Construction Partners Q4 Profit Drops, Below Estimates ; FY22 Revenue Seen In Line

(RTTNews) - Construction Partners, Inc. (ROAD), a civil infrastructure company specializing in the construction and maintenance of roadways, on Tuesday announced results for the fiscal fourth quarter that showed a lower profit despite the surge in revenues. Earnings and revenue missed the Street view.

Net income for the period was $7.9 million or $0.15 per share as compared to $17.6 million or $0.34 per share in the prior period. Six analysts polled by Thomson Reuters were expecting the company to report earnings of $0.40 per share. Analysts typically exclude one-time items.

Revenue for the quarter was $279.0 million versus $ 224.6 million in the year-ago quarter, recording a growth of 24 percent. Six analysts polled were expecting the company to report revenues of $312.37 million.

Operating income declined to $11.4 million, from $24.1 million in the fourth quarter of the previous fiscal.

For fiscal 2022, the company expects revenue in the range of $1.1 billion to $1.2 billion, net income in the range of $34.7 million to $41.8 million and Adjusted EBITDA in the range of $122.0 million to $132.0 million.

Six analysts polled are expecting the company to report revenues of $1.14 billion in the next fiscal.

Shares of Construction Partners are currently trading in pre-market at $36.31, down $2.81 or 7.18 percent from previous close.