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Concrete Pumping Holdings Inc. (BBCP-4.54%) has submitted its 10-K annual report filing for the fiscal year ended October 31, 2024.
The report details the company's financial performance, indicating total revenue of $425.9 million, a decrease from $442.2 million in the previous year. This decline is attributed to a slowdown in commercial construction volume and adverse weather conditions in the U.S.
The U.S. Concrete Pumping segment reported revenue of $291.0 million, down 8.4% from the previous year, primarily due to higher interest rates and increased commercial building vacancy rates.
The U.K. Operations segment saw a slight increase in revenue to $64.0 million, up 2.2% from the previous year, despite project delays.
The U.S. Concrete Waste Management Services segment reported a revenue increase of 14.8% to $70.9 million, driven by organic growth and pricing improvements.
The company reported a gross margin of 38.9%, down from 40.3% in the previous year, due to decreased labor efficiencies and increased insurance costs.
General and administrative expenses were $116.5 million, slightly down from $116.9 million the previous year, with a noted non-recurring charge of $3.5 million related to a sales tax ruling in Washington State.
Interest expense and amortization of deferred financing costs decreased to $25.6 million from $28.1 million, attributed to debt repayment and cash accumulation.
Net income for the year was $16.2 million, down from $31.8 million in the previous year, with an effective tax rate increase to 33.3% from 21.6%.
The company ended the fiscal year with $43.0 million in cash and cash equivalents and $335.0 million in available borrowing capacity under its ABL Facility.
Concrete Pumping Holdings Inc. continues to focus on strategic acquisitions and capital allocation to enhance its market position, with a commitment of $11.0 million for capital expenditures in the coming year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Concrete Pumping Holdings Inc. annual 10-K report dated January 10, 2025. To report an error, please email earnings@qz.com.