Business
Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2022 Results, Provides Financial Outlook for Fiscal Year 2023
- Announces $10 Million Increase to Share Repurchase Plan - DENVER, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"- Announces $10 Million Increase to Share Repurchase Plan -\nDENVER, Jan. 23, 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 fourth quarter and fiscal year ended October 31, 2022. Fourth Quarter Fiscal Year 2022 Highlights vs. Fourth Quarter of Fiscal Year 2021 (where applicable) Revenue increased 31% to $114.9 million compared to $87.8 million.Gross profit increased 30% to $48.6 million compared to $37.3 million.Income from operations increased 56% to $18.3 million compared to $11.7 million.Net income attributable to common shareholders increased 170% to $8.1 million or $0.14 per diluted share, compared to $3.0 million or $0.05 per diluted share.Adjusted EBITDA1 increased 28% to $36.3 million compared to $28.3 million, with Adjusted EBITDA margin1 at 31.6% compared to 32.2%.Amounts outstanding under debt agreements were $427.1 million with net debt1 of $419.7 million. Total available liquidity was $111.2 million as of October 31, 2022, compared to $134.1 million as of July 31, 2022. The decrease in liquidity was driven by the purchase of Coastal Concrete Pumping in August 2022. Fiscal Year 2022 Highlights vs. Fiscal Year 2021 Revenue increased 27% to $401.3 million compared to $315.8 million.Gross profit increased 19% to $163.6 million compared to $137.7 million.Income from operations increased 32% to $50.1 million compared to $38.0 million.Net income attributable to common shareholders improved by $43.7 million to $26.9 million or $0.47 per diluted share, compared to a net loss attributable to common shareholders of $16.8 million or $(0.31) per diluted share.Adjusted EBITDA1 increased 14% to $118.6 million compared to $104.3 million, with Adjusted EBITDA margin1 at 29.5% compared to 33.0%. Management Commentary “In the fourth quarter we grew revenue across all segments and reported our fifth consecutive quarter of double-digit consolidated revenue growth, a testament to our team and the continued strength and resilience of our business,” said Bruce Young, CEO of Concrete Pumping Holdings. “As a result, we were able to drive record annual revenue, net income and Adjusted EBITDA performance for the company. “In our U.S. concrete pumping business, we conti...