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Globe and Mail
4 days ago
- Business
- Globe and Mail
Why Concrete Pumping Stock Is Down Big Today
Economic headwinds and bad weather conspired to cut construction activity, which in turn ate into results at Concrete Pumping Holdings (NASDAQ: BBCP). Shares of the multinational concrete provider traded down 17% as of 11 a.m. ET after the company reported results that fell short of Wall Street expectations. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Headwinds weigh on results Concrete Pumping plays a key part in the construction supply chain, providing concrete and concrete waste management services at job sites in the U.S. and in the United Kingdom. But there is only so much the company can do when demand for concrete slows, a scenario that played out in the most recent quarter. The company lost $0.01 per share on revenue of $93.96 million in its fiscal second quarter ending April 30, compared to Wall Street's forecast for a $0.04 per-share profit on sales of $99 million. Concrete Pumping did a good job keeping costs in line and gross margin is actually up slightly for the first six months of fiscal 2025 compared to a year ago, but the macro story was too much to overcome. "In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," CEO Bruce Young said in a statement. Management is not anticipating an immediate bounce back. Concrete Pumping cut its full-year revenue forecast to $380 million to $390 million, from $425 million to $445 million, saying it is not forecasting a "meaningful" recovery in the construction market until its fiscal 2026. Is Concrete Pumping stock a buy? Even with the declines, Concrete Pumping is still a long-term winner, up 62% over the past five years. The company has a lot of debt, $387 million at quarter's end, compared to a market capitalization of $317 million, but management remains confident enough in cash flows to pursue opportunistic acquisitions and boost its share buyback program by $15 million. For investors who are bullish long-term on the need for infrastructure revitalization in the U.S. and Western Europe and who are willing to ride out a near-term storm, this decline in Concrete Pumping shares could be viewed as a buying opportunity. Should you invest $1,000 in Concrete Pumping right now? Before you buy stock in Concrete Pumping, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Concrete Pumping wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor 's total average return is997% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
Yahoo
4 days ago
- Business
- Yahoo
Why Concrete Pumping Stock Is Down Big Today
Concrete Pumping delivered an unexpected quarterly loss and lowered full-year expectations. The company is facing a slowdown in construction due to macro headwinds and bad weather. There is balance sheet risk here, but Concrete Pumping could be an attractive option for investors who believe spending on infrastructure will pick up over time. 10 stocks we like better than Concrete Pumping › Economic headwinds and bad weather conspired to cut construction activity, which in turn ate into results at Concrete Pumping Holdings (NASDAQ: BBCP). Shares of the multinational concrete provider traded down 17% as of 11 a.m. ET after the company reported results that fell short of Wall Street expectations. Concrete Pumping plays a key part in the construction supply chain, providing concrete and concrete waste management services at job sites in the U.S. and in the United Kingdom. But there is only so much the company can do when demand for concrete slows, a scenario that played out in the most recent quarter. The company lost $0.01 per share on revenue of $93.96 million in its fiscal second quarter ending April 30, compared to Wall Street's forecast for a $0.04 per-share profit on sales of $99 million. Concrete Pumping did a good job keeping costs in line and gross margin is actually up slightly for the first six months of fiscal 2025 compared to a year ago, but the macro story was too much to overcome. "In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," CEO Bruce Young said in a statement. Management is not anticipating an immediate bounce back. Concrete Pumping cut its full-year revenue forecast to $380 million to $390 million, from $425 million to $445 million, saying it is not forecasting a "meaningful" recovery in the construction market until its fiscal 2026. Even with the declines, Concrete Pumping is still a long-term winner, up 62% over the past five years. The company has a lot of debt, $387 million at quarter's end, compared to a market capitalization of $317 million, but management remains confident enough in cash flows to pursue opportunistic acquisitions and boost its share buyback program by $15 million. For investors who are bullish long-term on the need for infrastructure revitalization in the U.S. and Western Europe and who are willing to ride out a near-term storm, this decline in Concrete Pumping shares could be viewed as a buying opportunity. Before you buy stock in Concrete Pumping, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Concrete Pumping wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor's total average return is 997% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Concrete Pumping Stock Is Down Big Today was originally published by The Motley Fool
Yahoo
5 days ago
- Business
- Yahoo
Concrete Pumping Holdings Reports Second Quarter Fiscal Year 2025 Results
Announces $15 Million Increase to Share Repurchase Plan DENVER, June 05, 2025 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the second quarter ended April 30, 2025. Second Quarter Fiscal Year 2025 Summary vs. Second Quarter of Fiscal Year 2024 (where applicable) Revenue of $94.0 million compared to $107.1 million. Gross profit of $36.2 million compared to $41.8 million. Income from operations of $8.3 million compared to $12.1 million. Net loss of $0.0 million compared to net income of $3.0 million. Net loss attributable to common shareholders was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share. Adjusted EBITDA1 of $22.5 million compared to $27.5 million, with Adjusted EBITDA margin1 of 23.9% compared to 25.7% Amounts outstanding under debt agreements were $425.0 million with net debt1 of $387.2 million. Total available liquidity at quarter end was $352.5 million compared to $216.9 million one year ago. Leverage ratio1 at quarter end of 3.7x. Management Commentary "In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," said CPH CEO Bruce Young. "Despite these pressures, we delivered solid results by remaining focused on cost discipline, fleet optimization, and strategic pricing across our businesses." "Our U.S. Concrete Waste Management segment once again delivered strong growth, highlighting both the appeal of our unique offering and the rising demand for sustainable jobsite solutions. Although our U.S. Concrete Pumping segment remains affected by weakness in commercial construction and, more recently, by emerging challenges in residential construction, the infrastructure market has remained resilient, helping to partially offset broader market pressures and support the segment's performance." "We remain committed to generating strong free cash flow, deleveraging the balance sheet, and pursuing disciplined, strategic M&A that complements our core capabilities and geographic footprint. These priorities position us well for long-term value creation. While the near-term demand backdrop remains challenged, we are confident that our leadership position, operational discipline, and breadth of service offerings will allow us to capitalize on the eventual recovery in commercial construction activities." ______________1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures. Second Quarter Fiscal Year 2025 Financial Results Revenue in the second quarter of fiscal year 2025 was $94.0 million compared to $107.1 million in the second quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Gross profit in the second quarter of fiscal year 2025 was $36.2 million compared to $41.8 million in the prior year quarter. Gross margin declined 50 basis points to 38.5% compared to 39.0% in the prior year quarter. General and administrative expenses ("G&A") in the second quarter declined 6% to $27.9 million compared to $29.7 million in the prior year quarter primarily due to lower labor costs of approximately $1.3 million and non-cash decreases in amortization expense of $0.8 million. As a percentage of revenue, G&A costs were 29.7% in the second quarter compared to 27.7% in the prior year quarter. Net loss in the second quarter of fiscal year 2025 was $0.0 million compared to net income of $3.0 million in the prior year quarter. Net loss attributable to common shareholders in the second quarter of fiscal year 2025 was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share, in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 was $22.5 million compared to $27.5 million in the prior year quarter. Adjusted EBITDA margin was 23.9% compared to 25.7% in the prior year quarter. Liquidity On April 30, 2025, the Company had debt outstanding of $425.0 million, net debt of $387.2 million and total available liquidity of $352.5 million. Segment