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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 reported a 10% revenue growth to $93.6 million for Q1 FY2023, up from $85.4 million. Gross profit rose 7% to $36.5 million, with net income increasing significantly to $6.5 million from $1.2 million. The company’s Adjusted EBITDA also grew by 7% to $25.0 million, with a margin slightly declining to 26.8%. The U.S. Concrete Waste Management segment excelled with a 32% revenue increase. The company pursued M&A by acquiring Cherokee Pumping and Cherokee Materials for $6.3 million. Despite higher operational costs, the outlook for FY2023 anticipates revenues between $420 million and $445 million.
Concrete Pumping Holdings (BBCP) will hold a conference call on March 9, 2023, at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended January 31, 2023. The call will feature CEO Bruce Young and CFO Iain Humphries, followed by a Q&A session. Interested participants can join via the provided toll-free or international dial-in numbers, with a replay available until March 15, 2023. Concrete Pumping Holdings is a top provider of concrete pumping and waste management services, operating notable brands in the U.S. and U.K., including Brundage-Bone, Camfaud, and Eco-Pan.
Concrete Pumping Holdings reported strong financial results for Q4 and fiscal year 2022. Revenue surged by 31% in Q4 to $114.9 million, driven by organic growth and acquisitions, leading to a 170% increase in net income, reaching $8.1 million or $0.14 per diluted share. For the fiscal year, revenue rose 27% to $401.3 million, with net income improving to $26.9 million. The company launched a $10 million increase to its share repurchase plan, reflecting its commitment to shareholder value. However, liquidity decreased to $111.2 million due to recent acquisitions.
Concrete Pumping Holdings (Nasdaq: BBCP) will host a conference call on January 23, 2023, at 5:00 p.m. ET to discuss its financial results for the fourth quarter and fiscal year ending October 31, 2022. CEO Bruce Young and CFO Iain Humphries will present, followed by Q&A. A press release with earnings details will precede the call. The company provides leading concrete pumping and waste management services in the U.S. and U.K. through brands like Brundage-Bone, Camfaud, and Eco-Pan. Investors can access the live call or replay via their website.
Concrete Pumping Holdings reported a remarkable 29.4% revenue growth in Q3 FY2022, reaching $104.5 million, up from $80.8 million in the previous year. Gross profit increased 16.4% to $43.3 million, while net income surged to $14.1 million, or $0.24 per diluted share. Adjusted EBITDA rose 14.7% to $32.6 million. The company also raised its full-year revenue outlook to $380.0 million to $390.0 million. Despite inflationary pressures, particularly in diesel fuel, management remains optimistic about future growth.
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