Revenue Up 42% Compared to Q1
FY24
Adjusted Net Income Up 35% Compared to Q1
FY24
Adjusted EBITDA Up 68% Compared to Q1
FY24
Record Backlog of $2.66
Billion
Company Raises FY25 Outlook
DOTHAN,
Ala., Feb. 7, 2025 /PRNewswire/ -- Construction
Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a
vertically integrated civil infrastructure company specializing in
the construction and maintenance of roadways in local markets
throughout the Sunbelt, today reported financial and operating
results for the fiscal quarter ended December 31, 2024.
Fred J. (Jule) Smith, III, the
Company's President and Chief Executive Officer, said, "Today we
are reporting strong first quarter performance, with revenue growth
of 42% and Adjusted EBITDA growth of 68% compared to the first
quarter last year, which led to an exceptional first quarter
Adjusted EBITDA margin of 12.25%. The outstanding operational
performance of our family of companies throughout the Sunbelt and
favorable weather during the quarter produced these strong results.
We also continued to win more project work, growing our project
backlog to a record $2.66 billion. We
were pleased to have completed the transformational acquisition of
Lone Star Paving, our new platform company in Texas, during the first quarter. In addition,
we have completed two acquisitions since January 2025. In January, we entered Oklahoma by acquiring our eighth platform
company, Overland Corporation, which is well-positioned to
participate in the strong economic activity occurring in southern
Oklahoma and northern Texas. Earlier this week, we announced our
latest strategic acquisition with the purchase of Mobile Asphalt
Company in Mobile, Alabama. This
represents a significant expansion of our presence in the
Mobile metro area and the
surrounding southwestern Alabama
markets following our initial entry into Mobile last September. Reflecting these strong
first quarter results and incorporating the expected contribution
of these two newly acquired companies, we are raising our fiscal
2025 outlook ranges."
Revenues were $561.6 million in
the first quarter of fiscal 2025, an increase of 41.6% compared to
$396.5 million in the same quarter
last year. The $165.1 million revenue
increase included $120.9 million of
revenues attributable to acquisitions completed during or
subsequent to the three months ended December 31, 2023, and an increase of
approximately $44.2 million of
revenues in the Company's existing markets. The mix of total
revenue growth for the quarter was approximately 11.2% organic and
approximately 30.4% from recent acquisitions.
Gross profit was $76.6 million in
the first quarter of fiscal 2025, compared to $51.9 million in the same quarter last year.
General and administrative expenses were $44.3 million in the first quarter of fiscal
2025, compared to $35.5 million in
the same quarter last year, and as a percentage of total revenues,
decreased to 7.9% compared to 8.9% in the same quarter last
year.
Due to acquisition-related expenses in the first quarter, net
loss was $3.1 million and diluted
losses per share were $0.06 in the
first quarter of fiscal 2025, compared to net income of
$9.8 million and diluted earnings per
share of $0.19 in the same quarter
last year.
Adjusted net income(1) was $13.3 million in the first quarter of fiscal
2025. This measure adjusts for the impact of certain one-time
expenses related to the Lone Star Paving acquisition, which
management views as a transformative acquisition. Using adjusted
net income, diluted earnings per share for the first quarter would
have been $0.25.
Adjusted EBITDA(1) in the first quarter of fiscal
2025 was $68.8 million, an increase
of 68% compared to $40.9 million in
the same quarter last year.
Project backlog was a record $2.66
billion at December 31, 2024,
compared to $1.62 billion at
December 31, 2023 and $1.96 billion at September
30, 2024.
Smith added, "In fiscal 2025, we continue to see strong industry
tailwinds relative to customer demand for both publicly funded and
commercial project work. We operate in well-funded and growing
Sunbelt states representing some of the fasting growing areas in
the country that are supported by healthy state and federal funding
programs. We continue to project growth and enhanced profitability
for CPI, and we plan to deliver long-term value to our investors
and other stakeholders."
Fiscal 2025 Outlook
As previously announced, CPI's outlook for fiscal 2025 with
regard to revenue, net income, Adjusted net income, Adjusted EBITDA
and Adjusted EBITDA margin is as follows:
- Revenue in the range of $2.66
billion to $2.74 billion
- Net income in the range of $93.0
million to $105.6 million
- Adjusted net income(1) in the range of $109.5 million to $122.1
million
- Adjusted EBITDA(1) in the range of $375.0 million to $400.0
million
- Adjusted EBITDA margin(1) in the range of 14.1% to
14.6%
Ned N. Fleming, III, the
Company's Executive Chairman, stated, "CPI's growth strategy of
partnering with experienced local operators who know how to build
and operate great companies that we can further support within our
larger organization is a proven and repeatable model that works.
