crete Pumping (US:BBCP)2025-03-11 20:05Revenue Performance - Revenue for Q1 FY 2025 was $86.4 million, down 11.3% from $97.7 million in Q1 FY 2024[6] - Revenue for the three months ended January 31, 2025, was $86,447 thousand, a decrease of 11.5% compared to $97,711 thousand for the same period in 2024[36] - U.S. Concrete Pumping segment revenue fell to $56.9 million, down 14.7% from $66.7 million in the prior year[13] - The company expects FY 2025 revenue to range between $400.0 million and $420.0 million[16] Profitability Metrics - Gross profit decreased to $31.2 million from $33.3 million, but gross margin improved by 200 basis points to 36.1%[8] - Gross profit margin improved to 36.1% in Q1 2025 from 34.1% in Q1 2024, despite a decrease in revenue[34] - Adjusted EBITDA for Q1 FY 2025 was $17.0 million, down from $19.3 million, with an unchanged Adjusted EBITDA margin of 19.7%[11] - Adjusted EBITDA for the three months ended January 31, 2025, was $11,592 thousand, compared to $4,487 thousand for the same period in 2024[38] - Adjusted EBITDA for the same period was $17,011,000, down 11.8% from $19,281,000 in the prior year[39] - U.S. Concrete Pumping segment reported an adjusted EBITDA of $9,159,000, a decrease of 21.0% from $11,592,000 in the previous year[39] Net Loss and Financial Health - Net loss for Q1 FY 2025 was $2.6 million, an improvement from a net loss of $3.8 million in the prior year[10] - Net loss for the three months ended January 31, 2025, was $2,639 thousand, compared to a net loss of $3,826 thousand for the same period in 2024[35] - For the three months ended January 31, 2025, the total net loss was $2,639,000, an improvement of 31.0% compared to a net loss of $3,826,000 in the same period of 2024[39] - The company’s net debt as of January 31, 2025, was $339,868,000, compared to $373,333,000 a year earlier[45] Liquidity and Capital Structure - Total available liquidity at the end of Q1 FY 2025 was $409.6 million, an increase of $192.6 million year-over-year[12] - Cash and cash equivalents increased to $85,132 thousand as of January 31, 2025, from $43,041 thousand at the end of the previous quarter[35] - Total current assets rose to $140,913 thousand as of January 31, 2025, compared to $112,360 thousand as of October 31, 2024[33] - Long-term debt increased to $417,055 thousand as of January 31, 2025, from $373,260 thousand as of October 31, 2024[33] - The leverage ratio at the end of Q1 FY 2025 was 3.1x, indicating the company's ability to service its debt[6] Segment Performance - U.S. Concrete Waste Management Services revenue increased by 7% to $16.7 million, driven by organic growth and pricing improvements[14] - U.S. Concrete Waste Management Services achieved a net income of $224,000, a significant turnaround from a net loss of $1,237,000 in the prior year, representing a 118.1% improvement[39] - U.K. Operations reported a net income of $217,000, down 55.2% from $484,000 in the same quarter of 2024[39] Future Outlook and Investments - The board extended the share repurchase program expiration to December 31, 2026, with $15.1 million available for repurchase[18] - Capital expenditures for Q1 2025 included approximately $2 million for growth investments[42] - The company plans to continue focusing on growth investments and potential M&A opportunities in the upcoming quarters[41] Shareholder Metrics - The adjusted diluted loss per share for Q1 2025 was $(0.06), compared to $(0.08) in Q1 2024[40]