Construction Partners, Inc. Announces Preliminary Fiscal 2024 Financial Results and Introduces Fiscal 2025 Outlook
Preliminary Fiscal 2024 Financial Results
Revenue in fiscal 2024 is expected to be in the range of
Net income in fiscal 2024 is expected to be in the range of
Adjusted EBITDA(1) in fiscal 2024 is expected to be in the range of
Adjusted EBITDA Margin(1) in fiscal 2024 is expected to be in the range of 12.0% to 12.2%, compared to 11.0% in fiscal 2023.
Project backlog is expected to be approximately
The Company's independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the above preliminary financial information or its audit of the Company's financial statements for the fiscal year ended
Fiscal Year 2025 Outlook
The Company's outlook for fiscal year 2025 with regard to revenue, net income, Adjusted EBITDA and Adjusted EBITDA Margin is as follows:
- Revenue in the range of
$2.420 billion to$2.520 billion - Net income in the range of
$90 million to$106 million - Adjusted EBITDA(1) in the range of
$338 million to$368 million - Adjusted EBITDA Margin(1) in the range of 14.0% to 14.6%
The Company's outlook for fiscal year 2025 includes the expected results of
Smith commented, "As CPI moves into fiscal year 2025, we continue to project growth and enhanced profitability on our path to our ROAD-Map 2027 goals. With the announcement today of our transformational acquisition of Lone Star Paving as our
Conference Call Information
The Company's management will host a conference call for investors today,
About
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "could," "might," "may," "will," "expect," "should," "anticipate," "intend," "project," "outlook," "believe," "plan" and similar expressions or their negative. These forward-looking statements include, among others, statements regarding the Company's expected revenue, net income, Adjusted EBITDA, Adjusted EBITDA Margin for the fiscal year ended
(1) |
Adjusted EBITDA and Adjusted EBITDA Margin are financial measures not presented in accordance with generally accepted accounting principles ("GAAP"). Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this press release. |
Contact:
ROAD@DennardLascar.com
(713) 529-6600
- Financial Statements Follow –
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA represents net income before, as applicable from time to time, (i) interest expense, net, (ii) provision (benefit) for income taxes, (iii) depreciation, depletion, accretion and amortization, (iv) share-based compensation expense, (v) loss on the extinguishment of debt, and (vi) extraordinary acquisition expenses incurred outside the ordinary course of the Company's business that the Company does not expect to reoccur. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenues for each period. These metrics are supplemental measures of the Company's operating performance that are neither required by, nor presented in accordance with, GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as an alternative to net income or any other performance measure derived in accordance with GAAP as an indicator of the Company's operating performance. The Company presents Adjusted EBITDA and Adjusted EBITDA Margin because management uses these measures as key performance indicators, and management believes that securities analysts, investors and others use these measures to evaluate companies in the Company's industry. The Company's calculation of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly named measures reported by other companies. Potential differences may include differences in capital structures, tax positions and the age and book depreciation of intangible and tangible assets.
The following table presents a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to Adjusted EBITDA and the calculation of Adjusted EBITDA Margin for the periods presented:
Net Income to Adjusted EBITDA Reconciliation Preliminary Fiscal Year 2024 Financial Results (unaudited, in thousands, except percentages) |
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|
||||
|
|
For the Fiscal Year Ended
|
||
|
|
Low |
|
High |
Net income |
|
|
|
|
Interest expense, net |
|
18,750 |
|
18,900 |
Provision (benefit) for income taxes |
|
22,850 |
|
23,000 |
Depreciation, depletion and amortization |
|
93,000 |
|
93,100 |
Equity-based compensation expense |
|
15,000 |
|
15,250 |
Acquisition expenses |
|
1,400 |
|
1,500 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
Adjusted EBITDA Margin |
|
12.0 % |
|
12.2 % |
Net Income to Adjusted EBITDA Reconciliation Fiscal Year 2025 Outlook (unaudited, in thousands, except percentages) |
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|
||||
|
|
For the Fiscal Year Ending
|
||
|
|
Low |
|
High |
Net income |
|
|
|
|
Interest expense, net |
|
65,000 |
|
65,000 |
Provision (benefit) for income taxes |
|
30,137 |
|
35,864 |
Depreciation, depletion and amortization |
|
128,000 |
|
137,000 |
Equity-based compensation expense |
|
21,500 |
|
21,500 |
Acquisition expenses |
|
3,000 |
|
3,000 |
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
Adjusted EBITDA Margin |
|
14.0 % |
|
14.6 % |
Net Income to Adjusted EBITDA Reconciliation Fiscal Year 2023 Financial Results (in thousands, except percentages) |
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|
||
|
|
For the Fiscal Year Ended September 30, 2023(1) |
|
|
|
Net income |
|
|
Interest expense, net |
|
17,346 |
Provision (benefit) for income taxes |
|
16,403 |
Depreciation, depletion and amortization |
|
79,100 |
Equity-based compensation expense |
|
10,759 |
Adjusted EBITDA |
|
|
|
|
|
Revenues |
|
|
Adjusted EBITDA Margin |
|
11.0 % |
(1) |
The Company historically included within the definition of Adjusted EBITDA an adjustment for management fees and expenses related to the Company's management services agreement with an affiliate of |
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