Core Insights - Concrete Pumping Holdings, Inc. reported financial results for Q4 and fiscal year 2024, highlighting challenges in the U.S. Concrete Pumping segment due to high interest rates and increased commercial building vacancy rates, while the Concrete Waste Management business showed strong growth [4][5][12]. Financial Performance Summary - Q4 2024 revenue was 120.2 million in Q4 2023, primarily due to a decline in the U.S. Concrete Pumping segment [5][6]. - Fiscal year 2024 revenue totaled 442.2 million in fiscal year 2023, attributed to a slowdown in commercial construction and adverse weather events [12][15]. - Gross profit for Q4 2024 was 48.9 million in Q4 2023, with a gross margin improvement to 41.5% from 40.7% [6][8]. - For fiscal year 2024, gross profit was 178.3 million in fiscal year 2023, with a gross margin of 38.9% compared to 40.3% [13][15]. Segment Performance - U.S. Concrete Pumping revenue in Q4 2024 was 85.0 million in Q4 2023, with net income decreasing to 2.6 million [17][18]. - U.K. Operations revenue in Q4 2024 was 17.4 million in the prior year, with adjusted EBITDA increasing by 18% to 19.8 million, driven by organic growth and pricing improvements [22][23]. Management Commentary - The CEO noted that despite challenges in the U.S. pumping market, disciplined fleet management improved adjusted EBITDA margins and free cash flow, which increased by 5% year-over-year [4][6]. - The company anticipates continued positive momentum in the Concrete Waste Management segment and is positioned for market recovery in fiscal 2025 [4][24]. Liquidity and Debt Management - As of October 31, 2024, the company had total available liquidity of 216.7 million a year ago, and net debt reduced to 425.0 million and 115.0 million and $125.0 million [24].
Concrete Pumping Holdings Reports Fourth Quarter and Fiscal Year 2024 Results