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Mar 31, 2023
Construction Partners Q2 2023 Earnings Report
Reported significant revenue growth and net loss improvement compared to the second quarter last year.
Key Takeaways
Construction Partners, Inc. reported a strong second quarter with a 33.5% increase in revenue compared to the same quarter last year. The company's net loss improved, and adjusted EBITDA grew significantly. The company also raised its FY2023 outlook ranges.
Revenues increased by 33.5% to $324.9 million compared to Q2 FY2022.
Gross profit increased by 110.3% to $26.3 million compared to the same quarter last year.
Net loss improved to $5.5 million compared to a net loss of $9.4 million in the same quarter last year.
Record backlog of $1.52 billion at March 31, 2023.
Construction Partners
Construction Partners
Forward Guidance
The Company’s outlook for fiscal year 2023 with regard to revenue, net income and Adjusted EBITDA is as follows:
Positive Outlook
- Revenue in the range of $1.53 billion to $1.58 billion
- Net income in the range of $34 million to $42 million
- Adjusted EBITDA in the range of $153 million to $165 million
- The external environment beginning to normalize
- Continued solid growth supported by strong demand and funding