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Construction Partners Acquires Asphalt Express Enterprises
Construction Partners announced that it has acquired Asphalt Express Enterprises, a liquid asphalt supply and hauling business headquartered in Ardmore, Oklahoma. In connection with the transaction, CPI's Oklahoma platform company, Overland Corporation, acquired Asphalt Express's rail-served industrial site in Ardmore, where the business currently receives liquid asphalt for further transportation to customers, as well as a fleet of trucks and trailers used to transport liquid asphalt. CPI expects the Ardmore site to serve as the location of a future liquid asphalt terminal to serve CPI's Oklahoma and northern Texas operations.
CPI Reports Q3 Revenue of $999.4M
Reports Q3 revenue $999.4M, consensus $948.78M. Fred Smith, III, the company's President and Chief Executive Officer, said, "Our strong third quarter results reflect the continued execution of our operating strategy and the dedication of our teams throughout the CPI family of companies. During the quarter, we delivered revenue growth of 28% and Adjusted EBITDA growth of 24%, despite the impact of energy cost inflation and extremely wet weather in May across many of our markets. These results underscore the resilience of our decentralized operating model, the strength of our local market strategy, and our ability to consistently execute across diverse market conditions. Demand for both public infrastructure and commercial construction projects remained healthy throughout our markets, driving backlog to a record $3.36 billion and providing continued visibility into future growth."
FY26 Net Income Outlook Raised to $165M-$168M
FY26 consenus $3.61B. Raises FY26: Net income view to $165M-$168M from $159M-$162M; Adjusted net income in the range $177.6M-$181.4M from $170.4M-$174.2M; Adjusted EBITDA to $559M-$569M from $552M-$564M; Adjusted EBITDA margin in the range of 15.36%-15.46% from 15.38%-15.45%.
Nasdaq Composite Falls 1.5%, Netflix Guides Below Expectations
More pain in the tech arena drove major indices lower on Thursday, with Nasdaq Composite's 1.5% decline seen as the biggest retreat. The 0.5% decline in S&P 500 also cut into the benchmark's two-day rally as Communication Services - yesterday's best performing sector - was today's worst performing sector, as Alphabetand Meta Platformsfell 4.4% and 2.5% respectively. Investors are turning more selective with regards to hyperscalers as Microsoftand Applecontinued their advance, though the selloff in the hardware, semiconductors and memory has become more indiscriminate. Software was the winning area in the tech space as IBMbounced back with 4% following its 25% post-pre-announcement decline on Tuesday. Outside of tech, Consumer Defensive, Real Estate, and Healthcare were the top three performing sectors in the S&P 500.In the opening hour of the evening session S&P, E-minis, and Nasdaq 100 contracts are down by about a decimal. In commodities, WTI Crude Oil is back but just barely below $80 per barrel. Precious metals were also under pressure, with Gold moving further below $4000 and Silver now below $56 per ounce.Key earnings afterhours saw the spotlight fall on Netflix, which was in-line on Q2 results but guided Q3 below consensus, sending shares to their lowest levels since late 2024. Alcoawas also down modestly following a miss on both earnings and revenue in the quarter.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Construction Partnersup 4.5% after admission into S&P SmallCap 600 indexSweetgreenup 2.1% after reports that Taylor Farms may be linked to parasitic illness outbreakDOWN AFTER EARNINGS -Intuitive Surgicaldown 11.8%Independent Bankdown 9.4%Netflixdown 8.6%STAAR Surgicaldown 8.5%First Financial Banksharesdown 3.4%Alcoadown 3.2%F.N.B. Corporationdown 2.6%
Construction Partners Shares Down 12.3% to $104.11
Construction Partners is down -12.3%, or -$14.66 to $104.11.
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