With a strong balance sheet and experienced team, we expect to
generate strong returns as we grow our geographic footprint and
increase the size and scale of the company through this proven
strategy to increase profitability and expand margins. Our
country's infrastructure repair and maintenances needs are not only
considerable, but also growing as roadway capacity increases
throughout the Sunbelt. The Board and I are more bullish about
CPI's future that at any point in the past, as we will continue to
benefit from opportunities afforded by a generational investment in
infrastructure, the fast-growing economies in the Sunbelt, and
numerous organic and acquisitive growth opportunities to scale our
organization and deliver value to our stockholders."
Conference Call
The Company will conduct a conference call today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss financial and
operating results for the fiscal quarter ended December 31, 2024. To access the call live by
phone, dial (412) 902-0003 and ask for the Construction Partners
call at least 10 minutes prior to the start time. A telephonic
replay will be available through February
14, 2025 by calling (201) 612-7415 and using passcode ID:
13750700#. A webcast of the call will also be available live and
for later replay on the Company's Investor Relations website
at www.constructionpartners.net.
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil
infrastructure company operating in local markets throughout the
Sunbelt in Alabama, Florida, Georgia, North
Carolina, Oklahoma,
South Carolina, Tennessee and Texas. Supported by its hot-mix asphalt
plants, aggregate facilities and liquid asphalt terminals, the
Company focuses on the construction, repair and maintenance of
surface infrastructure. Publicly funded projects make up the
majority of its business and include local and state roadways,
interstate highways, airport runways and bridges. The company also
performs private sector projects that include paving and sitework
for office and industrial parks, shopping centers, local businesses
and residential developments. To learn more, visit
www.constructionpartners.net.
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 21E of the Securities Exchange Act of
1934. These statements may be identified by the use of words such
as "may," "will," "expect," "should," "anticipate," "intend,"
"project," "outlook," "believe" and "plan." The forward-looking
statements contained in this press release include, without
limitation, statements related to financial projections, future
events, business strategy, future performance, future operations,
backlog, financial position, estimated revenues and losses,
projected costs, prospects, plans and objectives of management.
These and other forward-looking statements are based on
management's current views and assumptions and involve risks and
uncertainties that could significantly affect expected results.
Important factors could cause actual results to differ materially
from those expressed in the forward-looking statements, including,
among others: our ability to successfully manage and integrate
acquisitions; failure to realize the expected economic benefits of
acquisitions, including future levels of revenues being lower than
expected and costs being higher than expected; failure or inability
to implement growth strategies in a timely manner; declines in
public infrastructure construction and reductions in government
funding, including the funding by transportation authorities and
other state and local agencies; risks related to our operating
strategy; competition for projects in our local markets; risks
associated with our capital-intensive business; government
requirements and initiatives, including those related to funding
for public or infrastructure construction, land usage and
environmental, health and safety matters; unfavorable economic
conditions and restrictive financing markets; our ability to obtain
sufficient bonding capacity to undertake certain projects; our
ability to accurately estimate the overall risks, requirements or
costs when we bid on or negotiate contracts that are ultimately
awarded to us; the cancellation of a significant number of
contracts or our disqualification from bidding for new contracts;
risks related to adverse weather conditions; our substantial
indebtedness and the restrictions imposed on us by the terms
thereof; our ability to maintain favorable relationships with third
parties that supply us with equipment and essential supplies; our
ability to retain key personnel and maintain satisfactory labor
relations; property damage, results of litigation and other claims
and insurance coverage issues; risks related to our information
technology systems and infrastructure; our ability to maintain
effective internal control over financial reporting; and the risks,
uncertainties and factors set forth under "Risk Factors" in the
Company's most recent Annual Report on Form 10-K and its
subsequently filed Quarterly Reports on Form 10-Q. Forward-looking
statements speak only as of the date they are made. The Company
assumes no obligation to update forward-looking statements to
reflect actual results, subsequent events, or circumstances or
other changes affecting such statements except to the extent
required by applicable law.
Contacts:
Rick Black / Ken Dennard
Dennard Lascar Investor
Relations
ROAD@DennardLascar.com
(713) 529-6600
- Financial Statements Follow -
|
(1) Adjusted net
income, 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.
|
|
Construction
Partners, Inc.
