Construction Partners, Inc. (NASDAQ:ROAD) reported better-than-expected first-quarter financial results on Friday.
Construction Partners posted GAAP earnings of 19 cents per share, beating market estimates of 13 cents per share. The company’s quarterly sales came in at $396.50 million versus expectations of $394.48 million, according to data from Benzinga Pro.
Construction Partners maintained its FY24 outlook, sees revenue of $1.75 billion to $1.825 billion.
Fred J. (Jule) Smith, III, the Company’s President and Chief Executive Officer, said, “We had a strong start to our fiscal year with substantial first quarter top-line and bottom-line growth, sustained by the robust demand environment for our infrastructure services. We are pleased to report significant first quarter period-over-period revenue and profit growth, strong cash flow from operations, and a new record backlog of $1.62 billion. Throughout our geographic footprint in the Southeast, we continue to experience a steady bidding environment supported by strong state funding programs, activity funded by the Infrastructure Investment and Jobs Act (IIJA), and a sustained commercial market. Our team’s hard work, operational proficiency, dedication to detail and focus on safety continue to support CPI’s strategic priorities outlined in our ROAD-Map 2027.”
Construction Partners shares fell 7% to close at $46.81 on Friday.
These analysts made changes to their price targets on Construction Partners after the company reported quarterly results.
- Baird raised the price target on Construction Partners from $46 to $50. Baird analyst Andrew Wittmann downgraded the stock from Outperform to Neutral.
- Stifel boosted the price target on Construction Partners from $51 to $57. Stifel analyst Stanley Elliott maintained a Buy rating.
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