Construction Partners reports Q4 EPS 19c, consensus 13c

Reports Q4 revenue $396.5M, consensus $394.48M. Project backlog was a record $1.62B at December 31, 2023, compared to $1.47B at December 31, 2022 and $1.60B at September 30, 2023. Fred Smith, III, the Company’s President and CEO, 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 $1.62B. 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, 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.”