Business
Construction Partners, Inc. Announces Fiscal 2024 Third Quarter Results
Revenue Up 22.7% Compared to Q3 FY23 Net Income Up 42.4% Compared to Q3 FY23 Adjusted EBITDA Up 30.5% Compared to Q3 FY23 Record Backlog of $1.86 Billion
About this update from Construction Partners, Inc.
[{"type":"text","content":"Revenue Up 22.7% Compared to Q3 FY23\nNet Income Up 42.4% Compared to Q3 FY23\nAdjusted EBITDA Up 30.5% Compared to Q3 FY23\nRecord Backlog of $1.86 Billion\nCompany Raises FY24 Outlook \nDOTHAN, Ala., Aug. 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 third quarter ended June 30, 2024.\n\nFred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, \"We are pleased to report strong third quarter results representing substantial year-over-year growth in revenue, net income, Adjusted EBITDA and Adjusted EBITDA margin. The demand environment remains strong across our geographic footprint of more than 70 local markets in the Southeast. Once again, our robust bidding environment contributed to growth in our project backlog to $1.86 billion as of June 30, 2024. Based on the sustained industry demand and funding trends, the outstanding operational performance across our family of companies, and our visibility into the rest of our heavy work season, we are raising our fiscal 2024 outlook.\"\nRevenues were $517.8 million in the third quarter of fiscal 2024, an increase of 22.7% compared to $421.9 million in the same quarter last year.\nGross profit was $83.5 million in the third quarter of fiscal 2024, an increase of 30% compared to $64.1 million in the same quarter last year. \nGeneral and administrative expenses were $38.9 million, or 7.5% of total revenue, in the third quarter of fiscal 2024, compared to $32.2 million, or 7.6% of total revenue, in the same quarter last year.\nNet income was $30.9 million in the third quarter of fiscal 2024, compared to net income of $21.7 million in the same quarter last year.\nAdjusted EBITDA(1) was $73.2 million in the third quarter of fiscal 2024, an increase of 30.5% compared to $56.1 million in the same quarter last year.\nProject backlog was $1.86 billion at June 30, 2024, compared to $1.59 billion at June 30, 2023 and $1.79 billion March 31, 2024.\nSmith added, \"As we enter the final quarter of our fiscal year, our team is dedicated to safely and efficiently building projects throughout our six southeastern states...