In This Article:
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Revenue: $111.5 million in Q4, down from $120.2 million year-over-year.
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US Concrete Pumping Revenue: $74.5 million, down from $85 million in the prior year quarter.
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UK Operations Revenue: $17.1 million, slightly down from $17.4 million year-over-year.
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US Concrete Waste Management Revenue: Increased 11% to $19.8 million from $17.8 million year-over-year.
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Gross Margin: Increased to 41.5% from 40.7% year-over-year.
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General and Administrative Expenses: Declined 9% to $27 million from $29.6 million year-over-year.
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Net Income: $9 million or $0.16 per diluted share, largely unchanged year-over-year.
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Adjusted EBITDA: $33.7 million, down from $35.8 million year-over-year; margin increased to 30.2% from 29.8%.
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Free Cash Flow: Increased 26% to $24 million from $19 million year-over-year.
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Net Debt: Decreased by $46 million to $332 million.
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Liquidity: Approximately $378 million as of October 31, 2024.
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Share Buyback: Repurchased 423,000 shares for $2.5 million at an average price of $5.89.
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2025 Revenue Guidance: Expected to range between $425 million and $445 million.
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2025 Adjusted EBITDA Guidance: Expected to range between $115 million and $125 million.
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2025 Free Cash Flow Guidance: At least $65 million.
Release Date: January 09, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Concrete Pumping Holdings Inc (NASDAQ:BBCP) achieved a 5% increase in free cash flow compared to the previous year, despite challenges in the US pumping market.
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The company's concrete waste management business sustained double-digit growth, driven by strong market share expansion and improved pricing.
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Adjusted EBITDA margins increased due to disciplined fleet management and cost control strategies.
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The company reduced its net debt by $42 million year-over-year, improving its leverage and balance sheet strength.
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Concrete Pumping Holdings Inc (NASDAQ:BBCP) anticipates growth in its infrastructure business in fiscal year 2025, supported by the funding environment in the UK and opportunities from the Infrastructure Investment and Jobs Act in the US.
Negative Points
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Revenue in the US concrete pumping segment decreased due to a slowdown in commercial construction volume and an oversaturation of concrete pumps in certain markets.
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The company experienced softness in the commercial end market, particularly in light commercial and office buildings, which are more interest rate sensitive.
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Revenue for UK operations decreased by approximately 6% in the fourth quarter, primarily due to lower construction volumes.
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The company expects continued pressure on pricing in the US pumping market until market conditions improve.
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Utilization rates for the company's equipment remain below target, with current utilization around 70%, down from the 80% target.