ROAD - Construction Partners sees FY20 revenue below estimates

Construction Partners (ROAD) now expects FY20 revenue in the range of $782-787M vs. a consensus $809.75M.ROAD sees FY20 net income in the range of $37.8 to $41.5M and adjusted EBITDA in the range of $95.1 to $100.0M.Charles E. Owens, CEO: "Our revised outlook for fiscal year 2020 represents strong profitability despite lower-than-expected revenue. While hurricanes and other adverse weather impacted several of our markets and caused excessive rain throughout our region, we continued to execute on our strategy across the company, contributing to strong operational performance in the fourth quarter. These profitability increases were driven primarily by our vertical integration synergies, lower costs of fuel, continued effective utilization of crews and equipment, and a disciplined project bidding strategy."The company to release results before market opens on Dec. 11, 2020.Shares -1% premarket.

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Construction Partners sees FY20 revenue below estimates