Construction Partners Closes Asphalt Express Purchase

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Summary · why it matters

Construction Partners has closed its purchase of Asphalt Express Enterprises, a liquid asphalt supply and hauling business in Ardmore, Oklahoma, adding a rail-served site it plans to turn into a terminal serving Oklahoma and northern Texas. The deal, small in dollar terms, fits the company's strategy of securing raw material supply chains ahead of need. In the fiscal third quarter, revenue rose 28.2% to $999.4 million, adjusted EBITDA climbed 23.8% to $163.0 million, and net income increased to $59.6 million. Backlog hit a record $3.36 billion, prompting the company to raise its full-year revenue outlook to $3.640 billion to $3.680 billion. Management cited energy cost inflation and wet weather as headwinds, while hedge fund ownership increased to 27 funds and short interest stands at 7.25% of float.

Impact on assets 2

Industrials▲ · 1 stocks
Construction Partners Inc
ROAD
▲ PositiveCapitalSupplyrelevance

Q3 revenue rose 28.2%, adjusted EBITDA climbed 23.8%, net income increased, and full-year revenue outlook was raised.

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 1

Asphalt Express EnterprisesPrivate▲ Positive
Capitalrelevance

Asphalt Express Enterprises was acquired by Construction Partners, closing the purchase of the liquid asphalt supply and hauling business.

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