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Construction Partners, Inc. Announces Fiscal 2022 First Quarter Results
Company Reports Record Backlog of $1.09 Billion Maintains FY 2022 Outlook DOTHAN, Ala., Feb. 4, 2022 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ:
About this update from Construction Partners, Inc.
[{"type":"text","content":"Company Reports Record Backlog of $1.09 Billion\n Maintains FY 2022 Outlook\n\n\nDOTHAN, Ala., Feb. 4, 2022 /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 first quarter ended December 31, 2021.\nKey Metrics: Q1 Fiscal 2022 Compared to Q1 Fiscal 2021 \nRevenue was $285.0 million, up 49.3% compared to Q1'21 Gross profit was $33.0 million, up 7.7% compared to Q1'21 Net income was $5.5 million, down 30.0% compared to Q1'21 Adjusted EBITDA (1) was $26.4 million, up 12.2% compared to Q1'21 Project backlog was $1.09 billion at December 31, 2021 compared to $966.2 million at September 30, 2021, and $655.6 million at December 31, 2020.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We are pleased with our first quarter results, representing strong year-over-year revenue and Adjusted EBITDA growth. These positive quarterly results, which include a record for top-line revenue, were primarily driven by strong operational performance, favorable working conditions during the quarter throughout our markets, and value-enhancing acquisitions. CPI's project backlog of $1.09 billion is also a record and demonstrates the strong demand for infrastructure services throughout our end markets. We are pleased that our backlog margins continue to increase, and we anticipate that profit margins will further improve as higher-margin backlog is converted. \n\"We believe Construction Partners is well positioned to capitalize on infrastructure demand trends for both public and private work across our geographic footprint in the Southeast, one of the fastest growing regions in the country,\" continued Smith. \"In addition, the 'once-in-a-generation' $1.2 trillion bipartisan infrastructure bill provides transformative growth opportunities for our industry and our company. Supported by state and federal funding throughout our markets, the rising investment in road maintenance and capacity projects, airports, ports and railroads contribute to an attractive environment for enhanced margins. We continue to estimate that this new legislation will stimulate economic growth and jo...