Results Revenue in the second quarter of fiscal year 2025 was $62.1 million compared to $74.6 million in the prior year quarter. The decline was driven by a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Net loss in the second quarter of fiscal year 2025 was $1.6 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $12.7 million in the second quarter of fiscal year 2025 compared to $17.5 million in the prior year quarter. These decreases were largely driven by the decrease in revenue, as discussed above. Revenue in the second quarter of fiscal year 2025 increased 7% to $18.1 million compared to $16.9 million in the prior year quarter. The increase was driven by organic growth and pricing improvements. Net income in the second quarter of fiscal year 2025 was $1.2 million compared to net income of $1.1 million in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 increased 12% to $6.7 million compared to $5.9 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to higher revenue and disciplined cost control. Revenue in the second quarter of fiscal year 2025 was $13.8 million compared to $15.5 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work. Net income in the second quarter of fiscal year 2025 was $0.4 million compared to $1.0 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the second quarter of fiscal year 2025 compared to $4.1 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue. Fiscal Year 2025 Outlook The Company now expects fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow2 to be approximately $45.0 million. These expectations assume the construction market will not start to meaningfully recover until fiscal year 2026 and that the Company continues to strengthen its organizational infrastructure and invest in its fleet to position the business for growth in fiscal 2026. ________________2 Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. Share Repurchase Program In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company's share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. All authorizations are set to expire on December 31, 2026. During the six months ended April 30, 2025, the Company repurchased 1,311,386 shares for a total of $7.8 million at an average share price of $5.97 per share. Including the new $15.0 million share repurchase authorization approved in June 2025, a total of $24.2 million would have been available for purchase under the Company's repurchase program as of April 30, 2025. "Today's additional $15.0 million share repurchase authorization reflects our commitment to driving shareholder value," said Bruce Young. "Our disciplined approach to capital allocation, strong free cash flow and consistent operational execution have allowed us to support the growth of our businesses while delivering expected shareholder returns and creating long-term value." Conference Call The Company will hold a conference call on Thursday, June 5, 2025, at 5:00 p.m. Eastern time to discuss its second quarter 2025 results. Date: Thursday, June 5, 2025Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)Toll-free dial-in number: 1-877-407-9039International dial-in number: 1-201-689-8470Conference ID: 13752905 Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc. at 1-949-574-3860. The conference call will be broadcast live and is available for replay here ( as well as the investor relations section of the Company's website at A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through June 12, 2025. Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Replay ID: 13752905 About Concrete Pumping Holdings Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company's large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across 22 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 21 operating locations in the U.S. and one shared location in the U.K. For more information, please visit or the Company's brand websites at or Forward‐Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to future performance, including the Company's fiscal year 2025 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP. EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP. Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company's term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company's debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company's leverage and evaluate the Company's consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP. The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution. Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business. The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense and depreciation and amortization. Current and prospective investors should review the Company's audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company's business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies. Contact: Company:Iain HumphriesChief Financial Officer1-303-289-7497 Investor Relations:Gateway Group, Slach1-949-574-3860BBCP@ Concrete Pumping Holdings, Inc. Condensed Consolidated Balance Sheets As of April 30, As of October 31, (in thousands, except per share amounts) 2025 2024 Current assets: Cash and cash equivalents $ 37,788 $ 43,041 Receivables, net of allowance for doubtful accounts of $881 and $916, respectively 48,378 56,441 Inventory 6,157 5,922 Prepaid expenses and other current assets 11,231 6,956 Total current assets 103,554 112,360 Property, plant and equipment, net 412,967 415,726 Intangible assets, net 99,793 105,612 Goodwill 223,998 222,996 Right-of-use operating lease assets 24,757 26,179 Other non-current assets 11,437 12,578 Deferred financing costs 2,284 2,539 Total assets $ 878,790 $ 897,990 Current liabilities: Revolving loan $ - $ 20 Operating lease obligations, current portion 4,860 4,817 Accounts payable 12,341 7,668 Accrued payroll and payroll expenses 11,757 14,303 Accrued expenses and other current liabilities 27,069 28,673 Income taxes payable 1,861 850 Total current liabilities 57,888 56,331 Long term debt, net of discount for deferred financing costs 417,346 373,260 Operating lease obligations, non-current 20,418 21,716 Deferred income taxes 84,402 86,647 Other liabilities, non-current 11,891 13,321 Total liabilities 591,945 551,275 Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of April 30, 2025 and October 31, 2024 25,000 25,000 Stockholders' equity Common stock, $0.0001 par value, 500,000,000 shares authorized, 52,132,683 and 53,273,644 issued and outstanding as of April 30, 2025 and October 31, 2024, respectively 6 6 Additional paid-in capital 388,737 386,313 Treasury stock (35,972 ) (25,881 ) Accumulated other comprehensive income (loss) 3,089 (483 ) Accumulated deficit (94,015 ) (38,240 ) Total stockholders' equity 261,845 321,715 Total liabilities and stockholders' equity $ 878,790 $ 897,990 Concrete Pumping Holdings, Inc. Condensed Consolidated Statements of Operations Three Months Ended April 30, Six Months Ended April 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Revenue $ 93,958 $ 107,062 $ 180,404 $ 204,773 Cost of operations 57,776 65,295 112,987 129,692 Gross profit 36,182 41,767 67,417 75,081 Gross margin 38.5 % 39.0 % 37.4 % 36.7 % General and administrative expenses 27,922 29,712 55,672 61,570 Income from operations 8,260 12,055 11,745 13,511 Interest expense and amortization of deferred financing costs (8,554 ) (6,903 ) (14,769 ) (13,426 ) Loss on extinguishment of debt - - (1,392 ) - Interest income 260 30 673 90 Change in fair value of warrant liabilities - - - 130 Other income (expense), net 28 44 62 84 Income (loss) before income taxes (6 ) 5,226 (3,681 ) 389 Income tax expense (benefit) (2 ) 2,180 (1,038 ) 1,169 Net income (loss) (4 ) 3,046 (2,643 ) (780 ) Less preferred shares dividends (426 ) (430 ) (865 ) (870 ) Loss available to common shareholders $ (430 ) $ 2,616 $ (3,508 ) $ (1,650 ) Weighted average common shares outstanding Basic 52,699 53,430 52,875 53,501 Diluted 52,699 54,380 52,875 53,501 Net income per common share Basic $ (0.01 ) $ 0.05 $ (0.07 ) $ (0.03 ) Diluted $ (0.01 ) $ 0.05 $ (0.07 ) $ (0.03 ) Concrete Pumping Holdings, Inc. Condensed Consolidated Statements of Cash Flows For the Six Months Ended April 30, (in thousands, except per share amounts) 2025 2024 Net loss $ (2,643 ) $ (780 ) Adjustments to reconcile net loss to net cash provided by operating activities: Non-cash operating lease expense 2,575 2,567 Foreign currency adjustments (54 ) (451 ) Depreciation 20,726 20,565 Deferred income taxes (2,706 ) (590 ) Amortization of deferred financing costs 896 890 Amortization of intangible assets 6,058 7,771 Stock-based compensation expense 905 1,273 Change in fair value of warrant liabilities - (130 ) Loss on extinguishment of debt 1,392 - Net gain on the sale of property, plant and equipment (188 ) (1,147 ) Other operating activities (46 ) 65 Net changes in operating assets and liabilities: Receivables 8,407 6,279 Inventory (130 ) 612 Other operating assets (6,297 ) (2,420 ) Accounts payable 4,296 (1,218 ) Other operating liabilities (2,424 ) (3,841 ) Net cash provided by operating activities 30,767 29,445 Cash flows from investing activities: Purchases of property, plant and equipment (19,491 ) (28,817 ) Proceeds from sale of property, plant