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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 its Q1 fiscal 2021 results with revenue of $70.4 million, down from $73.9 million in Q1 2020. A net loss attributable to common shareholders was $12.8 million or $(0.24) per share, significantly worse than a net loss of $3.2 million in the previous year. The loss on extinguishment of debt related to refinancing totaled $15.5 million. Adjusted EBITDA was $22.4 million, slightly down from $23.8 million, while total available liquidity improved to $118.4 million.
The company anticipates full-year revenue between $300 million and $310 million.
Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) will host a conference call on March 11, 2021, at 5:00 p.m. Eastern time to discuss its first-quarter fiscal results for the period ending January 31, 2021. The call will feature insights from CEO Bruce Young and CFO Iain Humphries, followed by a Q&A session. A press release detailing financial results will precede the call. Investors can access the live broadcast or replay via the company’s website. The company operates under well-known brands in the U.S. and U.K., providing essential concrete pumping and waste management services.
Concrete Pumping Holdings (Nasdaq: BBCP) has closed a private offering of $375 million in senior secured second lien notes due 2026 at a fixed interest rate of 6.000%. Proceeds will be used to repay existing term loan debt and related costs. Additionally, the company has amended its ABL Facility, increasing commitments from $60 million to $125 million. CEO Bruce Young noted that these moves enhance liquidity and reduce debt costs, allowing for strategic investment opportunities and support for long-term growth. The notes will not be registered under the Securities Act.
Concrete Pumping Holdings has priced a private offering of $375 million in senior secured second lien notes due 2026, increasing from an initial $350 million. The notes carry a 6% annual interest rate and are expected to close on January 28, 2021. Proceeds, along with $15 million from its credit facility, will be used to repay existing term loan debts. This offering will be made to qualified institutional buyers and will not be registered under the Securities Act. Concrete Pumping is a leading provider in the concrete pumping sector, operating primarily under established national brands.
Concrete Pumping Holdings (Nasdaq: BBCP) announced plans to offer $350 million in senior secured second lien notes due 2026 via its subsidiary, Brundage-Bone Concrete Pumping Holdings. The company also intends to amend its ABL credit agreement to provide $125 million in commitments. Proceeds will be used to repay existing term loan indebtedness, amounting to $39.4 million from the ABL Facility. The offer is limited to qualified institutional buyers, with no registration under the Securities Act, thereby emphasizing its private placement nature.
Concrete Pumping Holdings reported a 2020 revenue increase of 8% to $304 million, despite a decline in Q4 revenue owing to COVID-19 impacts. Adjusted EBITDA rose 12% to $107.3 million for the year. The company ended with a net loss of $62.9 million or $(1.19 per diluted share), a significant increase from the previous year's losses. However, net debt was reduced by $42 million, leading to greater liquidity of $59.3 million. For 2021, the company expects revenue between $300 million - $310 million and adjusted EBITDA of $105 million - $110 million.
Concrete Pumping Holdings (Nasdaq: BBCP) will hold a conference call on January 12, 2021, at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and fiscal year ended October 31, 2020. CEO Bruce Young and CFO Iain Humphries will lead the call, followed by a Q&A session. Interested parties can join via toll-free and international dial-in numbers provided. A replay will be available until February 2, 2021. The Company operates under established brands in concrete pumping and waste management across the U.S. and U.K.
Concrete Pumping Holdings (Nasdaq: BBCP) will hold a conference call on September 9, 2020, at 5:00 p.m. Eastern time to discuss its third-quarter financial results for the period ending July 31, 2020. CEO Bruce Young and CFO Iain Humphries will lead the call, with a question and answer session following. Investors can join via toll-free numbers and access a replay after the call. The company is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under brands like Brundage-Bone and EcoPan.
Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) reported a 19% revenue increase to $74.0 million in Q2 FY 2020, driven by strong market performance despite COVID-19 impacts. Gross margin rose by 370 basis points to 43.0%. However, net loss surged to $59.4 million, influenced by a $57.9 million goodwill impairment. Adjusted EBITDA improved by 29% to $23.5 million, with significant growth in U.S. segments. The company improved liquidity to $33 million and reduced net debt by $20 million. Outlook remains cautious amid ongoing pandemic challenges.
Concrete Pumping Holdings (BBCP) is participating in two virtual financial conferences in June 2020. The Stifel 2020 Virtual Cross Sector Insight Conference will occur on June 10 at 12:40 p.m. ET, followed by the William Blair 2020 Virtual Growth Stock Conference on June 11 at 11:40 a.m. ET. CPH serves U.S. and U.K. markets, utilizing national brands like Brundage-Bone for pumping services and EcoPan for waste management. As of January 31, 2020, the company operates from 90 U.S. locations across 22 states and 28 locations in the U.K.
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