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Concrete Pumping Holdings Inc. (BBCP+4.19%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $86.4 million from $97.7 million in the same quarter the previous year. This decline is attributed to reduced volumes in the U.S. Concrete Pumping and U.K. Operations segments.
Revenue for the U.S. Concrete Pumping segment decreased by 14.6% to $56.9 million, primarily due to adverse weather conditions and a slowdown in commercial construction work. The U.S. Concrete Waste Management Services segment saw a revenue increase of 6.9% to $16.7 million, driven by organic growth and pricing improvements.
The U.K. Operations segment reported a revenue decrease of 16.7% to $12.8 million, with the decline attributed to lower volumes in commercial construction work.
The company reported a gross profit of $31.2 million for the quarter, compared to $33.3 million in the previous year. The gross margin improved to 36.1% from 34.1%, primarily due to reductions in fuel and commercial insurance costs.
General and administrative expenses decreased to $27.8 million from $31.9 million, with the decrease largely due to a non-recurring sales tax litigation-related charge in the previous year.
Net loss for the quarter was $2.6 million, compared to a net loss of $3.8 million in the previous year. The improvement was partially due to lower interest expenses and the absence of a sales tax litigation charge.
Cash provided by operating activities was $6.0 million, while cash used in investing and financing activities was $3.9 million and $40.0 million, respectively.
The company closed a private offering of $425.0 million in senior secured second lien notes due 2032, using the proceeds to repay existing senior notes and fund a special cash dividend.
Concrete Pumping Holdings Inc. had a working capital of $47.7 million as of January 31, 2025. The company maintains compliance with its debt covenants and reports sufficient liquidity to meet future obligations.
The filing also details various financial agreements, including amendments to the ABL Facility, increasing the maximum revolver borrowings and extending the maturity date.
The company continues to focus on strategic acquisitions and capital allocation to enhance value proposition and competitiveness.
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. quarterly 10-Q report dated March 11, 2025. To report an error, please email earnings@qz.com.