$BBCP reports double-digit revenue growth in Q1 FY 2023
Mar 9th 2023, 9:06 pm
Analyst Summary: Concrete Pumping Holdings reported double-digit revenue growth, driving record financial results in the first quarter of fiscal year 2023. Revenue increased 10% to $93.6 million compared to the same quarter in the prior year, and the company reported net income attributable to common shareholders of $6.0 million, or $0.11 per diluted share, compared to net income attributable to common shareholders of $0.7 million, or $0.01 per diluted share, in the prior year quarter. The company's CEO, Bruce Young, highlighted strong growth across segments and expansion in every area, as well as its strategy to enhance its geographic footprint through recent acquisitions. Looking ahead, the company anticipates continued strength in commercial and infrastructure end markets and seeks opportunities in the residential end market, given uncertain macroeconomic conditions. The company expects fiscal year 2023 revenue to range between $420.0 million to $445.0 million, Adjusted EBITDA to range between $125.0 million to $135.0 million, and free cash flow2 to range between $65.0 million to $75.0 million.