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CPH
🇺🇸 NASDAQ:BBCP
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•
Jan 31, 2024

CPH Q1 2024 Earnings Report

CPH's financial performance was impacted by severe winter weather, with revenue increasing slightly and net income decreasing significantly.

Key Takeaways

Concrete Pumping Holdings reported a 4% increase in revenue to $97.7 million, driven by growth in Concrete Waste Management Services and U.K. operations, which was offset by a decline in U.S. Concrete Pumping due to severe weather. The company experienced a net loss of $3.8 million, compared to a net income of $6.5 million in the prior year quarter, and adjusted EBITDA decreased by 23.0% to $19.3 million.

Revenue increased by 4% to $97.7 million, driven by Concrete Waste Management Services and U.K. operations.

Net loss was $3.8 million, compared to a net income of $6.5 million in the prior year quarter.

Adjusted EBITDA decreased by 23.0% to $19.3 million due to weather impacts and inflationary pressures.

The company revised its fiscal year 2024 revenue outlook to $460.0 million - $480.0 million and Adjusted EBITDA to $122.0 million - $130.0 million due to weather impacts.

Total Revenue
$97.7M
Previous year: $93.6M
+4.4%
EPS
-$0.08
Previous year: $0.11
-172.7%
Adjusted EBITDA
$19.3M
Previous year: $25M
-22.9%
Adjusted EBITDA Margin
19.7%
Previous year: 26.8%
-26.5%
G&A Expenses
$31.9M
Gross Profit
$33.3M
Previous year: $36.5M
-8.8%
Cash and Equivalents
$14.7M
0
Free Cash Flow
$2.53M
Previous year: $796K
+218.2%
Total Assets
$895M
Previous year: $882M
+1.4%

CPH

CPH

CPH Revenue by Segment

Forward Guidance

Due to the weather impacted year-to-date start in fiscal 2024, the Company has revised its outlook and now expects fiscal year 2024 revenue to range between $460.0 million to $480.0 million and Adjusted EBITDA to range between $122.0 million to $130.0 million. The Company maintains its original outlook for free cash flow to be at least $75.0 million.

Positive Outlook

  • Increasing infrastructure activity.
  • Added light commercial and residential projects.
  • Diversified end markets.
  • High utilization of fleet.
  • Mission-critical service offered.

Challenges Ahead

  • Weather impacted year-to-date start in fiscal 2024
  • Revised fiscal year 2024 revenue outlook to range between $460.0 million to $480.0 million
  • Revised Adjusted EBITDA outlook to range between $122.0 million to $130.0 million.
  • Severe winter temperatures and freezing rainfall in the month of January stalled many customer projects, driving a revenue decline of approximately $7.0 million from the loss of volume.
  • Inflationary increases in insurance costs.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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