Business
Construction Partners, Inc. Announces Fiscal 2020 Fourth Quarter and Year-End Results
Company Provides Fiscal 2021 Outlook DOTHAN, Ala., Dec. 11, 2020 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (the "Company"), a vertically
About this update from Construction Partners, Inc.
[{"type":"text","content":"Company Provides Fiscal 2021 Outlook\n\n\nDOTHAN, Ala., Dec. 11, 2020 /PRNewswire/ -- 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 fourth quarter and fiscal year ended September 30, 2020. \nKey Metrics: Fiscal Year 2020 Compared to Fiscal Year 2019 \n– Revenue was $785.7 million, up 0.3% \n– Gross profit was $122.2 million, up 3.6%\n– Net income was $40.3 million, down 6.5%\n– Adjusted EBITDA(1) was $98.4 million, up 6.6% \n– Adjusted EBITDA margin(1)was 12.5%, up 70 bps\nProject backlog at September 30, 2020 was $608.1 million, compared to $531.6 million at September 30, 2019.\nCharles E. Owens, the Company's President and Chief Executive Officer, said, \"We are pleased with our strong profitability in fiscal 2020. Our successful year was primarily driven by our disciplined approach to productivity at the project level and bidding processes, effective utilization of crews and equipment, vertical integration synergies and lower fuel costs. While 2020 presented economic and business challenges, primarily stemming from the global pandemic, I am extremely proud of our employees and the organization's resiliency. \nOwens continued, \"Heading into fiscal year 2021, our organization is well-positioned for continued growth. We see strength in the state funding programs across our geographic footprint, where the demand for road repair and maintenance are ongoing. We also have expanded with the acquisition of 13 hot-mix asphalt plants in the past 10 months, and we now operate 46 hot-mix asphalt plants, representing distinct markets across our five southeastern states. Based on this increased hot-mix asphalt plant coverage, sustained state funding programs, CPI's backlog and near-term visibility of the business, we are initiating our fiscal 2021 outlook indicating strong growth in the coming year.\" \n(1) Adjusted EBITDA and Adjusted EBITDA margin are financial measures not presented in accordance with generally accepted accounting principles (\"GAAP\"). Please see \"Reconciliation of Non-GAAP Financial Measures\" at the end of this press release.\nFiscal Year 2021 Outlook\nThe Company announced its outlook for fiscal year ...