Business
Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2020 Results
Revenue Improved 8% in 2020 to $304 Million, Adjusted EBITDA Improved 12% to $107.3 Million, Company Provides Full Year 2021 Outlook DENVER, Jan. 12, 2021
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"Revenue Improved 8% in 2020 to $304 Million, Adjusted EBITDA Improved 12% to $107.3 Million, Company Provides Full Year 2021 Outlook\nDENVER, Jan. 12, 2021 (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 its fourth quarter and fiscal year ended October 31, 2020. Fourth Quarter Fiscal Year 2020 Summary vs. Fourth Quarter of Fiscal Year 2019 (where applicable) ●Revenue declined to $79.2 million from $84.0 million (due to COVID-19 impacts). ●Gross margin was 44.8% compared to 46.3%. ●Net loss available to common shareholders was $2.8 million or $(0.05) per diluted share, compared to net income available to common shareholders of $0.1 million or $0.00 per diluted share. ●Adjusted EBITDA1 increased to $29.9 million from $29.6 million, with adjusted EBITDA margin improving 260 basis points to 37.8% from 35.2%. ●Amounts outstanding under debt agreements was $382.9 million. Net debt2 was reduced by $19.1 million during the quarter to $376.2 million, with total available liquidity of $59.3 million as of October 31, 2020. Fiscal Year 2020 Financial Summary ●Revenue increased 8% to $304.3 million compared to $283.0 million. ●Gross margin improved 80 basis points to 45.1% compared to 44.3%. ●Net loss available to common shareholders was $62.9 million or $(1.19) per diluted share, compared to a net loss of $34.2 million. ●Adjusted EBITDA improved 12% to $107.3 million compared to $95.5 million, with Adjusted EBITDA margin up 160 basis points to 35.3% from 33.7%. ●Net debt was reduced by $42.0 million during the fiscal year. Management Commentary “Our fourth quarter and fiscal year 2020 results demonstrate the continued resiliency and strength of our business model,” said Bruce Young, CEO of Concrete Pumping Holdings. “We achieved year-over-year Adjusted EBITDA margin expansion for the quarter even as we continued to navigate the lingering effects of COVID-19 across our U.K. and U.S. markets. We also sustained strong momentum in our concrete waste management services business with another quarter of double-digit revenue growth. This helped deliver even stronger results for our full year, with meaningful revenue and Adjusted EBITDA growth, and expansion on both gross and Adjusted...