Business
Construction Partners, Inc. Announces Fiscal 2023 Second Quarter Results
Revenue Up 34% Compared to Q2 FY2022 Record Backlog of $1.52 Billion Company Raises FY2023 Outlook Ranges DOTHAN, Ala., May 5, 2023 /PRNewswire/ --
About this update from Construction Partners, Inc.
[{"type":"text","content":"Revenue Up 34% Compared to Q2 FY2022\nRecord Backlog of $1.52 Billion\nCompany Raises FY2023 Outlook Ranges\nDOTHAN, Ala., May 5, 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 March 31, 2023.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We are pleased to report an excellent second quarter, typically a slower winter quarter in our seasonal business, with significant revenue growth, net loss improvement, and adjusted EBITDA growth compared to the second quarter last year. Milder-than-normal winter weather, along with lower energy costs, helped both our margins and fixed cost recovery. Now, as we enter our busy work season, our pre-inflationary backlog is largely complete, and we are right on track with our annual plan for FY23.\"\nRevenues were $324.9 million in the second quarter of fiscal 2023, an increase of 33.5% compared to $243.4 million in the same quarter last year. The mix of total revenue growth for the quarter was approximately 16.4% of revenue attributable to acquisitions completed subsequent to March 31, 2022 and approximately 17.1% of organic revenue in the Company's existing markets from contract work and sales of HMA and aggregates to third parties.\nGross profit was $26.3 million in the second quarter of fiscal 2023, an increase of 110.3% compared to $12.5 million in the same quarter last year.\nGeneral and administrative expenses were $32.0 million in the second quarter of fiscal 2023, compared to $25.0 million in the same quarter last year. General and administrative expenses were lower as a percentage of total revenue in the quarter at 9.9%, compared to 10.3% in the same quarter last year.\nNet loss was $5.5 million in the second quarter of fiscal 2023, an improvement compared to a net loss of $9.4 million in the same quarter last year. \nAdjusted EBITDA(1) in the second quarter of fiscal 2023 was $20.8 million, an increase of 165.3% compared to the same quarter last year.\nProject backlog was a record $1.52 billion at March 31, 2023, compared to $1.28 billion at March 31, 2022, and $1.47 billion at Dec...