Business
Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2019 Results and Updates its Financial Outlook for Fiscal Year 2019
DENVER, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping
About this update from Concrete Pumping Holdings, Inc.
[{"type":"text","content":"DENVER, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping services and concrete waste management services in the U.S. and U.K., today reported financial results for its third fiscal quarter ended July 31, 2019 and updated its financial outlook for fiscal year 2019.\n Third Quarter Fiscal Year 2019 Summary ●Revenue increased 18% to $78.7 million compared to the third quarter of fiscal year 2018.●Gross margin increased 430 basis points to 49.6% versus the third quarter of fiscal 2018.●Net income attributable to common shareholders was $2.3 million, or $0.05 per diluted share.●Adjusted EBITDA1 increased 37% to $30.6 million compared to the third quarter of fiscal 2018, with Adjusted EBITDA margin1 increasing 540 basis points to 38.9%. Management Commentary “Our 18% revenue growth in the third fiscal quarter was driven largely by the contribution from our successful Capital Pumping acquisition, as well as broad end-market strength in the U.S. and growth in Eco-Pan,” said CEO Bruce Young. “This increase in revenue, combined with a 430-basis point expansion in gross margin, were the primary factors responsible for the substantial growth in Adjusted EBITDA over the previous year. Additionally, the steps taken to strengthen our supply chain, such as cost reductions in replacement parts, fuel and operating supplies, contributed to our improved Adjusted EBITDA, and position us well to scale our business in the future. “We acquired Capital Pumping on May 15, and the business integration process is tracking on schedule. Additionally, Capital Pumping’s performance in the third quarter was in-line with expectations as we saw strong demand across most of our end markets in Texas. We believe this business will be a positive element of our overall portfolio and expect it will be accretive to our combined financial results, as evidenced in our third quarter Adjusted EBITDA margin of 38.9%. “As we enter our fourth fiscal quarter, and now that we have completed a significant portion of the Capital Pumping integration, we have updated our fiscal year 2019 financial outlook. We expect construction activity to remain robust over the coming months as we work through our backlog of delayed projects from the first half of the year and as new projects kick off...