Business
Concrete Pumping Holdings Reports Strong First Quarter Fiscal Year 2020 Results, Reiterates Full-Year Outlook
DENVER, March 11, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, March 11, 2020 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K., today reported financial results for its first fiscal quarter ended January 31, 2020. \n First Quarter Fiscal Year 2020 Summary vs. First Quarter of Fiscal Year 2019 Consolidated revenue increased 27% to $73.9 million.Pro forma consolidated revenue1 up 5%.Gross margin increased 370 basis points to 43.5%.Net loss attributable to common shareholders improved to $3.2 million or $(0.06) per diluted share as compared to a net loss of $26.6 million in the first quarter of fiscal year 2019.Adjusted EBITDA2 increased 39% to $23.8 million with Adjusted EBITDA margin2 increasing 280 basis points to 32.2%.59% adjusted EBITDA growth in the U.S. Concrete Pumping segment on a 35% increase in revenue.39% adjusted EBITDA growth in the U.S. Concrete Waste Management Services segment on a 23% improvement in organic revenue. Management Commentary “Our first quarter results continued the momentum of fiscal 2019, with our 27% revenue growth flowing through to a 39% increase in Adjusted EBITDA,” said Bruce Young, CEO of CPH. “We continue to benefit from the synergies and margin enhancements of last year’s Capital Pumping acquisition, as well as a strong U.S. operating environment and continued success with Eco-Pan. In addition, most of our U.S. regional markets generated top-line growth this quarter, which highlights the long-term resilience of our business. “Looking ahead, we remain on track with our long-term growth strategy. We continue to generate healthy demand in the U.S., with a significant runway for growth in Eco-Pan. We are confident about our pipeline of new projects across all business segments in the U.S. and expect this momentum to continue. While business in the U.K. remains relatively flat, we anticipate emerging opportunities to strengthen our brand across the region. Additionally, the U.K. government’s recent endorsement of the High Speed Railway (HS2) construction project is expected to stimulate further optimism in the U.K. market.” First Quarter Fiscal Year 2020 Financial Results Revenue in the first quarter of fiscal year 2020 increased 27% to $73.9 million compared to $58.4 million in the first quarter of f...