Consolidated
Statements of Comprehensive Income (Loss)
(unaudited, in
thousands, except share and per share data)
|
|
|
|
For the Three
Months Ended
December 31,
|
|
|
2024
|
|
2023
|
|
Revenues
|
|
$
561,580
|
|
$
396,505
|
|
Cost of
revenues
|
|
485,009
|
|
344,625
|
|
Gross
profit
|
|
76,571
|
|
51,880
|
|
General and
administrative expenses
|
|
(44,266)
|
|
(35,454)
|
|
Acquisition-related
expenses
|
|
(19,552)
|
|
(527)
|
|
Gain on sale of
property, plant and equipment, net
|
|
1,055
|
|
836
|
|
Operating
income
|
|
13,808
|
|
16,735
|
|
Interest expense,
net
|
|
(18,130)
|
|
(3,746)
|
|
Other (expense)
income
|
|
421
|
|
(28)
|
|
Income (loss)
before provision for income taxes
|
|
(3,901)
|
|
12,961
|
|
Provision (benefit) for
income taxes
|
|
(849)
|
|
3,118
|
|
Earnings from
investment in joint venture
|
|
1
|
|
—
|
|
Net income
(loss)
|
|
(3,051)
|
|
9,843
|
|
Other comprehensive
income (loss), net of tax
|
|
|
|
|
|
Unrealized gain (loss)
on interest rate swap contract, net
|
|
2,869
|
|
(7,105)
|
|
Unrealized gain (loss)
on restricted investments, net
|
|
(333)
|
|
400
|
|
Other comprehensive
income (loss)
|
|
2,536
|
|
(6,705)
|
|
Comprehensive
income (loss)
|
|
$
(515)
|
|
$
3,138
|
|
|
|
|
|
|
Net income (loss)
per share attributable to common stockholders:
|
|
|
|
|
|
Basic
|
|
$
(0.06)
|
|
$
0.19
|
|
Diluted
|
|
$
(0.06)
|
|
$
0.19
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
|
54,160,317
|
|
51,892,426
|
|
Diluted
|
|
54,160,317
|
|
52,430,864
|
|
|
|
|
|
|
Construction
Partners, Inc.
Consolidated Balance
Sheets
(in thousands,
except share and per share data)
|
|
|
December
31,
|
|
September
30,
|
|
2024
|
|
2024
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
132,504
|
|
$
74,686
|
|
Restricted
cash
|
564
|
|
1,998
|
|
Contracts receivable
including retainage, net
|
384,076
|
|
350,811
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
35,705
|
|
25,966
|
|
Inventories
|
145,208
|
|
106,704
|
|
Prepaid expenses and
other current assets
|
25,059
|
|
24,841
|
|
Total current
assets
|
723,116
|
|
585,006
|
|
Property, plant and
equipment, net
|
1,030,892
|
|
629,924
|
|
Operating lease
right-of-use assets
|
42,513
|
|
38,932
|
|
Goodwill
|
644,206
|
|
231,656
|
|
Intangible assets,
net
|
88,120
|
|
20,549
|
|
Investment in joint
venture
|
85
|
|
84
|
|
Restricted
investments
|
17,473
|
|
18,020
|
|
Other assets
|
21,511
|
|
17,964
|
|
Total assets
|
$
2,567,916
|
|
$
1,542,135
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
171,608
|
|
$
182,572
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
136,660
|
|
120,065
|
|
Current
portion of operating lease liabilities
|
10,586
|
|
9,065
|
|
Current maturities of
long-term debt
|
37,719
|
|
26,563
|
|
Accrued expenses and
other current liabilities
|
113,176
|
|
42,189
|
|
Total current
liabilities
|
469,749
|
|
380,454
|
|
Long-term
liabilities:
|
|
|
|
|
Long-term debt, net of
current maturities and deferred debt issuance costs
|
1,183,132
|
|
486,961
|
|
Operating
lease liabilities, net of current portion
|
32,650
|
|
30,661
|
|
Deferred income taxes,
net
|
53,335
|
|
53,852
|
|
Other long-term
liabilities
|
17,982
|
|
16,467
|
|
Total long-term
liabilities
|
1,287,099
|
|
587,941
|
|
Total
liabilities
|
1,756,848
|
|
968,395
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock, par
value $0.001; 10,000,000 shares authorized and no shares issued
and
outstanding at December 31, 2024 and September 30, 2024
|
—
|
|
—
|
|
Class A common stock,
par value $0.001; 400,000,000 shares authorized, 47,550,777
shares
issued and 47,158,599 shares outstanding at December 31, 2024, and
44,062,830 shares
issued and 43,819,102 shares outstanding at September 30,
2024
|
47
|
|
44
|
|
Class B common stock,
par value $0.001; 100,000,000 shares authorized, 11,691,408
shares
issued and 8,765,803 shares outstanding at December 31, 2024 and
11,784,650 shares
issued and 8,861,698 shares outstanding at September 30,
2024
|
12
|
|
12
|
|
Additional paid-in
capital
|
527,986
|
|
278,065
|
|
Treasury stock, Class A
common stock, par value $0.001, at cost, 392,178 shares at
December 31, 2024 and 243,728 shares at September 30,
2024
|
(23,128)
|
|
(11,490)
|
|
Treasury stock, Class B
common stock, par value $0.001, at cost, 2,925,605 shares at
December 31, 2024 and 2,922,952 shares at September 30,
2024
|
(16,046)
|
|
(15,603)
|
|
Accumulated other
comprehensive income, net
|
10,038
|
|
7,502
|
|
Retained
earnings
|
312,159
|
|
315,210
|
|
Total stockholders'
equity
|
811,068
|
|
573,740
|
|
Total liabilities and
stockholders' equity
|
$
2,567,916
|
|
$
1,542,135
|
|
|
|
|
|
Construction
Partners, Inc.
