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Jun 30, 2020
Construction Partners Q3 2020 Earnings Report
Reported strong profitability driven by vertical integration synergies and effective utilization of resources, despite lower revenues.
Key Takeaways
Construction Partners, Inc. reported financial results for its third fiscal quarter ended June 30, 2020. The company reported revenues of $217.0 million, gross profit of $36.5 million, net income of $15.7 million, and adjusted EBITDA of $31.9 million.
Strong profitability in the third quarter, despite lower revenues.
Solid results were driven primarily by vertical integration synergies, lower costs of fuel, effective utilization of crews and equipment, a disciplined project bidding strategy and pricing of integrated products.
Continued to operate without significant delays related to state and local shelter-in-place orders.
Project backlog at June 30, 2020 was $651.2 million, compared to $579.1 million at March 31, 2020 and $581.1 million at June 30, 2019.
Construction Partners
Construction Partners
Forward Guidance
The Company has revised its outlook for fiscal year 2020 with regard to revenue, net income and Adjusted EBITDA.
Positive Outlook
- Revenue of $810 million to $820 million
- Net income of $36 million to $38 million
- Adjusted EBITDA of $92.0 million to $94.5 million