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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 Q1 FY2025 results with revenue reaching $561.6 million, up 42% year-over-year. The company achieved a record project backlog of $2.66 billion and significant Adjusted EBITDA growth of 68% to $68.8 million.
The revenue growth included $120.9 million from acquisitions and $44.2 million from existing markets. Despite reporting a net loss of $3.1 million due to acquisition-related expenses, adjusted net income was $13.3 million with adjusted earnings per share of $0.25.
The company completed the acquisition of Lone Star Paving in Texas and made two subsequent acquisitions in 2025: Overland in Oklahoma and Mobile Asphalt Company in Alabama. Following these strong results, CPI raised its FY2025 outlook, projecting revenue between $2.66-2.74 billion and adjusted EBITDA of $375-400 million.
Construction Partners (NASDAQ: ROAD) has acquired Mobile Asphalt Company , expanding its presence in southwestern Alabama. The transaction includes five hot-mix asphalt plants and related crews and equipment serving the Mobile metro area and surrounding markets.
This acquisition follows ROAD's initial entry into the Mobile market in September through the acquisition of John G. Walton Construction Company. The strategic expansion aims to capitalize on increased economic activity driven by the Port of Mobile and development along Alabama's Gulf Coast, one of the state's fastest-growing regions.
The acquired business will operate as a new branded division under Wiregrass Construction Company, ROAD's Alabama platform company, maintaining the Mobile Asphalt Company name.
Construction Partners (NASDAQ: ROAD), a vertically integrated civil infrastructure company focused on roadway construction and maintenance across the Sunbelt region, has announced its upcoming fiscal 2025 first quarter earnings release schedule. The company will disclose its Q1 results on February 7, 2025, before market opening.
A conference call to discuss the results is scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on the same day. Interested parties can access the call via phone by dialing (412) 902-0003 or through a webcast on the company's Investor Relations website. A replay will be available until February 14, 2025.
Construction Partners (NASDAQ: ROAD) has acquired Overland , an asphalt manufacturing and paving company based in Ardmore, Oklahoma. The acquisition includes eight hot-mix asphalt plants serving southern and western Oklahoma and northern Texas markets, marking CPI's entry into its eighth state.
Overland , founded by Reggie Sullivan and led by President Darren Ratajski, provides paving services for public, commercial, and residential projects. The company is strategically positioned to capitalize on strong asphalt markets in Oklahoma and northern Texas, particularly as the Dallas metro area expands northward.
The acquisition aligns with CPI's strategy to reduce its leverage ratio to approximately 2.5x in the next 4-6 quarters while supporting sustained, profitable growth. The company emphasized the cultural and operational fit of this strategic expansion.
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.
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