Business
Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2023 Results, Provides Financial Outlook for Fiscal Year 2024
DENVER, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, Jan. 11, 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 fourth quarter and fiscal year ended October 31, 2023. Fourth Quarter Fiscal Year 2023 Highlights vs. Fourth Quarter of Fiscal Year 2022 (where applicable) Revenue increased 5% to $120.2 million compared to $114.9 million.Gross profit increased 1% to $48.9 million compared to $48.6 million.Income from operations increased 5% to $19.3 million compared to $18.3 million.Net income increased 10% to $9.4 million compared to $8.5 million.Net income attributable to common shareholders increased 11% to $9.0 million, compared to $8.1 million. Diluted earnings per share increased 14% to $0.16 per diluted share, compared to $0.14 per diluted share.Adjusted EBITDA1 increased slightly to $35.8 million compared to $35.6 million, with Adjusted EBITDA margin1 of 29.8% compared to 31.0%.Amounts outstanding under debt agreements were $394.0 million with net debt1 of $378.1 million. Total available liquidity at quarter end was $216.7 million.Leverage ratio1 at quarter end was 3.0x.On December 6, 2023, CPH announced the expiration of its 13,017,677 warrants. Fiscal Year 2023 Highlights vs. Fiscal Year 2022 Revenue increased 10% to $442.2 million compared to $401.3 million.Gross profit increased 9% to $178.3 million compared to $163.6 million.Income from operations increased 23% to $61.5 million compared to $50.1 million.Net income attributable to common shareholders increased 12% to $30.0 million, compared to $26.9 million. Diluted earnings per share increased 15% to $0.54 per diluted share, compared to $0.47 per diluted share.Adjusted EBITDA1 increased 7% to $124.6 million compared to $116.1 million, with Adjusted EBITDA margin1 of 28.2% compared to 28.9%. Management Commentary “We had a record-setting revenue and Adjusted EBITDA year in fiscal 2023 driven by the strength and diversification of our business,” said CPH CEO Bruce Young. “Each of our end markets contributed to this performance, particularly as residential construction remained strong, and our expanded footprint enabled us to continue to win infrastructure projects. Our free cash flow generation also allowed us to continue to execute upon efforts t...