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Construction Partners, Inc. Announces Fiscal 2020 First Quarter Results
Company Maintains FY 2020 Outlook DOTHAN, Ala., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Construction Partners, Inc. (NASDAQ: ROAD) (the “Company”), a vertically
About this update from Construction Partners, Inc.
[{"type":"text","content":" Company Maintains FY 2020 Outlook\nDOTHAN, Ala., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Construction Partners, Inc. (NASDAQ: ROAD) (the “Company”), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today reported financial and operating results for its first fiscal quarter ended December 31, 2019.\n Key Metrics: First Quarter of Fiscal 2020 Compared to the First Quarter of Fiscal 2019 Revenue was $175.3 million, up 13.6%Gross profit was $23.8 million, up 12.4%Net income was $5.5 million, up 6.0%Earnings per share were $0.11, up from $0.10Adjusted EBITDA (1) was $17.2 million, up 17.0%Adjusted EBITDA margin (1) was 9.8%, up 30 bps Charles E. Owens, the Company’s President and Chief Executive Officer, stated, “We are pleased to report double-digit year-over-year growth in revenue, gross profit and Adjusted EBITDA for the first quarter of fiscal 2020. This growth was driven both by improved performance in our existing markets and by recent strategic acquisitions in Florida and Alabama. We are maintaining our full-year outlook for fiscal 2020 based on our historical experience of generating approximately forty percent of our revenue in the first half of the fiscal year and approximately sixty percent during the second half.” Project backlog at December 31, 2019 was $539.1 million, compared to $531.6 million at September 30, 2019 and $575.2 million at December 31, 2018. Owens continued, “We maintain a construction backlog composed primarily of recurring, maintenance-related projects of the type that we typically prefer, and we continue to see opportunities to bid on these types of projects in our markets.” Fiscal Year 2020 Outlook The Company maintained its outlook for fiscal year 2020 with regard to revenue, net income and Adjusted EBITDA, as follows: Revenue of $830 million to $870 million, compared to $783.2 million actual in FY 2019Net income of $39 million to $44 million, compared to $43.1 million actual in FY 2019Adjusted EBITDA (1) of $94 million to $102 million, compared to $92.3 million actual in FY 2019 The fiscal year 2020 outlook does not take into account the potential impact of any new federal or state infrastructure or highway-related legislation that could take effect in 2020. Ned N. Fleming, III, the Company’s Executive Chair...