Constr Partners Stock Price, News & Analysis

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.

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.