Business
Construction Partners, Inc. Announces Fiscal 2023 Third Quarter Results
Record Quarterly Revenue Up 11%, Net Income Up 78%, & Adjusted EBITDA Up 50% Compared to Q3 FY2022 Company Updates FY2023 Outlook - Narrows Revenue Range and
About this update from Construction Partners, Inc.
[{"type":"text","content":"Record Quarterly Revenue Up 11%, Net Income Up 78%, & Adjusted EBITDA Up 50% Compared to Q3 FY2022\nCompany Updates FY2023 Outlook - Narrows Revenue Range and Raises Net Income & Adjusted EBITDA Ranges\nRecord Backlog of $1.59 Billion\nDOTHAN, Ala., Aug. 2, 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 June 30, 2023.\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We are pleased with our third quarter results, representing the single highest revenue quarter in the Company's history, despite a wetter-than-normal April and June. In addition, project backlog increased to $1.59 billion, a new record for CPI, and is reflective of continued strong demand momentum. Our team achieved margins 350 basis points higher than a year ago that led to significantly stronger net income, cash flow, and Adjusted EBITDA. Overall, our business is now experiencing operational performance typical for CPI, as we pursue healthy sources of recurring revenue and operate in a more stable cost environment. All of these factors continue to support our bullish outlook for near- and long-term profitable growth.\"\nRevenues were $421.9 million in the third quarter of fiscal 2023, an increase of 11% compared to $380.3 million in the same quarter last year. Excluding the impact of approximately $10 million of additional revenue from higher state liquid asphalt price index reimbursements in the third quarter last year resulting from a large increase in asphalt prices during that quarter(1), revenue growth was 14% for the third quarter of fiscal 2023.\nGross profit was $64.1 million in the third quarter of fiscal 2023, an increase of 45% compared to $44.3 million in the same quarter last year.\nGeneral and administrative expenses were $32.2 million in the third quarter of fiscal 2023, compared to $26.6 million in the same quarter last year.\nNet income was $21.7 million in the third quarter of fiscal 2023, an increase of 78% compared to $12.2 million in the same quarter last year. \nNet cash provided by operating activities in the third quarter was $48.9 millio...