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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) reported a strong fiscal quarter ending June 30, 2021, with revenues of $261.7 million, a 20.6% increase year-over-year. Despite achieving record project backlog of $823 million, net income dropped to $9.3 million from $15.8 million due to rising administrative costs and supply chain disruptions. Adjusted EBITDA also fell to $29.0 million. The company revised its fiscal 2021 outlook, projecting revenue between $940 million and $960 million, a decrease from previous estimates. Investments in people and technology aim to support future growth amidst current challenges.
Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of Good Hope Contracting Co., Inc. and related entities, strengthening its operations in Alabama. The deal adds four hot-mix asphalt plants, four aggregate facilities, and a fleet of trucks and equipment. Additionally, the company acquired Daurity Springs Quarry in North Carolina, enhancing its vertical integration strategy. This expansion is expected to improve market share, project execution, and sourcing capabilities. The acquisitions will contribute to growth in both Alabama and North Carolina, welcoming over 180 new employees.
Construction Partners, Inc. (NASDAQ: ROAD) will release its fiscal 2021 third-quarter results on August 6, 2021, before market opening. A conference call is scheduled for 9:00 a.m. Central Time to discuss the results. The Company operates across five southeastern states with a focus on public infrastructure projects, including local roadways and airport runways. Key offerings include a network of 48 hot-mix asphalt plants and nine aggregate facilities.
Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of PLT Construction Company, enhancing its vertical integration in North Carolina's construction market. This acquisition adds experienced construction personnel and equipment, aiming to drive organic growth in the region. CEO Fred J. Smith highlighted the partnership's legacy of quality work and the opportunity to serve new markets effectively.
The company operates in five southeastern states, focusing on public infrastructure projects.
Construction Partners, Inc. (NASDAQ: ROAD), a leader in civil infrastructure, will participate in three virtual investor conferences in June 2021. The management team will present at the Stifel 2021 Cross Sector Insight Conference on June 8, followed by the UBS Global Industrials and Transportation Conference and the Baird 2021 Global Consumer, Technology & Services Conference on June 9 and June 10.
Construction Partners operates 48 asphalt plants and focuses on public projects, including roadways and bridges, as well as private sector work.
Construction Partners, Inc. (NASDAQ: ROAD) reported a 6.2% increase in revenue for Q2 2021, totaling $179.1 million. Despite adverse weather causing project delays, the company maintains a record project backlog of $773.3 million. Gross profit decreased by 10.4% to $18.1 million, while general and administrative expenses rose to $24.5 million, impacted by a nonrecurring $3.2 million legal settlement. The company experienced a net loss of $4.9 million, compared to net income of $1.5 million in Q2 2020. The leadership remains optimistic about growth opportunities in the southeastern U.S.
Construction Partners, Inc. (NASDAQ: ROAD) will announce its fiscal 2021 second quarter results on May 7, 2021, prior to the market opening. A conference call will take place at 9:00 a.m. CT to discuss these results. Interested parties can join via phone or webcast on the Company’s Investor Relations website. Construction Partners, a civil infrastructure company, operates across five southeastern states specializing in public and private roadway projects, including maintenance and development.
Construction Partners, Inc. (NASDAQ: ROAD) announced a secondary offering of 2,000,000 shares of its Class A common stock, priced at $31.25 each. The offering will allow certain affiliates of SunTx Capital Management to sell shares, with the underwriters having a 30-day option for an additional 300,000 shares. The company is not selling any shares and will not receive proceeds. The offering is expected to close on March 23, 2021, subject to customary conditions. The shares are offered under an automatic registration with the SEC.
Construction Partners, Inc. (NASDAQ:ROAD) announced a secondary offering of 2,000,000 shares of Class A common stock by affiliates of SunTx Capital Management. The underwriters are granted a 30-day option for an additional 300,000 shares. Importantly, the company will not receive any proceeds from this offering as it only involves selling stockholders. The offering is supported by an automatic shelf registration statement effective from March 18, 2021. The offering is managed by Baird, and more details are available on the SEC's website.
Construction Partners, Inc. (NASDAQ: ROAD) announced the appointment of Fred J. (Jule) Smith, III as President and CEO, effective March 31, 2021. He succeeds Charles E. Owens, who will become Vice Chairman of the board. Smith has been with the company for nearly a decade, contributing to its strategic growth. Owens expressed confidence in Smith's leadership, while Smith appreciated Owens' mentorship. The transition is seen as a significant step for the company's future, reinforcing its commitment to strategic development and human capital growth.
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