Concrete Pumping Holdings Reports First Quarter Fiscal Year 2025 Results

DENVER, March 11, 2025 – Concrete Pumping Holdings, Inc. (Nasdaq: BBCP), a leading provider of concrete pumping and waste management services in the U.S. and U.K., has released its financial results for the first quarter of fiscal year 2025.

Revenue Decline Amidst Market Challenges The company reported revenue of $86.4 million for the first quarter of fiscal year 2025, a decline of 11.6% compared to $97.7 million in the same period of the previous year. This decrease is primarily attributed to a slowdown in commercial construction volumes in the U.S., influenced by restrictive monetary policies and severe weather conditions in key market regions.

Key Financial Metrics

• Revenue: $86.4 million, down from $97.7 million in Q1 FY2024.
• Gross Profit: $31.2 million, a decrease from $33.3 million in Q1 FY2024, with an improved gross margin of 36.1% compared to 34.1% in the prior year.
• Income from Operations: $3.5 million, an increase from $1.5 million in Q1 FY2024.
• Net Loss: $2.6 million, a reduction from a net loss of $3.8 million in Q1 FY2024.
• Net Loss Attributable to Common Shareholders: $3.1 million or $(0.06) per diluted share, compared to a net loss of $4.3 million or $(0.08) per diluted share in Q1 FY2024.
• Adjusted EBITDA: $17.0 million with a stable margin of 19.7%, compared to $19.3 million in Q1 FY2024.

Segment Performance

U.S. Concrete Pumping Segment The U.S. Concrete Pumping segment experienced a decline in revenue due to the slowdown in commercial construction volumes. Revenue for this segment was $73.6 million, down from $85.3 million in Q1 FY2024. Despite this decline, the segment's contribution to the overall financial performance remains significant.

Concrete Waste Management Services Segment The Concrete Waste Management Services segment displayed robust growth, contributing positively to the company's overall financial performance. Revenue from this segment increased by 7% to $16.7 million compared to $15.6 million in Q1 FY2024.

U.K. Operations

In the U.K., revenue declined to $12.8 million from $15.4 million in Q1 FY2024, primarily due to the impact of foreign currency translation and the slowdown in commercial construction volumes. However, excluding the foreign currency impact, the net income and adjusted EBITDA changes were minimal.

Financial Outlook and Share Repurchase Program

Concrete Pumping Holdings has updated its fiscal year 2025 guidance, projecting revenue in the range of $400.0 million to $420.0 million, with adjusted EBITDA ranging from $105.0 million to $115.0 million, and free cash flow estimated at approximately $60.0 million.

The company also announced the extension of its existing share repurchase plan through December 31, 2026, with $15.1 million available for repurchases. During the first quarter, the company repurchased 296,267 shares at an average price of $6.53.

Management Commentary

Bruce Young, CEO of Concrete Pumping Holdings, commented on the company's performance during the first quarter. "Despite the challenges presented by the persistent elevated interest rate environment and severe weather conditions, we maintained strong Adjusted EBITDA margins due to our flexible cost structure and disciplined fleet management strategy," he said. "We are well-positioned for shareholder value creation initiatives, including the special dividend paid in February and potential future M&A opportunities. Looking ahead to the remainder of the fiscal year, we remain optimistic for a commercial market recovery, although the current timing has been prolonged."

The financial statements accompanying this press release include a reconciliation of Adjusted EBITDA and net debt to their most comparable GAAP measures. However, the company has not reconciled the forward-looking adjusted EBITDA guidance range and free cash flow range due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization[1][3][5].