Consolidated
Statements of Cash Flows
(unaudited, in
thousands)
|
|
|
For the Three Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
(loss)
|
$
(3,051)
|
|
$
9,843
|
|
Adjustments to
reconcile net income to net cash, cash equivalents and restricted
cash
provided by operating activities:
|
|
|
|
|
Depreciation,
depletion, accretion and amortization
|
31,184
|
|
21,121
|
|
Amortization of
deferred debt issuance costs
|
495
|
|
74
|
|
Unrealized loss on
derivative instruments
|
—
|
|
226
|
|
Provision for bad
debt
|
92
|
|
281
|
|
Gain on sale of
property, plant and equipment
|
(1,055)
|
|
(836)
|
|
Realized loss on
restricted investments
|
19
|
|
23
|
|
Share-based
compensation expense
|
14,403
|
|
2,889
|
|
Earnings from
investment in joint venture
|
(1)
|
|
—
|
|
Deferred income tax
benefit
|
(1,411)
|
|
(404)
|
|
Other non-cash
adjustments
|
(229)
|
|
(86)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Contracts receivable
including retainage, net
|
62,560
|
|
63,507
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
(5,767)
|
|
(2,203)
|
|
Inventories
|
(10,434)
|
|
(9,880)
|
|
Prepaid expenses and
other current assets
|
(143)
|
|
1,079
|
|
Other
assets
|
410
|
|
(320)
|
|
Accounts
payable
|
(47,490)
|
|
(26,330)
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
6,302
|
|
8,554
|
|
Accrued expenses and
other current liabilities
|
(6,554)
|
|
(8,322)
|
|
Other long-term
liabilities
|
1,333
|
|
1,162
|
|
Net cash provided by
operating activities, net of acquisitions
|
40,663
|
|
60,378
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property,
plant and equipment
|
(26,832)
|
|
(26,783)
|
|
Proceeds from sale of
property, plant and equipment
|
1,843
|
|
2,460
|
|
Proceeds from sale of
restricted investments
|
2,417
|
|
1,013
|
|
Purchases of
restricted investments
|
(2,258)
|
|
—
|
|
Business acquisitions,
net of cash acquired
|
(654,200)
|
|
(81,351)
|
|
Net cash used in
investing activities
|
(679,030)
|
|
(104,661)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from
revolving credit facility
|
—
|
|
90,000
|
|
Proceeds from issuance
of long-term debt, net of debt issuance costs and
discount
|
834,995
|
|
—
|
|
Repayments of
long-term debt
|
(128,163)
|
|
(23,750)
|
|
Purchase of treasury
stock
|
(12,081)
|
|
(1,336)
|
|
Net cash provided by
financing activities
|
694,751
|
|
64,914
|
|
Net change in cash,
cash equivalents and restricted cash
|
56,384
|
|
20,631
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
76,684
|
|
49,080
|
|
Cash, cash equivalents
and restricted cash, end of period
|
$
133,068
|
|
$
69,711
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
Cash paid for
interest
|
$
15,051
|
|
$
4,692
|
|
Cash paid for
operating lease liabilities
|
$
3,233
|
|
$
884
|
|
Non-cash
items:
|
|
|
|
|
Operating lease
right-of-use assets obtained in exchange for operating lease
liabilities
|
$
3,961
|
|
$
4,698
|
|
Property, plant and
equipment financed with accounts payable
|
$
3,694
|
|
$
7,088
|
|
Issuance of stock for
business acquisition
|
$
236,250
|
|
$
—
|
|
Amounts payable to
sellers in business combination
|
$
86,000
|
|
$
—
|
|
|
|
|
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) nonrecurring expenses related
to transformative acquisitions, which management considers to
include acquisitions requiring clearance under federal antitrust
laws, such as the acquisition of Lone Star Paving (the "Lone Star
Acquisition"). Adjusted EBITDA margin represents Adjusted EBITDA as
a percentage of revenues for each period. Adjusted net income
represents net income before (i) nonrecurring expenses related to
transformative acquisitions, which management considers to include
acquisitions requiring clearance under federal antitrust laws, such
as the Lone Star Acquisition, and (ii) nonrecurring fees associated
with financing arrangements incurred in connection with
transformative acquisitions, such as a bridge loan associated with
the Lone Star Acquisition. These metrics are supplemental measures
of our 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 our operating
performance. We present Adjusted EBITDA, Adjusted EBITDA margin and
Adjusted net income because management uses these measures as key
performance indicators, and we believe that securities analysts,
investors and others use these measures to evaluate companies in
our industry. Our calculation of Adjusted EBITDA, Adjusted EBITDA
margin and Adjusted net income 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
(loss), the most directly comparable measure calculated in
accordance with GAAP, to Adjusted EBITDA and the calculation of
Adjusted EBITDA Margin for the periods presented:
|
Construction
Partners, Inc.
