Concrete Pumping Q4 Earnings Call Highlights

Core Insights - The company reported mixed financial results for the fourth quarter, with total revenue declining to $108.8 million from $111.5 million in the prior year, primarily due to delays in commercial construction and weaker residential demand [4][7]. Revenue Performance - In the U.K. (Camford brand), revenue decreased to $15.3 million from $17.1 million year-over-year, attributed to lower volumes in commercial construction [1]. - The U.S. concrete waste management segment, EcoPan, saw an 8% increase in revenue to $21.3 million from $19.8 million, driven by higher pan pickup volumes and pricing momentum [2]. - U.S. concrete pumping revenue fell to $72.2 million from $74.5 million, with infrastructure project demand remaining strong while commercial project volume was stable [3]. Profitability Metrics - Adjusted EBITDA for the fourth quarter dropped to $30.7 million from $33.7 million, with the adjusted EBITDA margin declining to 28.2% from 30.2% [9]. - Gross margin decreased by 170 basis points to 39.8% from 41.5% in the prior year, influenced by lower volumes and reduced fleet utilization [8]. Financial Outlook - For fiscal 2026, the company guided revenue between $390 million and $410 million and adjusted EBITDA of $90 million to $100 million, assuming no significant recovery in construction markets [6][13]. - The company expects free cash flow of at least $40 million, with net replacement capex of approximately $23 million and net cash interest payments of $32 million [15]. Capital Expenditure and Debt - The company is accelerating a $22 million equipment investment into 2026 in anticipation of new NOx emissions standards [16]. - As of October 31, 2025, total debt was reported at $425 million, with net debt of $380.6 million, resulting in a leverage ratio of approximately 3.9x adjusted EBITDA [11]. Share Repurchase Activity - The company has repurchased about 4.9 million shares since 2022, with $18.5 million remaining under its buyback authorization [12]. Acquisition Activity - The company completed a modest acquisition in November 2025 in the Republic of Ireland, contributing approximately $2 million in revenue and $500,000 in EBITDA [18].