Concrete Pumping Holdings Reports Fourth Quarter and Fiscal Year 2024 Results

Core Insights - Concrete Pumping Holdings, Inc. reported a decline in revenue and adjusted EBITDA for the fourth quarter and fiscal year 2024, primarily due to a slowdown in the U.S. Concrete Pumping segment driven by high interest rates and increased commercial building vacancy rates [3][4][11]. Financial Performance Summary - Fourth quarter revenue was $111.5 million, down from $120.2 million in the same quarter of fiscal year 2023, reflecting a decrease of 7.3% [4][10]. - Fiscal year 2024 revenue totaled $425.9 million, compared to $442.2 million in fiscal year 2023, marking a decline of 3.7% [11][10]. - Adjusted EBITDA for the fourth quarter was $33.7 million, down from $35.8 million year-over-year, with an adjusted EBITDA margin of 30.2% compared to 29.8% [8][10]. - For fiscal year 2024, adjusted EBITDA was $112.1 million, down from $124.6 million in the previous year, with a margin of 26.3% compared to 28.2% [14][10]. Segment Performance - U.S. Concrete Pumping segment revenue in Q4 2024 was $74.5 million, a decrease of 12.3% from $85.0 million in Q4 2023 [16][41]. - U.K. Operations reported Q4 revenue of $17.1 million, slightly down from $17.4 million year-over-year [18][41]. - U.S. Concrete Waste Management Services saw a revenue increase of 11.2% in Q4 2024, reaching $19.8 million compared to $17.8 million in the prior year [20][41]. Cost Management and Profitability - Gross profit for Q4 2024 was $46.2 million, down from $48.9 million in Q4 2023, but gross margin improved to 41.5% from 40.7% due to effective cost control measures [5][10]. - General and administrative expenses decreased by 9% to $27.0 million in Q4 2024 compared to $29.6 million in the prior year [6][10]. - Net income for Q4 2024 was $9.4 million, unchanged from the same quarter in fiscal year 2023, with diluted earnings per share remaining at $0.16 [7][10]. Liquidity and Debt Management - As of October 31, 2024, the company had total available liquidity of $378.0 million, up from $216.7 million a year ago, and net debt reduced to $332.0 million [15][10]. - The leverage ratio at the end of Q4 2024 was 3.0x [10]. Outlook for Fiscal Year 2025 - The company anticipates fiscal year 2025 revenue to range between $425.0 million to $445.0 million, with adjusted EBITDA expected to be between $115.0 million to $125.0 million [23][10].