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, 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.
Construction Partners, Inc. (NASDAQ: ROAD) announced its participation in two virtual investor conferences on March 2 and March 17, 2021. The management team will host a live 'Fire Side Chat' at the Raymond James 42nd Annual Institutional Investors Conference at 3:00 p.m. ET, accessible via the company's website. The second conference is the Bank of America Securities Research Global Industrials Conference. The company operates 48 hot-mix asphalt plants and focuses on public-funded projects, including roadways and airport runways.
Construction Partners, Inc. (NASDAQ: ROAD) reported strong financial results for Q1 FY2021, with revenue increasing by 8.9% to $190.9 million, and net income rising by 44.1% to $7.9 million.
Gross profit surged 28.8% to $30.6 million. Adjusted EBITDA increased by 34.4% to $23.1 million, with an adjusted EBITDA margin of 12.1%. The company maintains a robust project backlog of $655.6 million, indicating strong market demand.
Construction Partners, Inc. (NASDAQ: ROAD) will release its fiscal 2021 first quarter results on February 5, 2021, before market opening. A conference call to discuss these results is scheduled for the same day at 9:00 a.m. Central Time. Participants can join via phone (dialing (412) 902-0003) or via webcast on the Company’s Investor Relations website. Construction Partners operates across five southeastern states, focusing on both public and private sector construction projects.
Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of R.P.C. Contracting, Inc., enhancing its presence in North Carolina by adding two hot-mix asphalt plants. This move aims to capture new markets, including the Outer Banks, and supports ongoing growth strategy following recent acquisitions. COO Fred J. (Jule) Smith, III emphasized the importance of retaining acquired management teams to drive future success. With 48 asphalt plants, the company primarily focuses on public sector projects, including roadways and airport runways.
Construction Partners, Inc. (NASDAQ: ROAD) reported its fiscal year 2020 results, highlighting a revenue increase of 0.3% to $785.7 million and a gross profit rise of 3.6% to $122.2 million. However, net income fell 6.5% to $40.3 million. Adjusted EBITDA grew 6.6% to $98.4 million, with an adjusted EBITDA margin of 12.5%. The company’s project backlog increased significantly to $608.1 million. For fiscal year 2021, the outlook projects revenue between $950 million and $1.0 billion, showcasing confidence in growth despite previous challenges.
Construction Partners, Inc. (NASDAQ: ROAD) announced the acquisition of Gelder & Associates, Inc., an asphalt contractor with a hot-mix asphalt plant in Raleigh, North Carolina. This strategic acquisition enhances Construction Partners' operations in the Raleigh metro area, allowing for better service to existing and new customers. The proximity of Gelder's plant is expected to create significant operational synergies. Construction Partners operates across five southeastern states with 46 asphalt plants, focusing on public projects such as roadways, bridges, and airport runways.
Construction Partners, Inc. (NASDAQ: ROAD) announced its participation in two upcoming virtual investor conferences. The management team will meet investors at the Baird Global Industrial Conference on November 12, 2020, and present at the Stephens Annual Investment Conference on November 18, 2020, at 3:00 p.m. Eastern Time. The presentations will be accessible online via the Company's website. Construction Partners focuses on civil infrastructure, primarily public sector projects, including roadways and bridges, across five southeastern states.
Construction Partners, Inc. (NASDAQ: ROAD) has successfully acquired Rose Brothers Paving Company, based in Ahoskie, North Carolina. This acquisition adds six hot-mix asphalt plants in eastern North Carolina, enhancing the Company's market presence in the state. The Company now operates a total of 15 asphalt plants in North Carolina and 45 plants company-wide. COO Fred J. (Jule) Smith, III, expressed optimism about long-term demographic trends and transportation funding initiatives that could benefit infrastructure development in the region.
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