Construction Partners reports Q4 EPS 59c, consensus 52c

Reports Q4 revenue $475.02B, consensus $464.71M. Project backlog was $1.60B at September 30, compared to $1.41B at September 30, 2022 and $1.59B at June 30, 2023.Fred J. Smith, III, the Company’s President and CEO, said, “We are pleased to report a record Q4 to complete a strong FY23, with significant period-over-period revenue and profit growth for both the fourth quarter and the fiscal year. The growth we are experiencing on both the top and bottom lines continues to be supported by a healthy bidding environment. The IIJA and state funding programs are continuing to provide a generational investment in public infrastructure, and a sustained strong commercial market throughout our six southeastern states also contributed to a record high project backlog of $1.6B at fiscal year-end. During our fiscal year, the operating environment began to normalize, resulting in a more stable cost environment that we believe will continue into FY24. Across our geographic footprint, we remain focused on executing on the strategic priorities outlined in our ROAD-Map 2027 and building shareholder value. Our team’s hard work, dedication to detail and focus on safety are critical to our success and to positioning our organization for continued growth in FY24 and beyond.”