and equipment 3,232 5,236 Net cash used in investing activities (16,259 ) (23,581 ) Cash flows from financing activities: Proceeds on long term debt 425,000 - Payments on long term debt (375,000 ) - Proceeds on revolving loan 124,474 167,611 Payments on revolving loan (124,494 ) (170,138 ) Dividends paid (53,132 ) Payment of debt issuance costs (8,153 ) - Purchase of treasury stock (8,508 ) (3,017 ) Other financing activities (136 ) 1,409 Net cash used in financing activities (19,949 ) (4,135 ) Effect of foreign currency exchange rate changes on cash 188 366 Net increase (decrease) in cash and cash equivalents (5,253 ) 2,095 Cash and cash equivalents: Beginning of period 43,041 15,861 End of period $ 37,788 $ 17,956 Concrete Pumping Holdings, Inc. Segment Revenue Three Months Ended April 30, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping 62,109 $ 74,617 $ (12,508 ) (16.8 )% U.S. Concrete Waste Management Services(1) 18,057 16,898 1,159 6.9 % U.K. Operations 13,792 15,547 (1,755 ) (11.3 )% Total revenue $ 93,958 $ 107,062 $ (13,104 ) (12.2 )% (1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded. Six Months Ended April 30, Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 119,022 $ 141,300 $ (22,278 ) (15.8 )% U.S. Concrete Waste Management Services(1) 34,750 32,518 2,232 6.9 % U.K. Operations 26,632 30,955 (4,323 ) (14.0 )% Total revenue $ 180,404 $ 204,773 $ (24,369 ) (11.9 )% (1) For the six months ended April 30, 2025 and 2024, intersegment revenue of $0.2 million isexcluded. Concrete Pumping Holdings, Inc. Segment Adjusted EBITDA and Net Income (Loss) During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. Three Months Ended April 30, 2024 Six Months Ended April 30, 2024 (in thousands) U.S. Concrete Pumping U.S. Concrete Waste Management Services U.S. Concrete Pumping U.S. Concrete Waste Management Services As Previously Reported Net income (loss) $ (999 ) $ 3,001 $ (7,843 ) $ 5,406 Interest expense and amortization of deferred financing costs, net of interest income 6,193 - 11,947 - EBITDA 15,979 6,188 23,016 11,568 Stock-based compensation 737 - 1,273 - Other expense (income), net (7 ) - (27 ) (7 ) Other Adjustments 514 - 3,668 - Adjusted EBITDA 17,223 6,188 27,930 11,561 Recast Adjustment Net income (loss) $ 1,936 $ (1,936 ) $ 5,578 $ (5,578 ) Interest expense and amortization of deferred financing costs, net of interest income (1,566 ) 1,566 (3,323 ) 3,323 EBITDA 370 (370 ) 2,255 (2,255 ) Stock-based compensation (189 ) 189 (350 ) 350 Other expense (income), net - - 3 (3 ) Other Adjustments 67 (67 ) (774 ) 774 Adjusted EBITDA 248 (248 ) 1,134 (1,134 ) Current Report As Recast Net income (loss) $ 937 $ 1,065 $ (2,265 ) $ (172 ) Interest expense and amortization of deferred financing costs, net of interest income 4,627 1,566 8,624 3,323 EBITDA 16,349 5,818 25,271 9,313 Stock-based compensation 548 189 923 350 Other expense (income), net (7 ) - (24 ) (10 ) Other Adjustments 581 (67 ) 2,894 774 Adjusted EBITDA 17,471 5,940 29,064 10,427 Concrete Pumping Holdings, Inc. Segment Adjusted EBITDA and Net Income (Loss) Continued Net Income (Loss) Three Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ (1,601 ) $ 937 $ (2,538 ) * U.S. Concrete Waste Management Services 1,202 1,065 137 (12.9 )% U.K. Operations 395 1,044 (649 ) (62.2 )% Total $ (4 ) $ 3,046 $ (3,050 ) (100.1 )% *Change is not meaningful Adjusted EBITDA Three Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 12,663 $ 17,471 $ (4,808 ) (27.5 )% U.S. Concrete Waste Management Services 6,655 5,940 715 12.0 % U.K. Operations 3,179 4,137 (958 ) (23.2 )% Total $ 22,497 $ 27,548 $ (5,051 ) (18.3 )% Net Income (Loss) Six Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ (4,681 ) $ (2,265 ) $ (2,416 ) (106.7 )% U.S. Concrete Waste Management Services 1,426 (172 ) 1,598 * U.K. Operations 612 1,527 (915 ) (59.9 )% Other - 130 (130 ) * Total $ (2,643 ) $ (780 ) $ (1,863 ) (238.8 )% *Change is not meaningful Adjusted EBITDA Six Months Ended April 30 Change (in thousands, unless otherwise stated) 2025 2024 $ % U.S. Concrete Pumping $ 21,800 $ 29,064 $ (7,264 ) (25.0 )% U.S. Concrete Waste Management Services 11,701 10,427 1,274 12.2 % U.K. Operations 6,007 7,339 (1,332 ) (18.1 )% Total $ 39,508 $ 46,830 $ (7,322 ) (15.6 )% Concrete Pumping Holdings, Inc. Quarterly Financial Performance (dollars in millions) Revenue Net Income Adjusted EBITDA1 Capital Expenditures2 Adjusted EBITDA less Capital Expenditures Earnings (Loss) Per Diluted Share Q1 2024 $ 98 $ (4 ) $ 19 $ 17 $ 3 $ (0.08 ) Q2 2024 $ 107 $ 3 $ 28 $ 7 $ 21 $ 0.05 Q3 2024 $ 110 $ 8 $ 32 $ 6 $ 26 $ 0.13 Q4 2024 $ 111 $ 9 $ 34 $ 2 $ 32 $ 0.16 Q1 2025 $ 86 $ (3 ) $ 17 $ 4 $ 13 $ (0.06 ) Q2 2025 $ 94 $ - $ 22 $ 12 $ 10 $ (0.01 ) 1Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States ('GAAP'). See 'Non-GAAP Financial Measures' below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure. 2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: *Q1 2024 capex includes approximately $5 million growth investment. *Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment. *Q3 2024 capex includes approximately $4 million growth investment. *Q4 2024 capex includes approximately $3 million growth investment. *Q1 2025 capex includes approximately $2 million growth investment. *Q2 2025 capex includes approximately $2 million growth investment. Concrete Pumping Holdings, Inc. Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA Three Months Ended April 30, Six Months Ended April 30, (dollars in thousands) 2025 2024 2025 2024 Consolidated Net income (loss) $ (4 ) $ 3,046 $ (2,643 ) $ (780 ) Interest expense and amortization of deferred financing costs, net of interest income 8,294 6,873 14,096 13,336 Income tax expense (benefit) (2 ) 2,180 (1,038 ) 1,169 Depreciation and amortization 13,584 14,239 26,784 28,337 EBITDA 21,872 26,338 37,199 42,062 Loss on debt extinguishment - - 1,392 - Stock based compensation 538 737 905 1,273 Change in fair value of warrant liabilities - - - (130 ) Other expense (income), net (28 ) (44 ) (62 ) (84 ) Other adjustments(1) 115 517 74 3,709 Adjusted EBITDA $ 22,497 $ 27,548 $ 39,508 $ 46,830 U.S. Concrete Pumping Net income (loss) $ (1,601 ) $ 937 $ (4,681 ) $ (2,265 ) Interest expense and amortization of deferred financing costs, net of interest income 5,211 4,627 8,522 8,624 Income tax expense (benefit) (482 ) 515 (1,662 ) (1,588 ) Depreciation and amortization 9,006 10,270 18,081 20,500 EBITDA 12,134 16,349 20,260 25,271 Loss on debt extinguishment - - 862 - Stock based compensation 371 548 609 923 Other expense (income), net (4 ) (7 ) (18 ) (24 ) Other adjustments(1) 162 581 87 2,894 Adjusted EBITDA $ 12,663 $ 17,471 $ 21,800 $ 29,064 U.S. Concrete Waste Management Services Net income (loss) $ 1,202 $ 1,065 $ 1,426 $ (172 ) Interest expense and amortization of deferred financing costs, net of interest income 2,369 1,566 4,141 3,323 Income tax expense 332 1,067 415 1,982 Depreciation and amortization 2,651 2,120 4,927 4,180 EBITDA 6,554 5,818 10,909 9,313 Loss on debt extinguishment - - 530 - Stock based compensation 167 189 296 350 Other expense (income), net (12 ) - (14 ) (10 ) Other adjustments (54 ) (67 ) (20 ) 774 Adjusted EBITDA $ 6,655 $ 5,940 $ 11,701 $ 10,427 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the six months ended April 30, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. Three Months Ended April 30, Six Months Ended April 30, (dollars in thousands) 2025 2024 2025 2024 U.K. Operations Net income $ 395 $ 1,044 $ 612 $ 1,527 Interest expense, net 714 680 1,433 1,389 Income tax expense 148 598 209 775 Depreciation and amortization 1,927 1,849 3,776 3,657 EBITDA 3,184 4,171 6,030 7,348 Other expense (income), net (12 ) (37 ) (30 ) (50 ) Other adjustments 7 3 7 41 Adjusted EBITDA $ 3,179 $ 4,137 $ 6,007 $ 7,339 Other Net income $ - $ - $ - $ 130 EBITDA - - - 130 Change in fair value of warrant liabilities - - - (130 ) Adjusted EBITDA $ - $ - $ - $ - Concrete Pumping Holdings, Inc. Reconciliation of Net Debt April 30, July 31, October 31, January 31, April 30, (in thousands) 2024 2024 2024 2025 2025 Senior Notes 375,000 375,000 375,000 425,000 425,000 Revolving loan draws outstanding 16,428 - 20 - - Less: Cash (17,956 ) (26,333 ) (43,041 ) (85,132 ) (37,788 ) Net debt $ 373,472 $ 348,667 $ 331,979 $ 339,868 $ 387,212 Concrete Pumping Holdings, Inc. Reconciliation of Historical Adjusted EBITDA (dollars in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Consolidated Net income (loss) $ (3,826 ) $ 3,046 $ 7,560 $ 9,427 $ (2,639 ) $ (4 ) Interest expense and amortization of deferred financing costs 6,463 6,873 6,261 5,976 5,802 8,294 Income tax expense (benefit) (1,011 ) 2,180 3,081 3,854 (1,036 ) (2 ) Depreciation and amortization 14,097 14,239 14,491 14,283 13,200 13,584 EBITDA 15,723 26,338 31,393 33,540 15,327 21,872 Transaction expenses - - - - - - Loss on debt extinguishment - - - - 1,392 - Stock based compensation 536 737 644 477 367 538 Change in fair value of warrant liabilities (130 ) - - - - - Other expense (income), net (39 ) (44 ) (276 ) (47 ) (34 ) (28 ) Other adjustments(1) 3,191 517 (123 ) (290 ) (41 ) 115 Adjusted EBITDA $ 19,281 $ 27,548 $ 31,638 $ 33,680 $ 17,011 $ 22,497 (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.
