Business
Concrete Pumping Holdings Reports Strong Third Quarter 2023 Results
Double-Digit Revenue Growth Drives Another Record Quarter DENVER, Sept. 07, 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 Another Record Quarter\nDENVER, Sept. 07, 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 third quarter ended July 31, 2023. Third Quarter Fiscal Year 2023 Highlights vs. Third Quarter of Fiscal Year 2022 (where applicable) ●Revenue increased 16% to $120.7 million compared to $104.5 million. ●Gross profit increased 18% to $49.5 million compared to $41.9 million. ●Income from operations increased 38% to $19.5 million compared to $14.1 million. ●Net income was $10.3 million compared to $13.0 million. ●Net income attributable to common shareholders was $9.9 million or $0.18 per diluted share, compared to $12.5 million or $0.22 per diluted share. ●Net income included a $0.9 million ($0.01 per diluted share) gain from the change in the fair value of warrants versus a $7.4 million ($0.12 per diluted share) gain in the prior year. ●Adjusted EBITDA1 increased 16% to $34.9 million compared to $30.0 million, with Adjusted EBITDA margin1 of 28.9% compared to 28.8%. ●Amounts outstanding under debt agreements were $410.7 million with net debt1 of $399.2 million. Total available liquidity at quarter end was $195.5 million. ●Leverage ratio2 at quarter end was 3.2x. Management Commentary “The growth we experienced in the first half of the year accelerated in our record-setting third quarter, driven by double-digit revenue growth in every segment of our business,” said CPH CEO Bruce Young. “This was primarily driven by strong organic growth, as well as the results from accretive acquisitions. By end market, our business is also performing well, particularly as demand for new residential housing has reaccelerated, and our expanding U.S. footprint continued to allow us to win infrastructure projects. “Given the momentum in our business, we are well-positioned to deliver a record-setting year in fiscal 2023. So far this year we have continued to prioritize deleveraging, and we are also on track to reduce our leverage ratio to 3.0x by fiscal year end, which is ahead of our expectation. We believe the combination of our diversified and resilient revenue mix, high value service offering, and our opportunistic, accretive M&A strategy, while stra...