crete Pumping (BBCP)

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crete Pumping (BBCP) - 2024 Q3 - Earnings Call Transcript
2024-09-05 00:36
Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2024 was $109.6 million, down from $120.7 million in Q3 2023, primarily due to a decline in the U.S. Concrete Pumping segment [14][16] - U.S. Concrete Pumping segment revenue decreased 14% to $75.2 million compared to $87.3 million in the prior year quarter, attributed to lower volumes from a slowdown in commercial construction [14][15] - Adjusted EBITDA decreased to $31.6 million from $34.9 million year-over-year, but the adjusted EBITDA margin remained consistent at approximately 29% [17][21] Business Line Data and Key Metrics Changes - U.S. Concrete Waste Management Services revenue increased 15% to $18.5 million compared to $16.1 million in the prior year quarter, driven by organic growth and pricing improvements [15][17] - U.K. operations revenue decreased 8% to $15.9 million, with infrastructure work showing resilience despite a slowdown in other commercial projects [15][11] Market Data and Key Metrics Changes - The commercial market experienced softness, particularly in light commercial and manufacturing projects, due to prolonged high interest rates [8][12] - Residential market held steady, with approximately 31% of total revenue coming from residential concrete pumping work [9][10] - Infrastructure markets grew year-over-year by 5%, driven by resilience in U.K. projects and expanding U.S. national footprint [11][12] Company Strategy and Development Direction - The company aims to navigate through macroeconomic cycles and believes its strategic growth plan will drive superior shareholder value [12] - Focus on maintaining market share while managing costs effectively, with an emphasis on operational flexibility and equipment utilization [23][41] - Plans to complement organic growth with opportunistic M&A while strategically reducing leverage [23][21] Management's Comments on Operating Environment and Future Outlook - Management noted that historic rainfall and restrictive monetary policy negatively impacted construction volumes, but these conditions are expected to be temporary [6][7] - The company anticipates continued growth in the Concrete Waste Management business and infrastructure projects, despite current market challenges [7][12] - Future demand is expected to improve as interest rates potentially decrease, with a cautious outlook for the first half of 2025 [22][29] Other Important Information - The company repurchased approximately 370,000 shares for $2.5 million during Q3 2024, demonstrating commitment to long-term shareholder value [20][19] - Full-year guidance was adjusted to revenue between $420 million and $430 million, with adjusted EBITDA expected between $108 million and $113 million [21] Q&A Session Summary Question: Current market conditions and actions taken - Management confirmed they are not deferring maintenance on assets and are managing costs effectively through better purchasing and labor management [26] Question: Outlook for 2025 - Management expects the first half of 2025 to be similar to current conditions, with potential improvement in the second half [29] Question: Impact of potential rate cuts - Management noted that while there are early signs of improvement in the non-residential construction market, concrete stage activity is expected to pick up in the second half of next year [32][33] Question: Utilization rates - Current utilization rates are around 70%, with a goal of reaching 80% as market conditions improve [36] Question: Equipment oversaturation and pricing pressure - Management acknowledged oversaturation in the market due to increased equipment availability, but they have managed to maintain pricing [41] Question: Growth sustainability in Eco-Pan - The Eco-Pan segment has shown strong growth even in a softer environment, demonstrating its efficiency compared to traditional methods [46]
Concrete Pumping (BBCP) Misses Q3 Earnings and Revenue Estimates
ZACKS· 2024-09-04 22:20
Core Viewpoint - Concrete Pumping (BBCP) reported quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.18 per share, and showing a decline from $0.17 per share a year ago, indicating a negative earnings surprise of -27.78% [1] Financial Performance - The company posted revenues of $109.62 million for the quarter ended July 2024, missing the Zacks Consensus Estimate by 13.07%, and down from $120.67 million year-over-year [1] - Over the last four quarters, Concrete Pumping has not surpassed consensus EPS estimates and has topped revenue estimates only once [1] Stock Performance - Concrete Pumping shares have declined approximately 25% since the beginning of the year, contrasting with the S&P 500's gain of 15.9% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $128.2 million, and for the current fiscal year, it is $0.35 on revenues of $459.1 million [4] - The estimate revisions trend for Concrete Pumping is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [4] Industry Context - The Waste Removal Services industry, to which Concrete Pumping belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [5]
