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Concrete Pumping Holdings Reports First Quarter Fiscal Year 2024 Results
- Announces $15 Million Increase to Share Repurchase Plan - DENVER, March 07, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"- Announces $15 Million Increase to Share Repurchase Plan -\nDENVER, March 07, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the first quarter ended January 31, 2024. First Quarter Fiscal Year 2024 Summary vs. First Quarter of Fiscal Year 2023 (unless otherwise noted) ●Revenue increased 4% to $97.7 million compared to $93.6 million. ●Gross profit decreased 9% to $33.3 million compared to $36.5 million. ●Income from operations decreased to $1.5 million compared to $9.4 million. ●Net loss of $3.8 million compared to net income of $6.5 million. ●Net loss attributable to common shareholders of $4.3 million or $(0.08) per diluted share, compared to net income of $6.0 million or $0.11 per diluted share. ●Adjusted EBITDA1 decreased 23% to $19.3 million compared to $25.0 million, with Adjusted EBITDA margin1 of 19.7% compared to 26.8%. ●Amounts outstanding under debt agreements was $388.0 million with net debt1 of $373.3 million. Total available liquidity was $217.0 million as of January 31, 2024, compared to $216.7 million as of October 31, 2023. Management Commentary “In our first quarter, continued double-digit growth in our Concrete Waste Management Services and U.K. operations segments was roughly offset by severe winter weather that impacted our U.S. market,” said CPH CEO Bruce Young. “Specifically, heavy rainfall, snow and freezing temperatures in the month of January brought many of our customers' projects to a standstill. In fact, we estimate such weather events lowered the expected volume of our U.S. concrete pumping work by approximately 25% in January, or about $7.0 million. Work has recently returned to more normalized levels in February, and we are working closely with our customers to accommodate accelerated project schedules. “Looking ahead, we remain optimistic about our prospects for continued growth in 2024, led by increasing infrastructure activity and added light commercial and residential projects. Underlying this expectation of growth will be the benefits we receive from our diversified end markets, the high utilization of our fleet and the mission-critical service we offer.” ___________________1 Adjusted EBITDA, Adjusted EBITDA margin, net de...