Construction Partners cuts FY24 revenue view to $1.82B-$1.83B from $1.84B-$1.86B

Consensus $1.84B. Narrows FY24 adjusted EBITDA view to $219M-$222M from $219M-$228M. Project backlog is expected to be approximately $1.95B as of September 30 compared to $1.86B at June 30. Fred Smith, the company’s president and CEO, said, “Today we are announcing our preliminary fiscal 2024 financial results, reflecting a record fourth quarter despite the significant impacts of Hurricanes Debby, Francine, and Helene in August and September. We are pleased with our family of companies’ strong operational performance across our 75 Sunbelt markets, as our more than 5,000 employees overcame these numerous weather challenges to complete a record fiscal year that generated revenue growth of nearly 17 percent, net income growth of more than 40 percent, and increased Adjusted EBITDA(1) of approximately 27 percent compared to fiscal 2023, including a return to expected Adjusted EBITDA Margin(1) of approximately 12 percent.”