Exhibit 99.1
Construction Partners, Inc. Announces Preliminary Fiscal 2023 Financial Results
Company Introduces Fiscal 2024 Outlook
Hosts Analyst Day in New York City
DOTHAN, AL, October 4, 2023 Construction Partners, Inc. (NASDAQ: ROAD) (CPI or the Company), a vertically
integrated civil infrastructure company specializing in the construction and maintenance of roadways across six southeastern states, today announced preliminary financial results for fiscal year 2023 and has introduced fiscal year 2024 outlook
ranges that will be discussed during todays Analyst Day event in New York City.
Fred J. (Jule) Smith, III, the Companys President and Chief
Executive Officer, said, We finished our fiscal year last week with strong operational performance across our footprint, representing a productive work season with high project demand and healthy project margins. Today we are announcing our
preliminary fiscal 2023 financial results, which represent significant growth compared to fiscal 2022 on both the top and bottom lines of our business. We look forward to reviewing our strategic initiatives, growth priorities and business outlook
with those participating in our Analyst Day event either in person or through the webcast link on our website.
Preliminary Fiscal 2023 Financial
Results
Revenue in fiscal 2023 is expected to be in the range of $1.547 billion to 1.557 billion, compared to $1.30 billion in fiscal
2022.
Net income in fiscal 2023 is expected to be in the range of $44.8 million to $47.0 million, compared to $21.4 million in fiscal
2022.
Adjusted EBITDA(1) in fiscal 2023 is expected to be in the range of $168.0 million
to $172.0 million, compared to $111.2 million in fiscal 2022.
Adjusted EBITDA Margin(1) in
fiscal 2023 is expected to be in the range of 10.9% to 11.0%, compared to 8.5% in fiscal 2022.
Cash flow from operations in fiscal 2023 is expected to be
in the range of $155.0 million to $160.0 million, compared to $16.5 million in fiscal 2022.
Cash at fiscal
year-end 2023 is expected to be approximately $55 million, compared to $35.5 million at fiscal year-end 2022.
(1) |
Adjusted EBITDA, Adjusted EBITDA Margin and Net Debt 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. |