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Construction Partners Inc. (ROAD-4.75%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $561,580,000 from $396,505,000 in the same quarter the previous year. This increase is attributed to acquisitions and growth in existing markets.
Cost of revenues for the quarter was $485,009,000, representing 86% of sales, compared to 87% in the same quarter of the previous year. This slight decrease in cost ratio is due to efficient utilization of resources.
The company reported a gross profit of $76,571,000 for the quarter, compared to $51,880,000 in the previous year, with the increase attributed to higher revenues and improved margins.
General and administrative expenses increased to $44,266,000 from $35,454,000, primarily due to expenses associated with acquisitions and share-based compensation.
Acquisition-related expenses rose significantly to $19,552,000 from $527,000, largely due to costs associated with the Lone Star Acquisition.
Net income for the quarter was a loss of $3,051,000, down from a profit of $9,843,000 in the previous year. The decline is attributed to higher acquisition-related expenses and interest expenses.
Cash provided by operating activities was $40,663,000, while cash used in investing and financing activities was $679,030,000 and $694,751,000, respectively.
Construction Partners had a working capital of $253,367,000 as of December 31, 2024. The company continues to focus on growth through acquisitions and expansion into new markets.
The filing also details the acquisition of Lone Star Paving, which added 10 HMA plants, four aggregate facilities, and one liquid asphalt terminal to the company's operations.
Construction Partners does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Construction Partners continues to emphasize its strategy of growth through acquisitions and expansion in the Sunbelt region.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Construction Partners Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.