HomeTop MoversHere is why Concrete Pumping Holdings Inc. (BBCP) stock turnaround in the...

Here is why Concrete Pumping Holdings Inc. (BBCP) stock turnaround in the after-hours on Wednesday?

Concrete Pumping Holdings Inc. (BBCP) shares jumped 3.91% in after-hours on Wednesday, January 12, 2022, and closed trading at $8.50. However, in the regular trading session of Wednesday, BBCP’s stock lost 2.73%. BBCP shares have risen 63.60% over the last 12 months, and they have moved down 2.50% in the past week. Over the past three months, the stock has lost 2.73%, while over the past six months, it has gained 0.49%.

Let’s have a brief look at its recent news and developments


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BBCP latest news

On January 12, 2022, Concrete Pumping Holdings, Inc. (BBCP), a leading provider of concrete pumping and waste management services in the U.S. and U.K., announced its financial results for the fourth quarter and fiscal year ended October 31, 2021.

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Q4 2021 financial highlights

  • BBCP reported revenue of $87.8 million for the fourth quarter of 2021 compared to $79.2 million for the fourth quarter of 2020.
  • In Q4 2021, gross profit was $37.3 million compared to $35.5 million in Q4 2020.
  • It earned a net income of $2.8 million or $0.05 per diluted share in Q4 2021, compared to a net loss of $3.1 million or $0.06 per diluted share in Q4 2020.
  • Adjusted EBITDA was $28.3 million in Q4 2021 compared to $29.9 million in Q4 2020.

FY 2021 financial highlights

  • Revenue in the fiscal year 2021 was$315.8 million compared to $304.3 million in the fiscal year 2020.
  • Gross profit was $137.7 million in the fiscal year 2021 compared to $137.3 million in the fiscal year 2020.
  • It suffered a net loss of $16.8 million or $0.31 per diluted share in FY 2021, compared to a net loss of $63.2 million or $1.20 per diluted share in FY 2020.
  • Adjusted EBITDA was $104.3 million in FY 2021 compared to $107.3 million in the year-ago.
  • The company ended the fiscal year with outstanding debt of $376.0 million, net debt of $366.7 million, and total available liquidity of $129.9 million.

FY 2022 financial outlook

For FY 2022, the company expects

  • Revenue in the range of $360.0 million to $370.0 million.
  • Adjusted EBITDA between $115.0 million to $120.0 million.
  • Free cash flow in the range of $55.0 million and $60.0 million.

BBCP participation in the recent event

Concrete Pumping Holdings, Inc. (BBCP) recently participated in the Baird Global Industrial Conference which was held on November 10, 2021. CFO, Iain Humphries, presented the company during the event.

BBCP acquired Pioneer Concrete Pumping Service

On November 02, 2021, Concrete Pumping Holdings, Inc. completed the acquisition of Pioneer Concrete Pumping Service, Inc. (Pioneer). BBCP acquired Pioneer for an asset purchase valuation of $20.1 million in cash that includes 83 units of operating equipment.

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Conclusion

Well, the top-notch financial results were the reason behind its surge in the after-hours on Wednesday and we can expect it to further climb in the coming trading sessions on Thursday.

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