Construction Partners Stock Plunges After Missing Q3 Estimates, Lowered FY21 Outlook

  • Construction Partners Inc ROAD reported third-quarter revenue growth of 20.6% year-over-year to $261.7 million, missing the consensus of $293.33 million.
  • EPS decreased to $0.18 from $0.30 in 3Q20, missing the consensus of $0.33.
  • The gross margin contracted by 300 bps to 14%.
  • The operating income decreased by 30.2% Y/Y to $14.26 million, and the margin contracted by 390 bps to 5.5%.
  • Construction Partners generated cash from operating activities year-to-date of $9.33 million, compared to $51.41 million a year ago.
  • Adjusted EBITDA declined by 9.3% Y/Y to $29.03 million, and margin contracted by 365 bps to 11.1%.
  • The company’s Project backlog was $822.9 million as of June 30, 2021, compared to $651.2 million a year ago and $773.3 million on March 31, 2021.
  • FY21 Outlook: Citing supply chain disruptions, Construction Partners lowered Revenue outlook to $940 million - $960 million (prior $950 million - $1 billion), versus the consensus of $975.04 million.
  • Adjusted EBITDA of $105.0 million - $108.3 million, (prior $109.0 million - $118.0 million).
  • Price Action: ROAD shares are trading lower by 7.11% at $30.85 on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceShort IdeasSmall CapMoversTrading IdeasBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!