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) 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.