Net Income (Loss) to
Adjusted EBITDA Reconciliation
Fiscal Quarters
Ended December 31, 2024 and 2023
(unaudited, in
thousands, except percentages)
|
|
|
For the Three Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
$
(3,051)
|
|
$
9,843
|
|
Interest expense,
net
|
18,130
|
|
3,746
|
|
Provision for income
taxes
|
(849)
|
|
3,118
|
|
Depreciation,
depletion, accretion and amortization
|
31,184
|
|
21,121
|
|
Share-based
compensation expense
|
4,920
|
|
3,046
|
|
Transformative
acquisition expenses
|
18,463
|
|
—
|
|
Adjusted
EBITDA
|
$
68,797
|
|
$
40,874
|
|
Revenues
|
$
561,580
|
|
$
396,505
|
|
Adjusted EBITDA
Margin
|
12.3 %
|
|
10.3 %
|
The following table presents a reconciliation of net income
(loss), the most directly comparable measure calculated in
accordance with GAAP, to adjusted net income for the periods
presented:
|
Construction
Partners, Inc.
Net Income (Loss) to
Adjusted Net Income Reconciliation
Fiscal Quarters
Ended December 31, 2024 and 2023
(unaudited, in
thousands)
|
|
|
For the Three Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
Net income
(loss)
|
$
(3,051)
|
|
$
9,843
|
|
Transformative
acquisition expenses
|
18,463
|
|
—
|
|
Financing fees related
to transformative acquisitions
|
3,057
|
|
—
|
|
Tax impact due to above
reconciling items
|
(5,199)
|
|
—
|
|
Adjusted net
income
|
$
13,270
|
|
$
9,843
|
|
|
|
|
|
Construction
Partners, Inc.
Net Income to
Adjusted EBITDA Reconciliation
Fiscal Year 2025
Updated Outlook
(unaudited, in
thousands, except percentages)
|
|
|
For the Fiscal Year
Ending
September 30, 2025
|
|
Low
|
|
High
|
|
Net income
|
$
93,000
|
|
$
105,600
|
|
Interest expense,
net
|
74,100
|
|
72,700
|
|
Provision for income
taxes
|
31,750
|
|
36,150
|
|
Depreciation,
depletion, accretion and amortization
|
135,900
|
|
145,300
|
|
Share-based
compensation expense
|
21,500
|
|
21,500
|
|
Transformative
acquisition expenses
|
18,750
|
|
18,750
|
|
Adjusted
EBITDA
|
$
375,000
|
|
$
400,000
|
|
Revenues
|
$
2,660,000
|
|
$
2,740,000
|
|
Adjusted EBITDA
Margin
|
14.1 %
|
|
14.6 %
|
|
Construction
Partners, Inc.
Net Income to
Adjusted Net Income Reconciliation
Fiscal Year 2025
Updated Outlook
(unaudited, in
thousands)
|
|
|
For the Fiscal Year
Ending
September 30, 2025
|
|
Low
|
|
High
|
|
Net income
|
$
93,000
|
|
$
105,600
|
|
Transformative
acquisition expenses
|
18,750
|
|
18,750
|
|
Financing fees related
to transformative acquisitions
|
3,057
|
|
3,057
|
|
Tax impact due to above
reconciling items
|
(5,267)
|
|
(5,267)
|
|
Adjusted net
income
|
$
109,540
|
|
$
122,140
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/construction-partners-inc-announces-fiscal-2025-first-quarter-results-302371112.html
SOURCE Construction Partners, Inc.
