Bullish indicating open at $55-$60, IPO prices at $37
DOTHAN, Ala. - Construction Partners, Inc. (NASDAQ:ROAD) reported better-than-expected second quarter results and raised its full-year outlook on Friday.
The company’s shares were up 4.70% in pre-market trading following the release.
The civil infrastructure company posted adjusted earnings per share of $0.08, beating analyst estimates of -$0.05. Revenue came in at $571.65 million, surpassing expectations of $559.61 million and representing a 54% increase from the same quarter last year.
"We are pleased to report a strong second quarter marked by significant year-over-year growth in revenues, net income and Adjusted EBITDA, leading to an Adjusted EBITDA margin of 12.1%, up more than 400 basis points from the same quarter last year," said Fred J. (Jule) Smith, III, the company’s President and CEO.
Construction Partners saw organic revenue growth of 7%, while acquisitions contributed 47% to the top-line increase. The company’s project backlog reached a record $2.84 billion at the end of March, up from $1.79 billion a year ago.
Citing strong results and the recent acquisition of PRI in Tennessee, Construction Partners raised its fiscal 2025 outlook. The company now expects revenue between $2.77 billion and $2.83 billion, above the previous consensus of $2.7 billion.
"We continue to see customer demand for both publicly funded and commercial project work throughout our well-funded and growing Sunbelt states," Smith added.
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