Welcome to our dedicated page for Construction Partners news (Ticker: ROAD), a resource for investors and traders seeking the latest updates and insights on Construction Partners stock.
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) has acquired Hudson Paving, expanding its operations in the Sandhills region of North Carolina. The acquisition includes a hot-mix asphalt plant and associated crews and equipment, enhancing CPI's service capabilities in the Pinehurst and Southern Pines areas. Fred J. Smith, III, CEO of CPI, highlighted the strategic fit of this bolt-on acquisition for their North Carolina platform company, Fred Smith Company. The integration aims to capitalize on the region's rapid growth and aligns culturally with CPI's values, welcoming new employees into the fold.
Construction Partners (NASDAQ: ROAD) will participate in the Baird 2024 Global Consumer, Technology & Services Institutional Investors Conference on June 5, 2024. The management team is set to meet with investors and will host a 'Fire Side Chat' at 3:10 p.m. Eastern Time, which will be broadcast live online via their website. This event aims to engage investors and provide insights into the company's operations and future plans.
Construction Partners, Inc. (NASDAQ: ROAD) reported a strong Q2 FY24 with a 14% revenue increase, 45% rise in Adjusted EBITDA, and a record backlog of $1.79 billion. The company raised its FY24 outlook, citing ongoing demand for infrastructure projects. Revenues grew to $371.4 million, gross profit increased by 48%, and net loss decreased. General and administrative expenses remained stable. Adjusted EBITDA was $29.5 million. Project backlog increased to $1.79 billion. The company is confident in its growth trajectory and aims to enhance shareholder value.
Construction Partners, Inc. (NASDAQ: ROAD) has acquired the asphalt manufacturing and construction operations of Sunbelt Asphalt Surfaces, Inc., expanding into North Georgia along the high-growth Interstate 85 corridor. The acquisition includes an active hot-mix asphalt plant in Auburn, Georgia, and a greenfield hot-mix asphalt plant in Commerce, Georgia. This strategic move aligns with CPI's focus on the Interstate 85 corridor due to economic growth and funding programs.
FAQ
What is the current stock price of Construction Partners (ROAD)?
What is the market cap of Construction Partners (ROAD)?
What does Construction Partners, Inc. specialize in?
What services does Construction Partners, Inc. provide?
How did Construction Partners perform financially in fiscal 2023?
What recent acquisitions has Construction Partners made?
What is Construction Partners' project backlog as of December 31, 2023?
What are Construction Partners' key markets?
How does Construction Partners, Inc. ensure a steady supply chain for its projects?
What is the company's strategy for growth?
Where can I find more information about Construction Partners, Inc.?
What is the company's outlook for fiscal year 2024?
