Wed, Sep 4, 9:49 PM (132 days ago)
For the third quarter ended July 31, 2024, Concrete Pumping Holdings, Inc. reported a revenue decline of 9.2% year-over-year, totaling $109.6 million, primarily driven by a 13.9% drop in its U.S. Concrete Pumping segment due to decreased construction activity and adverse weather conditions. Gross profit fell by 10.1% to $44.5 million, resulting in a slight drop in gross margin to 40.6%. General and administrative expenses decreased to $27.9 million, reflecting lower labor costs and non-cash expenses. Net income was $7.6 million, down from $10.3 million in the prior year, with a notable increase in the effective tax rate to 29.0% due to changes in UK tax legislation. Cash from operations was robust at $64.5 million, supporting liquidity with $26.3 million in cash and $210 million available under its ABL Facility. The company anticipates ongoing challenges from economic conditions and construction market dynamics, impacting future revenue and profitability. Despite the downturn, the firm remains committed to strategic acquisitions and operational efficiency to enhance long-term growth.