Q3 2024 Construction Partners Inc Earnings Call Transcript
Key Points
- Revenue grew by 23% year-over-year, with 13% of this growth being organic.
- Adjusted EBITDA increased by 31%, with margins improving to 14.1% for the quarter.
- Project backlog increased to $1.86 billion, providing strong visibility for future revenue.
- Acquired seven companies this fiscal year, expanding market reach and capacity.
- Strong demand for both public and private construction projects, supported by healthy funding programs.
- Weather conditions, including a recent hurricane, have impacted operations and could affect future performance.
- Increased competition in the public sector due to more contractors shifting from private to public projects.
- General and administrative expenses increased to $38.9 million, representing 7.5% of total revenue.
- Debt levels have increased, with $397.5 million of principal outstanding under the term loan and $81.9 million under the revolving credit facility.
- The company remains cautious about future acquisitions, emphasizing the need for strategic and culturally fitting additions.
Greetings. Welcome to Construction Partners' third quarter earnings conference call. At this time, all lines are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Rick Black with Investor Relations. Thank you. You may begin.
Thank you, operator, and good morning, everyone. We appreciate you joining us for the Construction Partners conference call to review third quarter results for fiscal 2024.
This call is also being webcast and can be accessed through the audio link on the Events and Presentations page of the Investor Relations section of constructionpartners.net. Information recorded on this call speaks only as of today, August 9, 2024. Please be advised that any time-sensitive information may no longer be accurate as of the date of any replay listening or transcript reading.
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