crete Pumping (BBCP) - 2024 Q3 - Quarterly Report
2024-09-04 21:48
[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show decreased revenue and net income, with a notable $3.5 million loss from a sales tax ruling [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | As of July 31, 2024 | As of October 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$890,790** | **$904,525** | | Total current assets | $102,472 | $94,270 | | Property, plant and equipment, net | $423,486 | $427,648 | | Goodwill | $222,964 | $221,517 | | **Total Liabilities** | **$551,114** | **$571,285** | | Total current liabilities | $66,610 | $83,976 | | Long term debt, net | $372,912 | $371,868 | | **Total Stockholders' Equity** | **$314,676** | **$308,240** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2024 | Three Months Ended July 31, 2023 | Nine Months Ended July 31, 2024 | Nine Months Ended July 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$109,617** | **$120,671** | **$314,390** | **$322,037** | | Gross Profit | $44,505 | $49,484 | $119,586 | $129,412 | | Income from Operations | $16,625 | $19,547 | $30,136 | $42,176 | | **Net Income** | **$7,560** | **$10,336** | **$6,780** | **$22,399** | | **Diluted EPS** | **$0.13** | **$0.18** | **$0.10** | **$0.38** | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Summary (in thousands) | Metric | Three Months Ended July 31, 2024 | Three Months Ended July 31, 2023 | Nine Months Ended July 31, 2024 | Nine Months Ended July 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $7,560 | $10,336 | $6,780 | $22,399 | | Foreign currency translation adjustment | $2,315 | $1,835 | $4,874 | $8,565 | | **Total Comprehensive Income** | **$9,875** | **$12,171** | **$11,654** | **$30,964** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - For the nine months ended July 31, 2024, **total stockholders' equity increased to $314.7 million**, driven by net income and foreign currency adjustments[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended July 31, in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $64,474 | $66,232 | | Net cash used in investing activities | ($30,012) | ($35,923) | | Net cash used in financing activities | ($24,772) | ($26,744) | | **Net increase in cash and cash equivalents** | **$10,472** | **$4,050** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company operates through three main subsidiaries: Brundage-Bone (U.S.), Camfaud (U.K.), and Eco-Pan (U.S. and U.K.)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The adoption of the CECL accounting standard on November 1, 2023, **did not have a material impact** on the financial statements[43](index=43&type=chunk) - As of July 31, 2024, the company had **$375.0 million in Senior Notes** and no outstanding balance on its $225.0 million ABL Facility[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - A **loss of $3.5 million** was recorded in Q1 2024 due to an unfavorable court judgment on a Washington State sales tax issue[87](index=87&type=chunk) - In March 2024, the board approved a **$15.0 million increase** to the company's share repurchase program[89](index=89&type=chunk) Segment Revenue (Nine Months Ended July 31, in thousands) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | U.S. Concrete Pumping | $216,514 | $232,896 | | U.K. Operations | $46,813 | $45,207 | | U.S. Concrete Waste Management Services | $51,063 | $43,934 | | **Total Revenue** | **$314,390** | **$322,037** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue declined due to a commercial construction slowdown, partially offset by growth in waste management services [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 2024 vs Q3 2023 Revenue by Segment (in thousands) | Segment | Q3 2024 Revenue | Q3 2023 Revenue | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | U.S. Concrete Pumping | $75,213 | $87,323 | ($12,110) | (13.9)% | | U.K. Operations | $15,859 | $17,260 | ($1,401) | (8.1)% | | U.S. Concrete Waste Management | $18,545 | $16,088 | $2,457 | 15.3% | | **Total Revenue** | **$109,617** | **$120,671** | **($11,054)** | **(9.2)%** | - The **13.9% revenue decrease** in U.S. Concrete Pumping for Q3 2024 was driven by a slowdown in commercial construction and adverse weather[120](index=120&type=chunk) - Gross margin for Q3 2024 was **40.6%**, a slight decrease from 41.0% in Q3 2023, due to lower revenue offset by cost improvements[122](index=122&type=chunk) - For the nine months ended July 31, 2024, G&A expenses increased by $2.3 