Yahoo
08-05-2025
- Business
- Yahoo
Lawsuit claims Lakeside sewer district didn't follow public participation rules
May 8—A lawsuit filed against the Lakeside County Water and Sewer District alleges the public was not given adequate notice before the board approved construction of a new wastewater treatment facility and service for a proposed resort development. Watchdog group Citizens For a Better Flathead and district ratepayer Bruce Young filed the suit in Flathead County District Court on April 16. The plaintiffs allege the board failed to provide public knowledge or the ability to meaningfully comment on its Old Business agenda item "Territory 1889 Agreement document for signature" at its March 18 meeting. "Territory 1889" refers to undeveloped property known as the Lakeside Club, a luxury resort and golf course community proposed to be built above Lakeside by Flathead Friends LLC and Discovery Land Company, according to the lawsuit. The complaint also challenges the district's April 9 decision awarding a construction bid for the Phase I wastewater expansion without providing adequate notice or meaningful comment opportunities to the public, according to the lawsuit. The plaintiffs are seeking a writ of mandate that would compel the district to produce a capital improvements plan and perform mandatory notice and public participation respecting its March 18 and April 9 decisions, which would then become void, according to the lawsuit. They also want the district to promote a public participation policy in accordance with requirements of the Public Participation in Government Act. Members of Citizens For a Better Flathead have been attending Lakeside County Water and Sewer District board meetings for the past couple of years, said Executive Director Mayre Flowers. They've brought up issues surrounding public participation with the board before. "We've asked them to be more transparent, and they haven't responded. So that's why we find ourselves in this situation where we simply ask the courts and say 'Our read of this is that they're not complying.' If they agree, then they need to be held accountable for not following our public participation laws," Flowers said. The group submitted several public document requests to the board leading up to the lawsuit. Many of those requests, including documents regarding the substance of the Lakeside Club service agreement were not returned, according to the lawsuit. The group also alleges the board failed to provide adequate notice of its April 8 special board meeting, which was in the meeting notices section of the local newspaper and on the district's website for 24 hours. Lakeside County Water and Sewer Board President Marc Liechti told the Inter Lake the district exceeded all legal requirements for public notice and participation. He added there's a Citizens For a Better Flathead representative attending every meeting. "We tried to provide them with every document they requested. We even invited them to the district office where they met for two hours with the manager to discuss their concerns in depth," Liechti said in an email response. "Citizens' real objection is not with the district's public process (where we followed the law), but rather with the Territory 1889 project itself as well as our treatment facility upgrade." Liechti said by suing the district on a public participation claim, the group is "forcing ratepayers to pay legal fees to defend a meritless lawsuit." THOUGH NOT the subject of the lawsuit, Flowers said their members and some residents are raising environmental concerns, particularly when it comes to the construction of a new wastewater treatment facility that will be built on land the district already owns near the intersection of U.S. 93 and Somers Road. It's part of an interlocal agreement set in March 2024 with the district and Flathead County to build and oversee a regional septage facility. The agreement provides federal American Rescue Plan Act funding for the project in exchange for septic waste acceptance, up to about $23.5 million for the district to build the facility and sets terms of its operations for the next 20 years. Proponents argued that Flathead County is in dire need of a place to dispose of septic waste, which would be built along with a screening and grit removal facility in Phase I of the project. Phase II would be a specialized wastewater treatment facility to handle the district's normal wastewater flow along with septage, increasing total treated water to roughly 900,000 gallons a day. Citizens For a Better Flathead raised concerns before the interlocal agreement passed. When the Flathead County commissioners were hearing comments on the proposal last year, Flowers asked them to pause their decision and urged them to work with the Department of Environmental Quality to find a long-term solution to the issue. Commissioner Pam Holmquist said at that meeting there was no rushing the decision, which had been discussed for years and would be permitted by the DEQ as the oversight agency for water and sewer districts. On April 28, the DEQ issued a final Montana Ground Water Pollution Control System permit for the wastewater facility. According to their release, the agency accepted public comments for more than 60 days and held a public hearing on Feb. 27 in Lakeside to collect oral and written public comments. The agency also met and consulted with the Confederated Salish and Kootenai Tribes on March 20. The permit meets the standards of the Montana Water Quality Act and allows the district to discharge treated wastewater into state ground water, according to the DEQ. To complete the expansion, Lakeside