Construction Partners Reports Preliminary FY24 Revenue Of $1.821B - $1.825B (Est $1.843B), Down From Prior View Of $1.835B -$1.860B
Portfolio Pulse from Benzinga Newsdesk
Construction Partners has reported preliminary fiscal year 2024 revenue estimates of $1.821B to $1.825B, which is below the previous estimate of $1.843B. Despite this, net income and adjusted EBITDA are expected to increase significantly compared to fiscal 2023. The company also anticipates a higher project backlog by the end of September 2024.
October 21, 2024 | 10:09 am
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Construction Partners' preliminary FY24 revenue is below estimates, but net income and adjusted EBITDA are expected to rise significantly. The project backlog is also anticipated to grow.
The revenue forecast is slightly below estimates, which could be seen negatively. However, the expected increase in net income and EBITDA, along with a growing project backlog, suggests operational improvements and potential future growth. This mixed news may result in a neutral short-term impact on the stock price.
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IMPORTANCE 80
RELEVANCE 100