Business
Construction Partners, Inc. Announces Fiscal 2024 First Quarter Results
Q1 Revenue up 16% Compared to Q1 FY23 Q1 Net Income of $9.8M & EPS of $0.19 Compared to $1.9M & $0.04 in Q1 FY23 Q1 Adjusted EBITDA Up 50% Compared to Q1 FY23
About this update from Construction Partners, Inc.
[{"type":"text","content":"Q1 Revenue up 16% Compared to Q1 FY23\nQ1 Net Income of $9.8M & EPS of $0.19 Compared to $1.9M & $0.04 in Q1 FY23\nQ1 Adjusted EBITDA Up 50% Compared to Q1 FY23\nCompany Reports Record Backlog of $1.62 Billion\nDOTHAN, Ala., Feb. 9, 2024 /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 its fiscal first quarter ended December 31, 2023.\n\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We had a strong start to our fiscal year with substantial first quarter top-line and bottom-line growth, sustained by the robust demand environment for our infrastructure services. We are pleased to report significant first quarter period-over-period revenue and profit growth, strong cash flow from operations, and a new record backlog of $1.62 billion. Throughout our geographic footprint in the Southeast, we continue to experience a steady bidding environment supported by strong state funding programs, activity funded by the Infrastructure Investment and Jobs Act (IIJA), and a sustained commercial market. Our team's hard work, operational proficiency, dedication to detail and focus on safety continue to support CPI's strategic priorities outlined in our ROAD-Map 2027.\"\nRevenues were $396.5 million in the first quarter of fiscal 2024, an increase of 16% compared to $341.8 million in the same quarter last year. The increase included $29.6 million of revenues attributable to acquisitions completed during or subsequent to the three months ended December 31, 2022 and an increase of approximately $25.1 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 7.3% organic revenue and approximately 8.7% from these recent acquisitions.\nGross profit was $51.9 million in the first quarter of fiscal 2024, compared to $30.5 million in the same quarter last year.\nGeneral and administrative expenses were $36.0 million in the first quarter of fiscal 2024, compared to $29.7 million in the same quarter last year, and as a percentage of total revenue, were 9.1% ...