Construction Partners Q3 Results Top Estimates; Boosts FY24 Outlook

(RTTNews) - Construction Partners, Inc. (ROAD) reported Friday that net income for the third quarter grew to $30.91 million or $0.59 per share from $25.68 million or $0.41 per share in the prior-year quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report a loss of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased 22.7 percent to $517.79 million from $421.89 million in the same quarter last year. Analysts expected $503.57 million for the quarter.

Looking ahead to fiscal 2024, the company now expects net income in a range of $73.5 million to $76 5illion on revenue between $1.835 billion and $1.860 billion. The Street is looking for earnings of $1.41 per share on revenues of $1.83 billion for the year.

Previously, the company expected net income in the range of $71 million to $75 million on revenue between $1.81 billion and $1.85 billion.

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