Construction Partners Delivers Record-Breaking Year with 17% Revenue Growth and $209 Million in Cash Flow
Construction Partners, a leading construction company in the Sunbelt region, has reported a record-breaking year for fiscal 2024. According to CEO Jule Smith, the company achieved revenue growth of 17%, net income growth of 41%, and adjusted EBITDA growth of 28%. The impressive results were driven by the company's strong cash flow, which stood at $209 million, and eight strategic acquisitions made during the year.
"We are thrilled to report a record year for Construction Partners," said Smith. "Our team has worked tirelessly to deliver exceptional results, and we are proud of our employees who have contributed to this success."
The company's acquisition strategy played a significant role in its growth story. With eight acquisitions made during fiscal 2024, Construction Partners expanded its geographic footprint into new growth markets and enhanced its relative market share across the Sunbelt states. The strategic moves allowed the company to strengthen its position in the industry and increase its revenue streams.
One of the key highlights of the quarter was the acquisition of Lone Star Paving, a leading construction company in Texas. The deal marked Construction Partners' entry into the dynamic growth market of Texas and demonstrated the company's commitment to expanding its presence in new areas. CEO Smith praised Jack Wheeler, the founder of Lone Star Paving, for building an incredibly cohesive team of talented professionals who prioritize customer satisfaction and employee well-being.
The acquisition of Lone Star Paving has accelerated Construction Partners' progress toward its road map 2027 goals by two years. The company's strategy to build better markets, achieve vertical integration, and drive scale through strategic acquisitions is expected to continue in fiscal 2025 and beyond. As Smith noted, "We will continue to execute on this bottom line expansion strategy throughout the Sunbelt in both current and new markets as we grow."
Construction Partners' commitment to its core values of family, respect, opportunity, and excellence was also highlighted during the conference call. The company's focus on creating an incredible place to work, providing pathways for career advancement, and promoting a culture of excellence has contributed to its success.
The record-breaking year marked a significant milestone for Construction Partners, solidifying its position as a leading construction company in the Sunbelt region. With a strong foundation, strategic growth plans, and a commitment to its core values, the company is well-positioned for continued success in fiscal 2025 and beyond."
