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Concrete Pumping Holdings Reports First Quarter Fiscal Year 2025 Results

Core Viewpoint - Concrete Pumping Holdings, Inc. reported a decline in revenue and net loss for the first quarter of fiscal year 2025, primarily due to a slowdown in commercial construction and adverse weather conditions, but maintained strong adjusted EBITDA margins and improved liquidity [1][5][9]. Financial Performance - Revenue for Q1 FY2025 was $86.4 million, down from $97.7 million in Q1 FY2024, a decrease of 11.5% [5][39]. - Gross profit decreased to $31.2 million from $33.3 million, while gross margin improved to 36.1% from 34.1% due to better fuel and insurance costs [6][39]. - General and administrative expenses fell by 13% to $27.8 million compared to $31.9 million in the prior year, influenced by a non-recurring charge in the previous year [7][8]. - The company reported a net loss of $2.6 million, an improvement from a net loss of $3.8 million in the prior year [9][36]. - Adjusted EBITDA was $17.0 million, down from $19.3 million, with the adjusted EBITDA margin remaining stable at 19.7% [10][44]. Segment Performance - U.S. Concrete Pumping revenue decreased to $56.9 million from $66.7 million, with adjusted EBITDA dropping to $9.2 million from $11.6 million [12][39]. - U.S. Concrete Waste Management Services saw a revenue increase of 7% to $16.7 million, with adjusted EBITDA rising to $5.0 million from $4.5 million [13][39]. - U.K. Operations revenue fell to $12.8 million from $15.4 million, with adjusted EBITDA decreasing to $2.8 million from $3.2 million [14][39]. Liquidity and Debt - As of January 31, 2025, the company had $425.0 million in debt and net debt of $339.9 million, with total available liquidity increasing to $409.6 million from $217.0 million a year ago [11][39]. - The leverage ratio at the end of the quarter was 3.1x [11]. Share Repurchase Program - The board of directors extended the existing share repurchase program expiration date to December 31, 2026, with $15.1 million available for repurchase [17][18].