Welcome to our dedicated page for Constr Partners news (Ticker: ROAD), a resource for investors and traders seeking the latest updates and insights on Constr Partners stock.
Construction Partners, Inc. (NASDAQ: ROAD) is a vertically integrated civil infrastructure company that focuses on the construction, repair and maintenance of surface infrastructure in local markets across the Sunbelt. News about Construction Partners, Inc. often centers on its roadway, highway, bridge and airport runway projects, as well as corporate developments that affect its operations in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Investors and industry followers can use the ROAD news feed to monitor company announcements about quarterly and annual financial results, preliminary financial information, and outlook ranges for upcoming fiscal years. The company regularly issues press releases about its earnings release schedule and related conference calls, providing details on how to access webcasts and telephonic replays.
Another key category of news for Construction Partners, Inc. involves acquisitions and expansion of its footprint. The company has reported transactions such as acquiring hot-mix asphalt plants, construction operations and related crews in the Houston, Texas metro area and acquiring P&S Paving, Inc. in Florida. These releases describe how new plants, crews and equipment are integrated into existing platform companies and how they extend the company’s reach in high-growth Sunbelt markets.
Readers can also expect updates on analyst events, such as the company’s Analyst Day and facility tours, where senior leadership discusses strategic initiatives, growth priorities and business outlook. For anyone tracking ROAD stock or the highway, street and bridge construction industry in the Sunbelt, this news page provides a centralized view of Construction Partners, Inc.’s public communications and operational milestones.
Construction Partners, Inc. (NASDAQ: ROAD) has revised its fiscal 2020 outlook, estimating revenue between $782.0 million to $787.0 million, net income between $37.8 million to $41.5 million, and adjusted EBITDA between $95.1 million to $100.0 million. Despite lower-than-expected revenue due to adverse weather conditions, the company highlighted strong profitability, driven by vertical integration synergies, lower fuel costs, and effective resource utilization.
The fiscal 2020 fourth quarter results will be released on December 11, 2020.
Construction Partners, Inc. (NASDAQ: ROAD) has acquired Riley Paving, Inc., an asphalt contractor in North Carolina. This acquisition enhances ROAD's operations by adding four hot-mix asphalt plants in central North Carolina, facilitating market access and expansion. With this deal, the company now owns 39 hot-mix asphalt plants across five southeastern states. The acquisition aligns with ROAD's strategy of integrating complementary businesses to boost regional capabilities and foster infrastructure improvements.
Construction Partners, Inc. (NASDAQ: ROAD) has announced the promotion of F. Julius Smith, III, to the newly created role of Chief Operating Officer, effective October 1, 2020. Smith has over 25 years of construction management experience and has successfully led the company's North Carolina subsidiary. This leadership change aims to drive the company's development and improve day-to-day operations amidst ongoing expansion. The management believes Smith’s expertise will enhance growth strategies and ensure effective organizational management.
Construction Partners, Inc. (NASDAQ: ROAD) reported its third fiscal quarter results for 2020, revealing revenues of $217.0 million, with a gross profit of $36.5 million and net income of $15.7 million. Despite encountering lower revenues due to COVID-19, the Company achieved strong profitability through operational efficiencies and vertical integration. Project backlog increased to $651.2 million. The fiscal year 2020 outlook has been revised, anticipating revenues between $810 million and $820 million and adjusted EBITDA between $92.0 million and $94.5 million.
Construction Partners, Inc. (NASDAQ: ROAD) reported Q2 results with revenue of $168.7 million, a growth of 2.7% year-over-year, and a gross profit of $21.0 million, up 5.9%. Net income saw a significant decline to $1.5 million, a decrease of 63.5%, due to $1.4 million in non-cash interest expenses and $0.8 million in fuel swap charges. The company adjusted its FY 2020 revenue outlook to between $820 million and $830 million.
Despite ongoing COVID-19 challenges, project backlog increased to $579.1 million, indicating a stable business outlook.