Concrete Pumping Holdings Inc (NASDAQ:BBCP), a leading provider of concrete pumping and waste management services in the U.S. and U.K., stock rose 4.66% (As on Jan 13, 11:06:55 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 21. Net income attributable to common shareholders improved to $2.8 million compared to a net loss attributable to common shareholders of $3.1 million. Adjusted EBITDA was $28.3 million compared to $29.9 million, with Adjusted EBITDA margin at 32.2% compared to 37.8%. Amounts outstanding under debt agreements was $376.0 million with net debt of $366.7 million. Total available liquidity was $129.9 million as of October 31, 2021, compared to $142.2 million as of July 31, 2021. 2021 fourth quarter included growth investments of $14.1 million related to recent asset acquisitions.
BBCP in the fourth quarter of FY 21 has reported the adjusted earnings per share of 5 cents, missing the analysts’ estimates for the adjusted earnings per share of 9 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 11 percent to $87.8 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $83.22 million. Gross profit in the fourth quarter of fiscal year 2021 increased 5% to $37.3 million compared to $35.5 million in the prior year quarter. Gross margin was 42.6% compared to 44.8% in the prior year quarter due to inflationary cost pressures, including higher labor and fuel costs. Income from operations increased 169% to $11.7 million compared to $4.3 million.
Concrete Pumping expects full-year revenue to be in the range of $360 million to $370 million.
Meanwhile, In the U.S. concrete pumping business, the company continued to grow market share in the residential and infrastructure end markets. The U.S. concrete waste management business, operated under our Eco-Pan brand name, returned to double-digit growth as our recently expanded salesforce was able to execute more in-person selling. In the U.K., the company saw an increase in the volume of projects as the region continues to recover from the impacts of COVID-19. Further, September 2021 acquisition of Hi-Tech Concrete Pumping Services has expanded the presence in the growing Houston and southern Texas market and Pioneer Concrete Pumping Service, which the company had acquired in November 2021, has greatly improved the market positioning in Atlanta, Dallas, and San Antonio.