Construction Partners, Inc. reports news on its vertically integrated civil infrastructure business, which constructs, repairs and maintains roadways and other surface infrastructure in Sunbelt markets. The company operates through local platforms in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas, supported by hot-mix asphalt plants, aggregate facilities and liquid asphalt terminals.
Recurring updates include quarterly and annual results, backlog, fiscal outlook, investor conference participation and acquisitions that expand paving, asphalt and sitework capacity in regional markets. Company announcements also describe public-sector work for local and state roads, interstate highways, airport runways and bridges, as well as private paving and sitework for commercial, industrial and residential developments.
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.