pavement, site development with the installation of utility and drainage systems, and mining aggregates like sand and gravel for HMA production. Supported by its extensive network of hot-mix asphalt plants, aggregate facilities, and liquid asphalt terminals, Construction Partners ensures a steady supply chain for its projects and third-party sales.
Construction Partners boasts a robust financial performance, with preliminary fiscal 2023 revenue expected to range from $1.547 billion to $1.557 billion, showcasing significant growth compared to $1.30 billion in fiscal 2022. Net income for fiscal 2023 is projected between $44.8 million to $47.0 million, a considerable increase from $21.4 million in fiscal 2022. Adjusted EBITDA is also forecasted between $168.0 million to $172.0 million, up from $111.2 million in the previous year. This growth is attributed to strong operational performance, high project demand, and healthy project margins.
Recent achievements include the acquisition of SJ&L General Contractor, LLC, and Littlefield Construction Company, expanding their service offerings in existing markets. The company continues to integrate these new acquisitions with existing operations, strengthening their presence in high-growth areas like the greater Huntsville metro area and Georgia’s Waycross market.
Construction Partners is strategically positioned to capitalize on the substantial investment in infrastructure across the southeastern United States. The company remains focused on expanding margins through enhanced local market performance, further vertical integration of construction materials and services, and scaling corporate costs. With a project backlog of $1.62 billion as of December 31, 2023, the company is set for continued growth and shareholder value creation.
For more information, visit www.constructionpartners.net.
Construction Partners (NASDAQ: ROAD) reported strong financial results for fiscal 2024. Revenue increased 17% to $1.82 billion, while net income grew 41% to $68.9 million. The company achieved an Adjusted EBITDA of $220.6 million, up 28% from 2023, with a margin of 12.1%. Project backlog reached a record $1.96 billion. The company completed eight acquisitions during the year, including Lone Star Paving in Texas. For fiscal 2025, CPI projects revenue between $2.48-2.58 billion and net income of $97-113 million.
Construction Partners (NASDAQ: ROAD) has announced it will release its fiscal 2024 fourth quarter and full year results on November 21, 2024, before market opens. The company will host a conference call at 10:00 a.m. Eastern Time on the same day to discuss the results. Investors can access the call via phone at (412) 902-0003 or through webcast on the company's Investor Relations website. A replay will be available through November 28, 2024.
Construction Partners (NASDAQ: ROAD), a civil infrastructure company focused on roadway construction and maintenance across the Sunbelt, has announced its participation in the Baird 2024 Global Industrial Conference. The company's management team will engage with investors on November 13, 2024, featuring a 'Fire Side Chat' discussion scheduled for 4:05 p.m. Eastern Time/3:05 p.m. Central Time.
The discussion will be available through a live internet broadcast, accessible via the company's investor relations website section for events and presentations.
Construction Partners (NASDAQ: ROAD) has completed its acquisition of Lone Star Paving, a vertically integrated asphalt manufacturing and paving company operating in central Texas. Following the acquisition's closure, CPI has updated its fiscal 2025 guidance, projecting revenue of $2.48-2.58 billion, net income of $97-113 million, and Adjusted EBITDA of $347-377 million with an Adjusted EBITDA margin of 14.0-14.6%. The earlier-than-expected closing allows CPI to include Lone Star's operations in its first fiscal quarter outlook.
Construction Partners, Inc. (NASDAQ: ROAD) announced preliminary financial results for fiscal year 2024 and introduced fiscal year 2025 outlook. Key highlights include:
- FY2024 revenue expected between $1.821-$1.825 billion, up 17% from FY2023
- FY2024 net income projected at $68-$70 million, a 40% increase from FY2023
- FY2024 Adjusted EBITDA estimated at $219-$222 million, up 27% from FY2023
- FY2024 Adjusted EBITDA Margin expected to be 12.0-12.2%, improved from 11.0% in FY2023
- Project backlog of approximately $1.95 billion as of September 30, 2024
For FY2025, the company projects revenue of $2.420-$2.520 billion, net income of $90-$106 million, and Adjusted EBITDA of $338-$368 million. The outlook includes the expected results from the pending acquisition of Lone Star Paving, which is anticipated to close by the end of Q1 FY2025.
Construction Partners, Inc. (NASDAQ: ROAD) has announced a definitive agreement to acquire Lone Star Paving, a vertically integrated asphalt manufacturing and paving company in central Texas, for $654 million in cash and 3 million shares. The acquisition is expected to be immediately accretive to earnings upon closing in Q1FY25 and generate an annualized run-rate contribution of $530 million in revenue and $120 million in Adjusted EBITDA in fiscal 2025.
This transformational transaction will add 10 hot-mix asphalt plants, four aggregate facilities, and one liquid asphalt terminal to CPI's operations. It is anticipated to significantly accelerate CPI's ROAD-Map 2027 goals, including reaching the Adjusted EBITDA Margin goal of 13% to 14% in fiscal 2025, two years ahead of schedule.
Construction Partners, Inc. (NASDAQ: ROAD) has acquired John G. Walton Construction Company, Inc., based in Mobile, Alabama. This strategic acquisition includes a hot-mix asphalt plant and related equipment, expanding ROAD's presence into the Mobile metro area. The new plant's location offers both water and rail access, positioning ROAD to serve the growing southwestern Alabama market effectively.
CEO Fred J. (Jule) Smith, III highlighted the significance of this acquisition, noting that it gives ROAD a presence in all four of Alabama's largest markets. The company continues to seek further investment opportunities to strengthen its operations in the state. This move aligns with ROAD's strategy of vertical integration and expansion in the southeastern United States.
Construction Partners, Inc. (NASDAQ: ROAD) reported strong fiscal 2024 third quarter results, with revenue up 22.7% to $517.8 million and net income up 42.4% to $30.9 million compared to Q3 FY23. The company's Adjusted EBITDA increased by 30.5% to $73.2 million. CPI achieved a record project backlog of $1.86 billion, up from $1.59 billion a year ago. Based on sustained industry demand and strong operational performance, the company raised its fiscal 2024 outlook, projecting revenue between $1.835 billion to $1.860 billion and net income ranging from $73.5 million to $76.5 million. The company continues to focus on organic growth and strategic acquisitions to expand its market share in the southeastern United States.
Construction Partners, Inc. (NASDAQ: ROAD) has announced the acquisition of Robinson Paving Company, based in Columbus, Georgia. This strategic move expands CPI's operations into the Columbus metro area, adding three hot-mix asphalt plants and related crews and equipment to their portfolio. The acquisition aligns with CPI's growth strategy in Georgia, leveraging Robinson's skilled workforce and the area's growing economy supported by Fort Moore. Fred J. (Jule) Smith, III, CPI's President and CEO, emphasized the importance of this market expansion and the natural progression of their growth in Georgia. The acquired business will continue to operate under the Robinson Paving Company name as a new branded division of CPI's Georgia platform company, The Scruggs Company.
Construction Partners, a civil infrastructure firm (NASDAQ: ROAD), will release its fiscal Q3 2024 results on August 9, 2024, before market open. The company will host a conference call at 10:00 AM ET to discuss these results. Participants can join by phone or webcast, with replay options available until August 16, 2024. The call details and webcast can be accessed via the company's Investor Relations website.
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