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Concrete Pumping Holdings, Inc. (symbol: BBCP) is a premier provider of concrete pumping and waste management services, operating in the United States and the United Kingdom. With its headquarters in Thornton, Colorado, the company has been a cornerstone in the construction industry since its founding in 1983.
Concrete Pumping Holdings, Inc. delivers its services under well-known brands like Brundage-Bone and Camfaud for concrete pumping, and Eco-Pan for waste management. The company serves a diverse clientele, including general contractors and concrete finishing companies, across commercial, infrastructure, and residential sectors. Its extensive fleet of specialized pumping equipment and trained operators ensures efficient concrete placement solutions, contributing to labor cost savings, decreased placement times, enhanced worksite safety, and improved construction quality.
In addition to its core services, Concrete Pumping Holdings offers industrial cleanup and containment services, primarily targeting the construction industry. The Eco-Pan brand provides a full-service, cost-effective, and regulatory-compliant solution to manage environmental issues caused by concrete washout.
The company's operations are segmented into U.S. Concrete Pumping, U.K. Operations, U.S. Concrete Waste Management Services, and Corporate. Notably, the U.S. Concrete Pumping segment generates the maximum revenue. Concrete Pumping Holdings has a significant footprint with approximately 100 branch locations across 21 states in the U.S. and around 30 branch locations in the U.K., alongside 20 operating locations for waste management services in the U.S. and one shared location in the U.K.
Recent achievements include a record revenue growth in fiscal year 2023, driven by the strength and diversification of its business. Concrete Pumping Holdings reported an increase in revenue to $442.2 million, a 10% rise compared to the previous year, along with a 7% increase in Adjusted EBITDA to $124.6 million. The U.S. Concrete Pumping segment saw a 7% revenue growth to $317.9 million, attributed largely to organic growth and strategic acquisitions like Coastal Carolina. The U.K. Operations segment also performed well, with a 14% revenue increase to $62.6 million.
Looking forward, Concrete Pumping Holdings anticipates continued growth, projecting fiscal year 2024 revenues between $460.0 million and $480.0 million, and Adjusted EBITDA between $122.0 million and $130.0 million. The company's strategy includes evaluating opportunistic, accretive mergers and acquisitions while strategically reducing leverage.
Concrete Pumping Holdings is committed to maintaining a robust financial condition, demonstrated by its share repurchase plan and effective cash flow management. The company’s focus on sustainability and regulatory compliance positions it well in a market that prioritizes environmental stewardship.
Concrete Pumping Holdings (Nasdaq: BBCP) has announced a significant expansion of its Asset-Based Lending (ABL) Facility. The company's subsidiary, Brundage-Bone Concrete Pumping Holdings, has amended its existing ABL credit agreement, increasing the commitment from $225 million to $350 million and extending the maturity date to September 6, 2029.
Bank of America has joined the facility as a joint lead arranger and joint bookrunner, providing $75 million of the additional $125 million commitment. PNC Bank contributed the remaining $50 million. This expansion enhances CPH's liquidity position and supports its long-term strategic growth plan, providing greater flexibility for pursuing accretive investment opportunities and addressing its capital structure.
Concrete Pumping Holdings (Nasdaq: BBCP) reported Q3 FY2024 results with revenue of $109.6 million, down from $120.7 million in Q3 FY2023. Net income decreased to $7.6 million from $10.3 million. Adjusted EBITDA was $31.6 million with a 28.8% margin. The company faced challenges in its U.S. Concrete Pumping segment due to weather issues and a slowdown in commercial construction, while the Concrete Waste Management Services segment showed strong growth. CPH updated its FY2024 outlook, expecting revenue between $420-$430 million and Adjusted EBITDA of $108-$113 million. The company maintains a strong financial position with $236.3 million in available liquidity as of July 31, 2024.
Concrete Pumping Holdings (Nasdaq: BBCP), a leading provider of concrete pumping and waste management services in the U.S. and U.K., has announced its third quarter 2024 earnings conference call. The call is scheduled for Wednesday, September 4, 2024, at 5:00 p.m. Eastern Time. CEO Bruce Young and CFO Iain Humphries will host the call, which will be preceded by a press release detailing the company's financial results for the quarter ended July 31, 2024.
Investors can join the call using the toll-free number 1-877-407-9039 (US) or 1-201-689-8470 (International), with the Conference ID: 13748082. The call will also be broadcast live and available for replay on the company's website. A replay will be accessible until September 11, 2024, using the provided replay numbers and ID.
Concrete Pumping Holdings (NASDAQ: BBCP) released their Q2 FY 2024 financial results, showing revenue of $107.1 million, a slight decrease from $107.8 million in the same quarter last year.
Gross profit dropped to $41.8 million from $43.5 million, and net income fell to $3.0 million from $5.6 million. Adjusted EBITDA also decreased to $27.5 million from $28.8 million. The company noted a decline in its U.S. Concrete Pumping segment, attributed to delays in commercial work and adverse weather conditions, partially offset by growth in residential and infrastructure projects.
However, the U.S. Concrete Waste Management segment saw a 19% revenue growth. Total available liquidity increased to $216.9 million from $100.4 million. The company maintains an optimistic outlook for the remainder of the year despite market challenges.
Concrete Pumping Holdings (Nasdaq: BBCP), a top provider of concrete pumping and waste management services in the U.S. and U.K., has scheduled its second quarter 2024 earnings conference call for June 6, 2024, at 5:00 p.m. Eastern time. The call will be hosted by CEO Bruce Young and CFO Iain Humphries, with a press release detailing the financial results issued beforehand. Stakeholders can join the call using the provided toll-free and international dial-in numbers, and a replay will be available until June 13, 2024.
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