Business
Concrete Pumping Holdings Reports Strong Third Quarter Fiscal Year 2022 Results
Revenue Growth of 29%, Raises Full-Year Revenue Outlook DENVER, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"Revenue Growth of 29%, Raises Full-Year Revenue Outlook\nDENVER, Sept. 08, 2022 (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 quarter ended July 31, 2022. Third Quarter Fiscal Year 2022 Summary vs. Third Quarter Fiscal Year 2021 (unless otherwise noted) Revenue increased 29.4% or $23.7 million to $104.5 million compared to $80.8 million.Gross profit increased 16.4% or $6.1 million to $43.3 million compared to $37.2 million.Net income available to common shareholders increased to $14.1 million or $0.24 per diluted share compared to $4.1 million or $0.07 per diluted share.Adjusted EBITDA1 increased 14.7% to $32.6 million compared to $28.5 million, with Adjusted EBITDA margin of 31.2% compared to 35.2%.Amounts outstanding under debt agreements was $391.9 million, with net debt1 of $389.4 million. Total available liquidity at quarter end was $134.1 million. Management Commentary “The third quarter marks our fourth consecutive quarter of double-digit revenue growth across all our segments, which we consider a testament to the strength and resilience of our business,” said CPH CEO Bruce Young. “Driving these results was strong organic growth in our commercial end-market due to volume and rate improvements, the contribution from recent accretive acquisitions, and continued momentum in our Eco-Pan business. Rising inflation, particularly in diesel fuel, was a headwind that persisted in the quarter, but we remained successful in recalibrating our rates. “We also continued to execute upon our organic and M&A growth strategies. In late July, we undertook a greenfield expansion strategy in Washington D.C., an area that has experienced robust growth over the past decade. In August, we strengthened our presence with the acquisition of Coastal Carolina Pumping, Inc., the largest concrete pumping service provider in the Carolinas. We expect to deliver value creation using the same proven approach we have taken with our previous acquisitions. “Heading into the final quarter of our fiscal year, we expect our sales momentum to continue due to the strength in our end-markets and our diverse business model. While inflationary headwinds have started to ease somewhat since the end ...