Concrete Pumping Holdings Reports Fourth Quarter and Fiscal Year 2024 Results

Core Insights - Concrete Pumping Holdings, Inc. reported financial results for Q4 and fiscal year 2024, highlighting challenges in the U.S. Concrete Pumping segment due to high interest rates and increased commercial building vacancy rates, while the Concrete Waste Management business showed strong growth [4][5][12]. Financial Performance Summary - Q4 2024 revenue was $111.5 million, down from $120.2 million in Q4 2023, primarily due to a decline in the U.S. Concrete Pumping segment [5][6]. - Fiscal year 2024 revenue totaled $425.9 million, a decrease from $442.2 million in fiscal year 2023, attributed to a slowdown in commercial construction and adverse weather events [12][15]. - Gross profit for Q4 2024 was $46.2 million, compared to $48.9 million in Q4 2023, with a gross margin improvement to 41.5% from 40.7% [6][8]. - For fiscal year 2024, gross profit was $165.8 million, down from $178.3 million in fiscal year 2023, with a gross margin of 38.9% compared to 40.3% [13][15]. Segment Performance - U.S. Concrete Pumping revenue in Q4 2024 was $74.5 million, down 12.3% from $85.0 million in Q4 2023, with net income decreasing to $2.0 million from $2.6 million [17][18]. - U.K. Operations revenue in Q4 2024 was $17.1 million, slightly down from $17.4 million in the prior year, with adjusted EBITDA increasing by 18% to $5.2 million [20]. - U.S. Concrete Waste Management Services revenue increased by 11% in Q4 2024 to $19.8 million, driven by organic growth and pricing improvements [22][23]. Management Commentary - The CEO noted that despite challenges in the U.S. pumping market, disciplined fleet management improved adjusted EBITDA margins and free cash flow, which increased by 5% year-over-year [4][6]. - The company anticipates continued positive momentum in the Concrete Waste Management segment and is positioned for market recovery in fiscal 2025 [4][24]. 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 [16][54]. - The leverage ratio at the end of Q4 2024 was 3.0x, indicating a stable financial position despite revenue declines [6][16]. Fiscal Year 2025 Outlook - The company expects fiscal year 2025 revenue to range between $425.0 million and $445.0 million, with adjusted EBITDA projected between $115.0 million and $125.0 million [24].