Business
Construction Partners, Inc. Announces Fiscal 2023 First Quarter Results
Revenue Up 20% Compared to Q1 FY2022 Record Backlog of $1.47 Billion Company Raises Mid-Point of FY2023 Outlook Ranges DOTHAN, Ala., Feb. 9, 2023 /PRNewswire/
About this update from Construction Partners, Inc.
[{"type":"text","content":"Revenue Up 20% Compared to Q1 FY2022\nRecord Backlog of $1.47 Billion\nCompany Raises Mid-Point of FY2023 Outlook Ranges\nDOTHAN, Ala., Feb. 9, 2023 /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 six southeastern states, today reported financial and operating results for the fiscal quarter ended December 31, 2022.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"The demand environment for our infrastructure services remains strong, as evidenced by our continued top-line revenue growth and record project backlog. This growth is supported by healthy state funding programs throughout our southeastern footprint, a steady commercial work environment and the Infrastructure Investment and Jobs Act (IIJA) activity now occurring across our markets. We are pleased with our first quarter, despite above-average precipitation in November and December that impacted fixed cost recovery on our hot-mix asphalt plants and equipment. We are seeing the external environment begin to normalize, and we have a record amount of higher-margin project work to complete during the second half of our year this spring and summer. Therefore, we are revising our annual guidance for fiscal 2023, and after the first quarter, we are right on track.\"\nRevenues were $341.8 million in the first quarter of fiscal 2023, an increase of 20% compared to $285.0 million in the same quarter last year. The increase included $32.1 million of revenues attributable to acquisitions completed subsequent to December 31, 2021 and an increase of approximately $24.7 million of revenues in the Company's existing markets from contract work and sales of HMA and aggregates to third parties. The mix of total revenue growth for the quarter was approximately 8.7 percent organic revenue and approximately 11.3 percent from recent acquisitions.\nGross profit was $30.5 million in the first quarter of fiscal 2023, compared to $33.0 million in the same quarter last year.\nGeneral and administrative expenses were $29.7 million in the first quarter of fiscal 2023, compared to $24.9 million in the same quarter last year. General and administrative expenses were steady as a percentage of total revenue...