million, largely due to a **non-recurring charge of $3.5 million**[136](index=136&type=chunk) [Adjusted EBITDA and Net Income/(Loss)](index=32&type=section&id=Adjusted%20EBITDA%20and%20Net%20Income/(Loss)) Adjusted EBITDA by Segment (in thousands) | Segment | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | U.S. Concrete Pumping | $20,100 | $22,671 | $48,029 | $58,771 | | U.K. Operations | $4,228 | $4,792 | $11,567 | $11,027 | | U.S. Concrete Waste Management | $7,310 | $7,453 | $18,871 | $18,997 | | **Total Adjusted EBITDA** | **$31,638** | **$34,916** | **$78,467** | **$88,795** | - Adjusted EBITDA for the U.S. Concrete Pumping segment **decreased by 18.3%** year-to-date due to lower revenue and cost pressures[145](index=145&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) - As of July 31, 2024, the company had **total available liquidity of $236.3 million**, including cash and ABL Facility capacity[152](index=152&type=chunk) - Capital expenditures for the nine months ended July 31, 2024, were **$37.5 million**, a decrease from $43.2 million in the prior year[156](index=156&type=chunk)[169](index=169&type=chunk) - Net cash from operating activities was **$64.5 million** for the nine months ended July 31, 2024, a slight decrease from the prior-year period[166](index=166&type=chunk)[167](index=167&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as per the report - Not applicable[177](index=177&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of July 31, 2024[179](index=179&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter ended July 31, 2024[180](index=180&type=chunk) [Part II. Other Information](index=41&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company recorded a $3.5 million loss for a sales tax issue, with other litigation not expected to be material - Information on legal proceedings is detailed in Note 13, covering the **Washington State sales tax issue** and other ordinary litigation[182](index=182&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report - There have been **no material changes** to the Risk Factors previously disclosed in the company's Annual Report[183](index=183&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 370,419 shares for $2.5 million in Q3 2024, with $19.5 million remaining under the program Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid | Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | May 2024 | 124,425 | $6.91 | $21,050,680 | | June 2024 | 111,971 | $6.64 | $20,307,317 | | July 2024 | 134,023 | $6.40 | $19,450,057 | | **Total** | **370,419** | **$6.64** | **$19,450,057** | [Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[188](index=188&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not Applicable[188](index=188&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The CEO adopted and subsequently terminated a Rule 10b5-1 Trading Plan during the first half of 2024 - The Company's CEO, Bruce Young, **terminated his Rule 10b5-1 Trading Plan** on May 14, 2024, and exercised all outstanding options[189](index=189&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists required CEO/CFO certifications and Inline XBRL documents filed as exhibits with the Form 10-Q - The report lists required certifications (31.1, 31.2, 32.1, 32.2) and **Inline XBRL data files** as exhibits[191](index=191&type=chunk)
crete Pumping (BBCP) - 2024 Q3 - Quarterly Results
2024-09-04 20:08
Exhibit 99.1 Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2024 Results DENVER, CO – September 4, 2024 – 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, 2024. Third Quarter Fiscal Year 2024 Summary vs. Third Quarter of Fiscal Year 2023 (unless otherwise noted) ● Revenue of $109.6 million compared to $120.7 million. ● ...
Concrete Pumping Holdings Sets Third Quarter 2024 Earnings Conference Call for Wednesday, September 4, 2024
GlobeNewswire News Room· 2024-08-21 20:05
DENVER, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (“CPH” or the “Company”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., will hold a conference call on Wednesday, September 4, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended July 31, 2024. The Company will report its financial results in a press release prior to the conference call. CPH’s CEO Bruce Young and CFO Iain Humphries wil ...
crete Pumping (BBCP) - 2024 Q2 - Earnings Call Transcript
2024-06-07 00:25
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q2 2024 Earnings Call Transcript June 6, 2024 5:00 PM ET Company Participants Cody Slach - IR, Gateway Group Bruce Young - CEO & Director Iain Humphries - CFO & Director Conference Call Participants Luke McFadden - William Blair Stanley Elliott - Stifel, Nicolaus & Company Avi Jaroslawicz - UBS Securities Jean Ramirez - D.A. Davidson Steven Fisher - UBS Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concr ...
