Business
Construction Partners, Inc. Announces Fiscal 2021 Fourth Quarter and Year-End Results
Company Reports Record Backlog of $966 Million Announces FY 2022 Outlook Ranges DOTHAN, Ala., Nov. 23, 2021 /PRNewswire/ -- Construction Partners, Inc.
About this update from Construction Partners, Inc.
[{"type":"text","content":"Company Reports Record Backlog of $966 Million\n Announces FY 2022 Outlook Ranges\n\n\nDOTHAN, Ala., Nov. 23, 2021 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) (\"CPI\" or 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 the fiscal fourth quarter and year ended September 30, 2021.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We are pleased to report strong revenue growth of 24% in the fourth quarter and 16% for the fiscal year, compared to last year. Our fiscal year-over-year revenue growth of 16% consisted of approximately one-third organic growth and two-thirds acquisitive growth. I'm proud of our team's hard work in the quarter, despite an increase in lost workdays due to abnormally wet weather in the Southeast, where precipitation was up 30% from July to September compared to typical rainfall levels for these months in all of our states. Fortunately, project delays based on inclement weather served to further bolster a record year-end project backlog of $966 million. We see this year's fourth quarter growth in backlog as evidence of strong demand for infrastructure services in our markets. In addition, we believe profit margins in our backlog can continue to grow with the expanded bidding opportunities in infrastructure.\n\"Our fiscal year 2022 outlook reflects confidence in the continuation of solid growth supported by strong customer demand, project funding and bidding activities across our markets. In addition, a robust acquisition pipeline and historically high backlog form the foundation of our growth expectations in fiscal 2022. Our optimism about the Company's core business model and long-term strategy, coupled with a 'once-in-a-generation' $1.2 trillion bipartisan infrastructure bill, has our team extremely excited about the opportunities that should allow our Company to directly contribute to the improvement of our nation's infrastructure for years to come.\" \nFiscal Year 2021 Results\nFiscal 2021 revenues were $910.7 million, compared to $785.7 million in fiscal 2020, representing 15.9% year-over-year revenue growth. \nGross profit was $119.9 million in fiscal 2021, compared to $122.2 million ...