will need to apply for and receive DEQ approval of the remaining engineering upgrades. Flowers said during the public comment period for the project, the group reached out to two local experts in groundwater and hydrological engineering who said the location of the facility could lead to contamination in Ashley Creek, eventually making its way to Flathead Lake. "We are extremely disappointed that the DEQ allowed this permit. We do not feel that they adequately addressed the factual information that was presented to the state as to why this was not an appropriate location for this expansion," Flowers said. In the final Environmental Assessment for the project, DEQ personnel found minor impacts related to increased soil moisture as a result of the infiltration system, but no other impacts to geology and soil quality, stability and moisture. Though construction activities could temporarily contribute to some water quality issues on site, the DEQ found negligible or no impacts on water quality from the facility, noting the facility must operate within the bounds of their permit. The wastewater facility's permit information, Environmental Assessment and other related documents can be found on DEQ's website. Reporter Taylor Inman may be reached at 406-758-4433 or by emailing tinman@
Yahoo
15-04-2025
- Business
- Yahoo
Q4 Rundown: Concrete Pumping (NASDAQ:BBCP) Vs Other Construction and Maintenance Services Stocks
As the Q4 earnings season comes to a close, it's time to take stock of this quarter's best and worst performers in the construction and maintenance services industry, including Concrete Pumping (NASDAQ:BBCP) and its peers. Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years–. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies' offerings. The 13 construction and maintenance services stocks we track reported a mixed Q4. As a group, revenues missed analysts' consensus estimates by 0.9% while next quarter's revenue guidance was in line. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 10.1% since the latest earnings results. Going public via SPAC in 2018, Concrete Pumping (NASDAQ:BBCP) is a provider of concrete pumping and waste management services in the United States and the United Kingdom. Concrete Pumping reported revenues of $86.45 million, down 11.5% year on year. This print fell short of analysts' expectations by 4.8%. Overall, it was a disappointing quarter for the company with a significant miss of analysts' adjusted operating income estimates. "Despite the challenges presented by a persistent elevated interest rate environment, which continued to affect our commercial construction volume in the first quarter and delayed project starts in both the U.S. and U.K., coupled with severe weather events in our central, mountain and southeastern regions, we remained resilient. Our flexible cost structure and disciplined fleet management strategy allowed us to maintain strong Adjusted EBITDA margins despite the reduced volume' said Bruce Young, CEO of CPH. The stock is up 7.3% since reporting and currently trades at $6.49. Read our full report on Concrete Pumping here, it's free. Founded in 2001, Construction Partners (NASDAQ:ROAD) is a civil infrastructure company that builds and maintains roads, highways, and other infrastructure projects. Construction Partners reported revenues of $561.6 million, up 41.6% year on year, outperforming analysts' expectations by 9.7%. The business had an incredible quarter with a solid beat of analysts' EPS estimates and an impressive beat of analysts' EBITDA estimates. Construction Partners scored the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 6.7% since reporting. It currently trades at $79.08. Is now the time to buy Construction Partners? Access our full analysis of the earnings results here, it's free. Established in 1994, Orion (NYSE:ORN) provides construction services for marine infrastructure and industrial projects. Orion reported revenues of $216.9 million, up 7.6% year on year, falling short of analysts' expectations by 20.2%. It was a softer quarter as it posted full-year EBITDA guidance missing analysts' expectations and a significant miss of analysts' EPS estimates. Orion delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 18.7% since the results and currently trades at $5.26. Read our full analysis of Orion's results here. Formed through the merger of 12 companies, Comfort Systems (NYSE:FIX) provides mechanical and electrical contracting services. Comfort Systems reported revenues of $1.87 billion, up 37.6% year on year. This number beat analysts' expectations by 5.5%. It was an exceptional quarter as it also recorded an impressive beat of analysts' EBITDA estimates. The stock is down 7.7% since reporting and currently trades at $352.75. Read our full, actionable report on Comfort Systems here, it's free. Started in 1926 as an insulation contractor, APi (NYSE:APG) provides life safety solutions and specialty services for buildings and infrastructure. APi reported revenues of $1.86 billion, up 5.8% year on year. This print surpassed analysts' expectations by 1.2%. Aside from that, it was a mixed quarter as it also recorded a narrow beat of analysts' organic revenue estimates but EBITDA guidance for next quarter missing analysts' expectations significantly. The stock is down 10.9% since reporting and currently trades at $35.77. Read our full, actionable report on APi here, it's free. In response to the Fed's rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed's 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump's presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here. Sign in to access your portfolio
