Construction Partners, Inc. - ROAD STOCK NEWS

Construction Partners, Inc. (NASDAQ: ROAD) is set to release its fiscal 2023 second quarter results on May 5, 2023, before market opening. The company will hold a conference call at 9:00 a.m. Central Time to discuss these results. Attendees can join via phone or webcast, with access details provided in the announcement. Operating primarily in six southeastern states, Construction Partners focuses on public and private sector infrastructure projects, including roadways, airport runways, and bridges. The company benefits from its integrated operations, which include hot-mix asphalt plants and aggregate facilities.

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Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of Pickens Construction, Inc., based in Anderson, South Carolina, on April 3, 2023. This acquisition includes a hot-mix asphalt plant and approximately 20 employees, enhancing CPI's operational footprint in the greater Greenville area.

President & CEO Fred J. Smith, III, highlighted that this move strengthens their presence along the I-85 corridor between Greenville and Atlanta, positioning the company to better serve both public and private clients and pursue future growth opportunities.

Construction Partners, Inc. (NASDAQ: ROAD) has announced that Greg Hoffman will succeed Alan Palmer as Chief Financial Officer effective March 31, 2023. This transition is part of the company’s management succession plan, with Palmer remaining in an advisory role. Hoffman, who has 20 years of industry experience, previously served as Senior VP of Finance and CFO of Wiregrass Construction. The company expresses confidence in Hoffman's leadership, emphasizing his relevant expertise to continue its strategic growth as a consolidator in the civil infrastructure sector.

The management change highlights the emphasis on leadership continuity and the development of financial talent within the organization.

Construction Partners, Inc. (NASDAQ: ROAD) announced its participation in the Raymond James Institutional Investors Conference on March 6-7, 2023. The management team will engage with investors, including a live broadcast of their "Fire Side Chat" on March 7 at 2:15 p.m. ET. The company, which operates across six southeastern states, specializes in civil infrastructure, focusing on constructing and maintaining roadways, bridges, and airport runways. A significant portion of its projects is publicly funded, emphasizing their role in regional infrastructure development.

Construction Partners, Inc. (NASDAQ: ROAD) reported a 20% increase in revenue for Q1 FY2023, totaling $341.8 million, compared to $285.0 million in Q1 FY2022. The company boasts a record backlog of $1.47 billion. Despite challenges like high precipitation affecting costs, CPI's earnings outlook was revised upward for FY2023, with projected revenue between $1.475 billion and $1.550 billion. Net income for the quarter was $1.9 million, down from $5.5 million last year, while Adjusted EBITDA rose to $27.6 million, up 4.7% year-over-year.

Construction Partners, Inc. (NASDAQ: ROAD) is set to announce its fiscal 2023 first quarter results on February 9, 2023, following market close. A conference call to discuss the results is scheduled for February 10, 2023, at 9:00 a.m. Central Time. Participants can join via phone or webcast, with access details provided. The company, active in six southeastern states, focuses on civil infrastructure, including public sector projects like roadways, highways, and bridges, as well as private sector endeavors such as sitework for commercial developments.

Construction Partners, Inc. (NASDAQ: ROAD) has acquired Ferebee Corporation, a hot-mix asphalt and paving company based in Charlotte, North Carolina. This acquisition enables CPI to extend its geographic reach into western North Carolina, specifically the rapidly growing Charlotte/Rock Hill region. The move is seen as a platform acquisition that will enhance revenue and market share. CEO Fred J. Smith emphasized the strategic importance of this investment alongside a recent sale in Nashville, both expected to be accretive to earnings in the current fiscal year.

Construction Partners, Inc. (NASDAQ: ROAD) reported a strong fiscal year 2022, with revenue increasing to $1.30 billion, a 43% rise compared to FY2021. Net income grew 6% to $21.4 million, while Adjusted EBITDA reached $111.2 million, up 23%. Q4 results showed revenue at $393.1 million, a 41% increase, and Adjusted EBITDA up 45%. The company announced a record backlog of $1.41 billion and projected FY2023 revenue between $1.4 billion and $1.55 billion. The outlook reflects confidence in ongoing growth amid supply chain challenges.