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Concrete Pumping Holdings Reports Strong Second Quarter 2023 Results
Double-Digit Revenue Growth Drives Record Second Quarter DENVER, June 08, 2023 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"Double-Digit Revenue Growth Drives Record Second Quarter\nDENVER, June 08, 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 second quarter ended April 30, 2023. Second Quarter Fiscal Year 2023 Highlights vs. Second Quarter of Fiscal Year 2022 (where applicable) Revenue increased 12% to $107.8 million compared to $96.5 million. Gross profit increased 12% to $43.5 million compared to $38.9 million. Income from operations increased 27% to $13.2 million compared to $10.4 million. Net income was $5.6 million compared to $6.0 million. Net income attributable to common shareholders was $5.2 million or $0.09 per diluted share, compared to $5.6 million or $0.10 per diluted share. Adjusted EBITDA1 increased 7% to $28.8 million compared to $27.1 million, with Adjusted EBITDA margin1 at 26.7% compared to 28.0%. Amounts outstanding under debt agreements were $435.9 million with net debt1 of $429.3 million. Total available liquidity at quarter end was $100.4 million. Management Commentary “We delivered another strong quarter driven by continued growth in every segment, particularly double-digit increases in our U.K. operations and in Eco-Pan,” said CPH CEO Bruce Young. “In fact, Eco-Pan experienced another quarter of exceptional growth with a 26% increase in revenue as we continued to leverage the organic growth in our operations network and an expanded salesforce. Within our U.S. concrete pumping business, we continued to experience improvement in our commercial and infrastructure projects. However, above average precipitation and colder temperatures in most of our regions west of the Rockies, as well as Colorado, impacted sales as well as profitability given lower equipment utilization. “Looking ahead, we anticipate ongoing growth in our infrastructure and commercial end markets given our expanded footprint and momentum with heavy commercial projects. Our focus remains on optimizing end market mix to continue to deliver strong top and bottom-line growth as we move into the peak summer construction season. We will also continue to focus on maximizing shareholder value by leveraging our unique operational capabilities, high-value service offering, and opportunistic, accr...