Concrete Pumping reports Q4 EPS 16c, consensus 16c

Reports Q4 revenue $111.5M, consensus $110.4M. “In the fourth quarter, continued double-digit organic growth in our U.S. Concrete Waste Management business was offset by volume-driven declines in our U.S. Concrete Pumping (BBCP) segment,” said Bruce Young, CEO of CPH. “In particular, lingering high interest rates, coupled with increased commercial building vacancy rates, affected the start of new construction projects. Conversely, our Concrete Waste Management business sustained its robust growth, fueled by strong market share expansion and our ability to improve pricing. We anticipate this positive momentum will continue. Despite the challenges in the U.S. pumping market, our disciplined fleet management strategy enabled us to improve Adjusted EBITDA margins and generate robust free cash flow in the fourth quarter. On an annual basis, a $10.7 million reduction in equipment expenditures, coupled with strong proceeds from the sale of equipment, resulted in a 5% increase in free cash flow compared to last year, allowing us to further reduce our leverage. This flexible capital investment strategy, combined with our robust unit economics and strengthening balance sheet, including expanding liquidity from $216.7 million to $378.0 million during the year, positions us well for a market recovery and to drive shareholder value in fiscal 2025 and beyond.”