Business
Construction Partners, Inc. Announces Fiscal 2022 Second Quarter Results
Revenue Growth of 36% Compared to Second Quarter Last Year Record Backlog of $1.28 Billion DOTHAN, Ala., May 6, 2022 /PRNewswire/ -- Construction Partners,
About this update from Construction Partners, Inc.
[{"type":"text","content":"Revenue Growth of 36% Compared to Second Quarter Last Year\nRecord Backlog of $1.28 Billion \nDOTHAN, Ala., May 6, 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 second quarter ended March 31, 2022.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"Second quarter revenue increased approximately 36 percent compared to the same quarter last year. We are pleased with the mix of growth for the quarter, with organic revenue growth of approximately 19 percent and acquisitive growth of approximately 17 percent. This strong performance is evidence of the robust demand for infrastructure services throughout our end markets in both the public and private sectors. In addition, project backlog of $1.28 billion at March 31, 2022 was the largest in company history. More importantly, our backlog margins continue to grow, and we anticipate that this healthy backlog margin growth will mean higher future profit margins as backlog is converted. Taken together, this strong top line performance, record backlog and expanding backlog margins position CPI for continued growth in the second half of our fiscal year with strong momentum moving into fiscal 2023.\"\nRevenues for the second fiscal quarter of 2022 were $243.4 million, an increase of 35.9% compared to the second quarter of last year. Gross profit was $12.5 million in the second fiscal quarter of 2022, a decrease of 30.9% compared to the second fiscal quarter of last year.\nGeneral and administrative expenses for the second fiscal quarter of 2022 were $25.0 million, compared to general and administrative expenses of $24.5 million in the second fiscal quarter of 2021 and $25.0 million in the first fiscal quarter of 2022.\nOn a GAAP basis, the Company had a net loss of $9.4 million in the second fiscal quarter, compared to a net loss of $4.9 million in the second fiscal quarter of 2021. \nAdjusted EBITDA(1) for the second fiscal quarter of 2022 was $7.8 million, compared to $11.0 million for the second fiscal quarter of last year.\nProject backlog was $1.28 billion at March 31, 2022 compared to $1.09 billio...