Concrete Pumping Holdings Reports Robust First Quarter 2023 Results

About this update from Concrete Pumping Holdings, Inc.

[{"type":"text","content":"Double-Digit Revenue Growth Drive Record First Quarter\nDENVER, March 09, 2023 (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, 2023. First Quarter Fiscal Year 2023 Highlights vs. First Quarter of Fiscal Year 2022 (where applicable) ●Revenue increased 10% to $93.6 million compared to $85.4 million. ●Gross profit increased 7% to $36.5 million compared to $34.1 million. ●Income from operations increased 27% to $9.4 million compared to $7.4 million. ●Net income increased to $6.5 million compared to $1.2 million. ●Net income attributable to common shareholders increased to $6.0 million or $0.11 per diluted share, compared to $0.7 million or $0.01 per diluted share. ●Adjusted EBITDA1 increased 7% to $25.0 million compared to $23.3 million, with Adjusted EBITDA margin1 at 26.8% compared to 27.3%. ●Amounts outstanding under debt agreements were $425.2 million with net debt1 of $421.2 million. Total available liquidity was $110.2 million as of January 31, 2023, compared to $111.2 million as of October 31, 2022. Management Commentary “The strength of our business was once again on display in our first quarter,” said Bruce Young, CEO of Concrete Pumping Holdings. “Double-digit top and bottom-line growth, and expansion in every segment, drove another record quarter. Within our U.S. concrete pumping business, we continued to expand market share in the commercial and infrastructure end markets. Eco-Pan had an especially strong quarter with a 32% increase in revenue as we continued to leverage the organic growth in our operations network supported by our expanded salesforce. In the U.K., we delivered organic revenue improvement as the region continues to benefit from commercial and infrastructure development. \"In February, we continued to execute upon our M&A strategy to enhance our geographic footprint by acquiring the assets of Cherokee Pumping, Inc. and Cherokee Materials, LLC, both headquartered in Atlanta, Georgia for $6.3 million. We believe that these acquisitions fit our criteria of high-returning capital investments that will position us well to expand revenue and margins over time. “As we look to the future, we anticipate continued s...

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