Concrete Pumping (BBCP) Q2 Earnings and Revenues Miss Estimates
ZACKS· 2024-06-06 22:21
Company Performance - Concrete Pumping reported quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.07 per share, and down from $0.09 per share a year ago, representing an earnings surprise of -28.57% [1] - The company posted revenues of $107.06 million for the quarter ended April 2024, missing the Zacks Consensus Estimate by 3.55%, and down from $107.79 million year-over-year [1] - Over the last four quarters, Concrete Pumping has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [1] Stock Performance - Concrete Pumping shares have declined approximately 8.8% since the beginning of the year, contrasting with the S&P 500's gain of 12.3% [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $125.68 million, and for the current fiscal year, it is $0.40 on revenues of $462.28 million [4] - The estimate revisions trend for Concrete Pumping is mixed, and changes in estimates for the coming quarters and current fiscal year are anticipated following the recent earnings report [4] Industry Context - The Waste Removal Services industry, to which Concrete Pumping belongs, is currently ranked in the bottom 47% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Radius Recycling, another company in the same industry, is expected to report a quarterly loss of $0.87 per share, reflecting a year-over-year change of -229.9%, with revenues anticipated to be $721.6 million, down 10.9% from the previous year [5][6]
crete Pumping (BBCP) - 2024 Q2 - Quarterly Report
2024-06-06 21:06
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-38166 CONCRETE PUMPING HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delawa ...
crete Pumping (BBCP) - 2024 Q2 - Quarterly Results
2024-06-06 20:09
[Overall Performance and Outlook](index=1&type=section&id=Overall%20Performance%20and%20Outlook) [Second Quarter Fiscal Year 2024 Financial Highlights](index=1&type=section&id=Second%20Quarter%20Fiscal%20Year%202024%20Financial%20Highlights) Concrete Pumping Holdings reported nearly flat revenue in Q2 FY2024, while net income and Adjusted EBITDA declined, yet total available liquidity significantly increased Q2 FY2024 Key Financial Metrics (vs. Q2 FY2023) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Revenue | $107.1 million | $107.8 million | | Gross Profit | $41.8 million | $43.5 million | | Income from Operations | $12.1 million | $13.2 million | | Net Income | $3.0 million | $5.6 million | | Diluted EPS | $0.05 | $0.09 | | Adjusted EBITDA | $27.5 million | $28.8 million | | Adjusted EBITDA Margin | 25.7% | 26.7% | - Total available liquidity significantly increased to **$216.9 million** as of April 30, 2024, compared to **$100.4 million** in the prior year[1](index=1&type=chunk) - As of April 30, 2024, the company had **$391.4 million** in outstanding debt and net debt of **$373.5 million**[1](index=1&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong growth in waste management offsetting concrete pumping declines due to project delays and weather, while remaining optimistic about full-year revenue and free cash flow - The U.S. Concrete Pumping segment experienced a volume decline due to delayed commercial work and above-average rainfall in Texas and the southwestern U.S[2](index=2&type=chunk) - Infrastructure project revenue increased by **14%** year-over-year, believed to be driven by federal and state funding from the Infrastructure Investment and Jobs Act[2](index=2&type=chunk) - The Concrete Waste Management business continued its strong performance, with revenue growing **19%** due to increased market share and improved pricing[3](index=3&type=chunk) - The company is positioned to deliver full-year revenue growth and maintain its free cash flow outlook, aiming to achieve its target leverage ratio[4](index=4&type=chunk) [Fiscal Year 2024 Outlook](index=2&type=section&id=Fiscal%20Year%202024%20Outlook) The company updated its FY2024 guidance, projecting revenue between $455.0 million and $465.0 million, Adjusted EBITDA of $120.0 million to $125.0 million, and maintaining its free cash flow outlook Fiscal Year 2024 Guidance | Metric | Expected Range/Target | | :--- | :--- | | Revenue | $455.0M - $465.0M | | Adjusted EBITDA | $120.0M - $125.0M | | Free Cash Flow | At least $75.0M | | Leverage Ratio (by Oct 31, 2024) | ~2.75x | [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) [Consolidated Financial Performance](index=2&type=section&id=Consolidated%20Financial%20Performance) Consolidated