The following is a summary of the Concrete Pumping Holdings, Inc. (BBCP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Concrete Pumping Holdings reported a consolidated revenue increase of 4% in Q1 to $97.7 million, despite challenging weather conditions.

• Strong performance was seen in waste management services and UK operations, with revenue increases of 14% and 21% respectively.

• The company decreased their revolving ABL loan balance by $6 million, maintaining liquidity at $217 million.

• Gross margin of 34.1% was observed, a decrease from 39% in the prior-year quarter due to various factors like lower revenue volume and increased costs.

• The company's Q1 net loss decreased to $4.3 million, or $0.08 per diluted share, compared to a net income in the same year-ago quarter.

• Adjusted EBITDA decreased to $19.3 million from $25 million in the same year-ago quarter.

Business Progress:

• The company anticipates continued growth in residential and infrastructure markets, expecting further tailwinds from potential interest rate cuts in 2024.

• Exploration of strategies to bolster organic growth through opportunistic M&A and reducing leverage is ongoing.

• Recovery in the light commercial sector is expected in the second half of fiscal 2024.

• The company initiated a share repurchase program, repurchasing 1.8 million shares for a sum of $11.8 million.

• Revision in fiscal revenue expectations to a range between $460 million and $480 million has been forecast due to year-to-date weather impacts.

• The company maintains a solid operational and financial foundation to continue executing its growth strategy.

More details: Concrete Pumping Holdings IR

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