{"id":810402,"date":"2025-02-07T07:08:32","date_gmt":"2025-02-07T12:08:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/construction-partners-inc-announces-fiscal-2025-first-quarter-results\/"},"modified":"2025-02-07T07:08:32","modified_gmt":"2025-02-07T12:08:32","slug":"construction-partners-inc-announces-fiscal-2025-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/construction-partners-inc-announces-fiscal-2025-first-quarter-results\/","title":{"rendered":"Construction Partners, Inc. Announces Fiscal 2025 First Quarter Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Revenue Up 42% Compared to Q1 FY24
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\n Adjusted Net Income Up 35% Compared to Q1 FY24
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\n Adjusted EBITDA Up 68% Compared to Q1 FY24
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\n Record Backlog of $2.66 Billion<\/span>
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\n Company Raises FY25 Outlook <\/i>\n <\/p>\n

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\n DOTHAN, Ala.<\/span>
\n <\/span>, Feb. 7, 2025<\/span><\/span> \/PRNewswire\/ — Construction Partners, Inc. (NASDAQ: ROAD) (“CPI” or the “Company”), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets throughout the Sunbelt, today reported financial and operating results for the fiscal quarter ended December 31, 2024<\/span>.<\/p>\n

\n Fred J. (Jule) Smith, III<\/span>, the Company’s President and Chief Executive Officer, said, “Today we are reporting strong first quarter performance, with revenue growth of 42% and Adjusted EBITDA growth of 68% compared to the first quarter last year, which led to an exceptional first quarter Adjusted EBITDA margin of 12.25%. The outstanding operational performance of our family of companies throughout the Sunbelt and favorable weather during the quarter produced these strong results. We also continued to win more project work, growing our project backlog to a record $2.66 billion<\/span>. We were pleased to have completed the transformational acquisition of Lone Star Paving, our new platform company in Texas<\/span>, during the first quarter. In addition, we have completed two acquisitions since January 2025<\/span>. In January, we entered Oklahoma<\/span> by acquiring our eighth platform company, Overland Corporation, which is well-positioned to participate in the strong economic activity occurring in southern Oklahoma<\/span> and northern Texas<\/span>. Earlier this week, we announced our latest strategic acquisition with the purchase of Mobile Asphalt Company in Mobile, Alabama<\/span>. This represents a significant expansion of our presence in the Mobile<\/span> metro area and the surrounding southwestern Alabama<\/span> markets following our initial entry into Mobile<\/span> last September. Reflecting these strong first quarter results and incorporating the expected contribution of these two newly acquired companies, we are raising our fiscal 2025 outlook ranges.”<\/p>\n

Revenues were $561.6 million<\/span> in the first quarter of fiscal 2025, an increase of 41.6% compared to $396.5 million<\/span> in the same quarter last year. The $165.1 million<\/span> revenue increase included $120.9 million<\/span> of revenues attributable to acquisitions completed during or subsequent to the three months ended December 31, 2023<\/span>, and an increase of approximately $44.2 million<\/span> of revenues in the Company’s existing markets. The mix of total revenue growth for the quarter was approximately 11.2% organic and approximately 30.4% from recent acquisitions.<\/p>\n

Gross profit was $76.6 million<\/span> in the first quarter of fiscal 2025, compared to $51.9 million<\/span> in the same quarter last year.<\/p>\n

General and administrative expenses were $44.3 million<\/span> in the first quarter of fiscal 2025, compared to $35.5 million<\/span> in the same quarter last year, and as a percentage of total revenues, decreased to 7.9% compared to 8.9% in the same quarter last year.<\/p>\n

Due to acquisition-related expenses in the first quarter, net loss was $3.1 million<\/span> and diluted losses per share were $0.06<\/span> in the first quarter of fiscal 2025, compared to net income of $9.8 million<\/span> and diluted earnings per share of $0.19<\/span> in the same quarter last year.<\/p>\n

Adjusted net income(1)<\/sup> was $13.3 million<\/span> in the first quarter of fiscal 2025. This measure adjusts for the impact of certain one-time expenses related to the Lone Star Paving acquisition, which management views as a transformative acquisition. Using adjusted net income, diluted earnings per share for the first quarter would have been $0.25<\/span>.<\/p>\n

Adjusted EBITDA(1)<\/sup> in the first quarter of fiscal 2025 was $68.8 million<\/span>, an increase of 68% compared to $40.9 million<\/span> in the same quarter last year.<\/p>\n

Project backlog was a record $2.66 billion<\/span> at December 31, 2024<\/span>, compared to $1.62 billion<\/span> at December 31, 2023<\/span> and $1.96 billion<\/span> at September 30, 2024<\/span>.<\/p>\n

Smith added, “In fiscal 2025, we continue to see strong industry tailwinds relative to customer demand for both publicly funded and commercial project work. We operate in well-funded and growing Sunbelt states representing some of the fasting growing areas in the country that are supported by healthy state and federal funding programs. We continue to project growth and enhanced profitability for CPI, and we plan to deliver long-term value to our investors and other stakeholders.”<\/p>\n

\n Fiscal 2025 Outlook<\/b>\n <\/p>\n

As previously announced, CPI’s outlook for fiscal 2025 with regard to revenue, net income, Adjusted net income, Adjusted EBITDA and Adjusted EBITDA margin is as follows:<\/p>\n