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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, Inc. (NASDAQ: ROAD) will release its fiscal 2022 fourth quarter and full year results on November 22, 2022, before the market opens. A conference call will follow at 9:00 a.m. Central Time to discuss the results. The call can be accessed via phone at (412) 902-0003 or through a webcast on the Company's Investor Relations website. Construction Partners specializes in civil infrastructure and operates primarily in the southeastern United States, focusing on public sector projects such as roadways, highways, and bridges.
Construction Partners, Inc. (NASDAQ: ROAD), a civil infrastructure company operating in the southeastern U.S., will attend the Baird 2022 Global Industrial Conference on November 8 and 9, 2022. Management will participate in a live Fire Side Chat discussion on November 8 at 4:05 PM ET, accessible via the company's website. The firm specializes in constructing and maintaining roadways, with a focus on publicly funded projects, including highways, airport runways, and bridges. For more details, visit www.constructionpartners.net.
Construction Partners, Inc. (NASDAQ: ROAD) provided an update on operations following Hurricane Ian's impact across Florida, South Carolina, and North Carolina. CEO Fred J. (Jule) Smith, III stated that while their facilities did not suffer significant damage, operations were disrupted in late September to ensure employee safety. With the storm now passed, the company has resumed work and is prepared to assist in local recovery efforts. The company remains optimistic about new project opportunities in the affected markets.
Construction Partners, Inc. (NASDAQ: ROAD) has launched operations at a new hot-mix asphalt plant in Benson, North Carolina, aimed at enhancing its presence in adjacent markets. This strategic expansion targets the growing suburbs of Johnston and Harnett County in the Raleigh-Durham area, contributing to the company's long-term growth objectives. The company emphasizes that such greenfield initiatives are vital for organic growth and shareholder value, while continuing to explore further investment opportunities in the Southeast market.
Construction Partners, Inc. (NASDAQ: ROAD) will participate in the Raymond James 2022 Diversified Industrials Conference on August 23, 2022. This company operates in civil infrastructure, focusing on roadway construction and maintenance across five southeastern states, with significant public sector projects. It has 59 hot-mix asphalt plants and other facilities supporting its operations. The management team aims to engage with investors during this conference.
Construction Partners, Inc. (NASDAQ: ROAD) reported strong Q3 results for FY2022, with revenues of $380.3 million, a 45% increase year-over-year. Net income rose 30% to $12.2 million, while Adjusted EBITDA also increased by 30% to $37.6 million. The company achieved a record project backlog of $1.33 billion, up from $822.9 million last year. CPI raised its full-year revenue outlook to $1.25-$1.28 billion, citing robust demand and inflationary pressures. CEO Fred Smith highlighted the resilience of the business model amid supply chain challenges and workforce growth.
Construction Partners, Inc. (NASDAQ: ROAD) announced its acquisition of Southern Asphalt, Inc. on August 1, 2022, expanding its operations into the Myrtle Beach metro area of South Carolina. This acquisition adds two hot-mix asphalt plants and over 200 employees, positioning the company in one of the fastest-growing markets in the U.S. CEO Fred J. (Jule) Smith, III emphasized the opportunity to bid on a diverse mix of public and commercial projects. The company continues to operate across five southeastern states, focusing primarily on publicly funded projects.
Construction Partners, Inc. (NASDAQ: ROAD) will release its fiscal 2022 third quarter results on August 5, 2022, before market opening. A conference call to discuss the results is scheduled for 9:00 a.m. Central Time on the same day, accessible by phone at (412) 902-0003 or via webcast on the Company's Investor Relations website. The company operates across five southeastern states with 57 hot-mix asphalt plants and focuses on public projects, including roadways and bridges. For more details, visit their website.
Construction Partners, Inc. (NASDAQ: ROAD) announced its participation in two investor conferences in June 2022: Baird's Global Consumer, Technology & Services Conference on June 6-7 and Stifel's Cross Sector Insight Investor Conference on June 8. A live broadcast of the company's 'Fire Side Chat' will occur on June 6 at 2:35 PM ET, accessible via their website. Construction Partners operates 57 hot-mix asphalt plants and focuses on public projects, including local roadways, highways, and airport runways. For more information, visit www.constructionpartners.net.
Construction Partners, Inc. (NASDAQ: ROAD) reported a 36% revenue increase in Q2 2022, totaling $243.4 million, driven by both organic (19%) and acquisitive (17%) growth. The firm’s project backlog reached a record $1.28 billion, with improving backlog margins expected to yield higher future profits. However, the company faced a net loss of $9.4 million due to inflationary pressures from rising energy costs. The full-year revenue outlook is projected between $1.15 billion and $1.20 billion, anticipating ongoing demands from infrastructure projects.
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