revenue slightly decreased to $107.1 million in Q2 FY2024, leading to declines in gross profit, net income, and Adjusted EBITDA, primarily due to U.S. Concrete Pumping slowdown - Q2 revenue decreased slightly to **$107.1 million**, impacted by a slowdown in commercial construction, market oversaturation of pumps, and poor weather, offset by strong growth in Concrete Waste Management[5](index=5&type=chunk) - Gross margin decreased to **39.0%** from **40.3%** in the prior year quarter, primarily due to lower revenue and labor utilization in U.S. Concrete Pumping and increased insurance costs[6](index=6&type=chunk) - General and administrative (G&A) expenses decreased to **$29.7 million** from **$30.2 million**, mainly due to lower amortization expense and stock-based compensation[6](index=6&type=chunk) - Net income attributable to common shareholders was **$2.6 million**, or **$0.05** per diluted share, compared to **$5.2 million**, or **$0.09** per diluted share, in the prior year quarter[7](index=7&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Q2 2024 segment performance was mixed, with U.S. Concrete Pumping revenue declining, U.K. Operations showing modest growth, and U.S. Concrete Waste Management Services achieving strong revenue and Adjusted EBITDA increases [U.S. Concrete Pumping](index=2&type=section&id=U.S.%20Concrete%20Pumping) The U.S. Concrete Pumping segment experienced a 5% revenue decrease to $74.6 million in Q2 2024, resulting in a net loss and lower Adjusted EBITDA due to volume declines U.S. Concrete Pumping Q2 Performance (vs. Q2 2023) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Revenue | $74.6 million | $78.4 million | | Net Income (Loss) | ($1.0 million) | $0.8 million | | Adjusted EBITDA | $17.2 million | $19.3 million | [U.K. Operations](index=2&type=section&id=U.K.%20Operations) U.K. Operations saw a 2% revenue increase to $15.5 million, with net income growing 11% and Adjusted EBITDA rising 8% due to improved rates and fuel prices U.K. Operations Q2 Performance (vs. Q2 2023) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Revenue | $15.5 million | $15.2 million | | Net Income | $1.0 million | $0.9 million | | Adjusted EBITDA | $4.1 million | $3.8 million | [U.S. Concrete Waste Management Services](index=2&type=section&id=U.S.%20Concrete%20Waste%20Management%20Services) U.S. Concrete Waste Management Services achieved strong performance with a 19% revenue increase to $16.9 million, leading to an 11% rise in net income and an 8% increase in Adjusted EBITDA U.S. Concrete Waste Management Q2 Performance (vs. Q2 2023) | Metric | Q2 FY2024 | Q2 FY2023 | | :--- | :--- | :--- | | Revenue | $16.9 million | $14.2 million | | Net Income | $3.0 million | $2.7 million | | Adjusted EBITDA | $6.2 million | $5.7 million | [Liquidity and Financial Position](index=2&type=section&id=Liquidity%20and%20Financial%20Position) As of April 30, 2024, the company maintained a strong liquidity position with $216.9 million available, total debt outstanding of $391.4 million, and net debt of $373.5 million Liquidity and Debt as of April 30, 2024 | Metric | Amount | | :--- | :--- | | Debt Outstanding | $391.4 million | | Net Debt | $373.5 million | | Total Available Liquidity | $216.9 million | [Financial Statements and Reconciliations](index=8&type=section&id=Financial%20Statements%20and%20Reconciliations) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements show a slight decrease in total assets and liabilities, with lower net income for both the three and six-month periods, and a slight decrease in cash from operations [Balance Sheets](index=8&type=section&id=Balance%20Sheets) As of April 30, 2024, total assets slightly decreased to $894.7 million, total liabilities decreased to $561.4 million, and stockholders' equity remained stable Condensed Balance Sheet Data (in thousands) | Account | April 30, 2024 | October 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $99,459 | $94,270 | | Total Assets | $894,713 | $904,525 | | Total Current Liabilities | $79,973 | $83,976 | | Total Liabilities | $561,412 | $571,285 | | Total Stockholders' Equity | $308,301 | $308,240 | [Statements of Operations](index=9&type=section&id=Statements%20of%20Operations) For the three months ended April 30, 2024, net income was $3.0 million on $107.1 million revenue, while the six-month period recorded a net loss of $0.8 million Condensed Statement of Operations (in thousands) | Metric | Three Months Ended April 30, 2024 | Three Months Ended April 30, 2023 | | :--- | :--- | :--- | | Revenue | $107,062 | $107,791 | | Gross Profit | $41,767 | $43,474 | | Income from Operations | $12,055 | $13,216 | | Net Income | $3,046 | $5,588 | [Statements of Cash Flows](index=10&type=section&id=Statements%20of%20Cash%20Flows) For the six months ended April 30, 2024, net cash from operating activities was $29.4 million, with decreased cash used in investing activities and $4.1 million used in financing activities Condensed Statement of Cash Flows (Six Months Ended April 30, in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $29,445 | $31,092 | | Net cash used in investing activities | ($23,581) | ($31,129) | | Net cash provided by (used in) financing activities | ($4,135) | ($1,052) | | Net increase (decrease) in cash | $2,095 | ($839) | [Non-GAAP Reconciliations and Other Financial Data](index=11&type=section&id=Non-GAAP%20Reconciliations%20and%20Other%20Financial%20Data) This section provides detailed reconciliations of non-GAAP measures, including Adjusted EBITDA and net debt, along with segment performance breakdowns and notes on reclassification of certain activities - Beginning in Q1 2024, the company reclassified certain assets and related results into the U.S. Concrete Pumping segment and adjusted its corporate allocation methodology for segment Adjusted EBITDA, with prior period results recast for conformity[30](index=30&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (Q2 2024, in thousands) | Line Item | Amount | | :--- | :--- | | Net income | $3,046 | | Interest expense | $6,873 | | Income tax expense | $2,180 | | Depreciation and amortization | $14,239 | | **EBITDA** | **$26,338** | | Stock based compensation & other adjustments | $1,210 | | **Adjusted EBITDA** | **$27,548** | Net Debt Trend (in thousands) | Date | Net Debt | | :--- | :--- | | April 30, 2023 | $429,304 | | October 31, 2023 | $378,093 | | April 30, 2024 | $373,472 | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) [About the Company](index=4&type=section&id=About%20the%20Company) Concrete Pumping Holdings is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under key national brands - The company is a leading provider of concrete pumping and waste management services in the U.S. and U.K[15](index=15&type=chunk) - Key operating brands include Brundage-Bone in the U.S., Camfaud in the U.K., and Eco-Pan in both markets[15](index=15&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) The company held a conference call on June 6, 2024, to discuss Q2 2024 results, with a replay available until June 13, 2024 - A conference call was held on Thursday, June 6, 2024, at 5:00 p.m. Eastern time to discuss the results[13](index=13&type=chunk) - A replay of the call is available until June 13, 2024[14](index=14&type=chunk) [Non-GAAP Financial Measures Definition](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20Definition) The company utilizes non-GAAP financial measures like Adjusted EBITDA and net debt to provide supplemental information, with definitions and reconciliations included in the financial tables - The company uses non-GAAP measures such as Adjusted EBITDA, net debt, and free cash flow to provide supplemental information on financial and business trends[17](index=17&type=chunk)[19](index=19&type=chunk) - Adjusted EBITDA is calculated by taking net income and adding back interest, taxes, D&A, and other specific adjustments like transaction expenses and stock-based compensation[18](index=18&type=chunk) - Forward-looking non-GAAP guidance is not reconciled to GAAP measures due to the lack of predictability of reconciling items[22](index=22&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future performance and the fiscal year 2024 outlook, which are subject to significant risks and uncertainties - The report includes forward-looking statements concerning future performance and the fiscal 2024 outlook[16](index=16&type=chunk) - Key risks that could affect results include inflation, global economic conditions, fuel costs, adverse weather, and changes in regulations[16](index=16&type=chunk)
Concrete Pumping Holdings Reports Second Quarter Fiscal Year 2024 Results
GlobeNewswire News Room· 2024-06-06 20:05
DENVER, June 06, 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 second quarter ended April 30, 2024. Second Quarter Fiscal Year 2024 Summary vs. Second Quarter of Fiscal Year 2023 (unless otherwise noted) ●Revenue of $107.1 million compared to $107.8 million. ●Gross profit of $41.8 million compared to $43.5 million. ●Income from ope ...