Construction Partners, Inc. (ROAD) Misses Q2 EPS by 18c, Revenues Miss

May 7, 2021 8:03 AM EDT

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Construction Partners, Inc. (NASDAQ: ROAD) reported Q2 EPS of ($0.10), $0.18 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $179.11 million versus the consensus estimate of $201.03 million.

Fred J. (Jule) Smith, III, the Company's President and Chief Executive Officer, said, "In the second fiscal quarter, revenue grew 6.2% compared to the second fiscal quarter last year. While adverse weather caused significant project delays in the second quarter, we plan to make up that volume in the second half of our fiscal year. As we have stated before, historically we have generated approximately 40% of our annual revenue in the first half of the fiscal year and approximately 60% in the second half. Halfway through fiscal 2021, we are roughly in line with our historical pattern, even with the weather delays.

"More importantly, we are very pleased with our record high project backlog of $773.3 million at the end of the quarter. As we move into the seasonally stronger second half of our fiscal year, we continue to see strength in infrastructure funding programs and project lettings across our markets. In light of these positive conditions, we are maintaining our outlook for fiscal 2021."

For earnings history and earnings-related data on Construction Partners, Inc. (ROAD) click here.

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