DENVER, Sept. 04, 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 third quarter ended July 31, 2025.
Third Quarter Fiscal Year 2025 Summary vs. Third Quarter of Fiscal Year 2024 (where applicable)
-- Revenue of $103.7 million compared to $109.6 million.
-- Gross profit of $40.4 million compared to $44.5 million.
-- Income from operations of $12.9 million compared to $16.6 million.
-- Net income of $3.7 million compared to $7.6 million.
-- Net income attributable to common shareholders was $3.3 million, or $0.07
per diluted share, compared to net income of $7.1 million, or $0.13 per
diluted share.
-- Adjusted EBITDA1 of $26.8 million compared to $31.6 million, with
Adjusted EBITDA margin1 of 25.8% compared to 28.8%
-- Amounts outstanding under debt agreements were $425.0 million with net
debt1 of $384.0 million. Total available liquidity at quarter end was
$358.0 million compared to $236.3 million one year ago.
-- Leverage ratio1 at quarter end of 3.8x.
Management Commentary
"This quarter, our results demonstrated the resilience and adaptability of our business model amid ongoing macroeconomic headwinds and localized weather-related disruptions," said CPH CEO Bruce Young. "While our concrete pumping volumes continued to experience softness in commercial demand and, to a lesser extent residential construction sectors, our waste management segment delivered modest growth, reinforcing the stability and diversification benefits of our platform. Our disciplined focus on cost management, fleet optimization, and strategic pricing helped buffer against topline softness. We remain committed to generating healthy free cash flow, maintaining flexibility, and deploying capital thoughtfully--whether through opportunistic share repurchases or targeted acquisitions--to position the company for stronger performance as market conditions improve."
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(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.
Third Quarter Fiscal Year 2025 Financial Results
Revenue in the third quarter of fiscal year 2025 was $103.7 million compared to $109.6 million in the third quarter of fiscal year 2024. The decrease was primarily attributable to ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to persistent high interest rates and higher rainfall in the Company's central and southeast regions. Further, while the Company has not been directly impacted by tariffs, the continued uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects.
Gross profit in the third quarter of fiscal year 2025 was $40.4 million compared to $44.5 million in the prior year quarter. Gross margin declined 160 basis points to 39.0% compared to 40.6% in the prior year quarter.
General and administrative expenses ("G&A") in the third quarter were $27.5 million compared to $27.9 million in the prior year quarter. As a percentage of revenue, G&A costs were 26.5% in the third quarter compared to 25.5% in the prior year quarter.
Net income in the third quarter of fiscal year 2025 was $3.7 million compared to net income of $7.6 million in the prior year quarter. Net income attributable to common shareholders in the third quarter of fiscal year 2025 was $3.3 million, or $0.07 per diluted share, compared to net income attributable to common shareholders of $7.1 million, or $0.13 per diluted share, in the prior year quarter.
Adjusted EBITDA in the third quarter of fiscal year 2025 was $26.8 million compared to $31.6 million in the prior year quarter. Adjusted EBITDA margin was 25.8% compared to 28.8% in the prior year quarter.
On July 31, 2025, the Company had debt outstanding of $425.0 million, net debt of $384.0 million and total available liquidity of $358.0 million.
Segment Results
U.S. Concrete Pumping. Revenue in the third quarter of fiscal year 2025 was $69.3 million compared to $75.2 million in the prior year quarter. The decline was driven by ongoing deferrals in commercial construction demand and softness in residential demand, mostly due to economic and market uncertainty from high interest rates, and higher rainfall in the Company's central and southeast regions in the months of May and June. Net income in the third quarter of fiscal year 2025 was $1.6 million compared to net income of $5.0 million in the prior year quarter. Adjusted EBITDA was $15.6 million in the third quarter of fiscal year 2025 compared to $20.3 million in the prior year quarter. These decreases were largely driven by the decrease in revenue volume, as discussed above.
U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal year 2025 increased 4% to $19.3 million compared to $18.5 million in the prior year quarter. The increase was driven by organic volume growth and pricing improvements. Net income in the third quarter of fiscal year 2025 was $1.4 million compared to net income of $1.7 million in the prior year quarter. Adjusted EBITDA in the third quarter of fiscal year 2025 increased 3% to $7.4 million compared to $7.2 million in the prior year quarter due to improved year-over-year revenue and disciplined cost control.
U.K. Operations. Revenue in the third quarter of fiscal year 2025 was $15.1 million compared to $15.9 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 10% year-over-year due to lower volumes caused by a slowdown in commercial construction demand. Net income in the third quarter of fiscal year 2025 was $0.7 million compared to $0.9 million in the prior year quarter. Adjusted EBITDA was $3.9 million in the third quarter of fiscal year 2025 compared to $4.2 million in the prior year quarter. Excluding the impact from foreign currency translation, the changes in net income and adjusted EBITDA were primarily related to the decrease in revenue.
Fiscal Year 2025 Outlook
The Company continues to expect 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 flow(2) to be approximately $45.0 million. These expectations continue to assume the construction market will not start to meaningfully recover until late fiscal year 2026 or early fiscal year 2027.
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(2) Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.
Conference Call
The Company will hold a conference call on Thursday, September 4, 2025, at 5:00 p.m. Eastern time to discuss its third quarter 2025 results.
Date: Thursday, September 4, 2025
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13755065
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 https://viavid.webcasts.com/starthere.jsp?ei=1728355&tp_key=fcf4f7a7c9 as well as the investor relations section of the Company's website at www.concretepumpingholdings.com.
A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through September 11, 2025.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13755065
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 July 31, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 branch locations across 23 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 23 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company's brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
Forward--Looking Statements
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