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Mar 31, 2024
Construction Partners Q2 2024 Earnings Report
Construction Partners reported a strong second quarter with year-over-year growth in revenue, gross profit, and Adjusted EBITDA. The company also raised its fiscal year 2024 outlook.
Key Takeaways
Construction Partners, Inc. announced a strong second quarter with a 14% increase in revenue compared to the same quarter last year. The company's project backlog reached a record $1.79 billion. Due to sustained industry trends and strong operational performance, the company is raising its outlook for fiscal year 2024.
Revenue increased by 14% compared to Q2 FY23, reaching $371.4 million.
Gross profit increased by 48% compared to Q2 FY23, reaching $38.8 million.
Adjusted EBITDA increased by 45% compared to Q2 FY23, reaching $29.5 million.
Project backlog reached a record $1.79 billion as of March 31, 2024.
Construction Partners
Construction Partners
Forward Guidance
The Company is raising its outlook ranges for fiscal year 2024 with regard to revenue, net income, Adjusted EBITDA and Adjusted EBITDA Margin.
Positive Outlook
- Revenue in the range of $1.81 billion to $1.85 billion
- Net income in the range of $71 million to $75 million
- Adjusted EBITDA in the range of $211 million to $225 million
- Adjusted EBITDA Margin in the range of 11.7% to 12.2%