ROAD - Why Shares of Construction Partners Are Falling Today
Shares of Construction Partners (NASDAQ: ROAD) fell more than 18% on Tuesday morning after the infrastructure company reported fiscal fourth-quarter results that came in below expectations. Local road repair and maintenance projects are struggling to carry the load at Construction Partners, but the company does have high hopes for its new fiscal year.
Construction Partners after markets closed Monday reported fiscal fourth-quarter earnings of $0.32 per share on revenue of $237.32 million, falling short of analyst expectations for $0.34 per share in earnings on revenue of $248 million. For the full fiscal year, the company reported a gross profit of $118 million, up 18% year over year, on revenue of $783.2 million, up 15.2%.
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