Construction Partners, Inc. Reports $1.8B Contract Backlog

By Tamara Parker • Friday, May 10 15:57 • Permanent Link

Construction Partners, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. The company, headquartered in Dothan, Alabama, specializes in civil infrastructure construction and maintenance, with a focus on roadways, bridges, airports, and commercial and residential developments across six southeastern U.S. states. In the recent 10-Q, the company reported a contract backlog of $1.8 billion as of March 31, 2024, reflecting the dollar value of work the company expects to perform in the future.

During the three months ended March 31, 2024, Construction Partners, Inc. completed the acquisition of Littlefield Construction Company, expanding its service offerings in southern and central Georgia. The company's revenues for the three months ended March 31, 2024, increased by 14.3% to $371.4 million from $324.9 million for the same period in 2023. The gross profit also saw a significant increase, rising by 47.6% to $38.8 million from $26.3 million in the corresponding period last year.

The company's general and administrative expenses for the three months ended March 31, 2024, increased by 14.9% to $36.8 million from $32.0 million in the same period in 2023. However, the gain on the sale of property, plant, and equipment decreased by 67.4% to $1.0 million from $3.2 million for the three months ended March 31, 2023.

Construction Partners, Inc. also reported an Adjusted EBITDA of $29.5 million for the three months ended March 31, 2024, representing a 44.7% increase from $20.4 million in the same period in 2023. The company's Adjusted EBITDA Margin rose to 7.9% from 6.3% for the corresponding period, reflecting improved operating performance.

These figures from the 10-Q report provide a comprehensive view of Construction Partners, Inc.'s financial condition and results of operations, demonstrating its continued growth and strategic initiatives in the civil infrastructure construction industry. The market has reacted to these announcements by moving the company's shares 3.2% to a price of $55.53. For more information, read the company's full 10-Q submission here.

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