Concrete Pumping (NASDAQ:BBCP) reported stronger second-quarter results and raised its fiscal 2026 outlook, citing continued momentum in U.S. commercial and infrastructure markets, improved fleet utilization and growing work tied to data centers and chip plants.
On the company’s earnings call for the quarter ended April 30, 2026, CEO Bruce Young said Concrete Pumping was “pleased with our strong second quarter,” with revenue rising 14% year-over-year and adjusted EBITDA increasing 17%. Young said the performance was driven by “continued momentum across our U.S. operations, disciplined operational execution throughout the organization, and favorable end market activity in several of our key geographies.”
Revenue and Earnings Rise in the Second Quarter
Net income attributable to common shareholders rose to $2.1 million, or $0.04 per diluted share, compared with a net loss of $400,000, or $0.01 per diluted share, in the year-ago period. Consolidated adjusted EBITDA increased to $26.4 million from $22.5 million, while adjusted EBITDA margin improved to 24.7% from 23.9%.
Humphries said gross margin increased modestly to 38.6% from 38.5%, as revenue growth and pricing helped offset inflationary pressures, including higher repair and maintenance costs, wear part inflation and tariffs on certain replacement parts. General and administrative expenses rose to $29.2 million from $27.9 million, but improved as a percentage of revenue to 27.3% from 29.7%.
U.S. Operations Lead Growth
Revenue in the U.S. Concrete Pumping segment, which operates primarily under the Brundage-Bone brand, increased 15% to $71.5 million from $62.1 million. Humphries said the segment benefited from strength in large-scale projects, including data centers, roads, bridges, education, warehousing and energy-related projects. Those gains were partially offset by softness in light commercial construction and subdued residential demand.
Young said demand tied to commercial and infrastructure projects remains healthy across several industries, including education, healthcare, energy, infrastructure and data centers. He said growth in data centers continues to support improved utilization levels in both the U.S. concrete pumping and Eco-Pan operations.
In response to an analyst question, Humphries said data centers and chip plant work represented about 10% to 12% of revenue, compared with approximately 4% to 5% in the first half of the prior year. He said the company saw “nice growth acceleration” in that work, supported by more consistent weather.
Humphries also said data center-related work can support margins because it often involves remote locations and specialized equipment. “The pricing reflects that, which helps the margin profile,” he said, while also noting that improved volume has driven better operating leverage.
Eco-Pan Continues to Expand
The company’s Concrete Waste Management Services segment, operating under the Eco-Pan brand, posted revenue of $20.3 million, up 13% from $18.1 million a year earlier. Humphries said the increase was driven by organic volume growth, new customer penetration and pricing improvements.
Adjusted EBITDA in the Eco-Pan business increased 16% to $7.7 million, reflecting operating leverage from higher volumes and pricing. Young described Eco-Pan as a “highly complementary service offering” to the concrete pumping business and said it continues to show favorable through-cycle characteristics.
U.K. Market Remains Challenging
Revenue in the U.K. operations increased 8% to $14.9 million from $13.8 million. Humphries said the result included a $600,000 benefit from foreign currency translation and a $1.4 million contribution from recent acquisitions. Excluding those items, underlying commercial construction activity remained soft due to elevated interest rates, inflationary pressures and economic uncertainty.
Adjusted EBITDA in the U.K. business was $3.1 million, compared with $3.2 million in the prior-year quarter, reflecting inflationary pressures in labor, fuel and repair and maintenance costs.
Young said market conditions in the U.K. remain more challenging than in the U.S., though infrastructure-related activity in areas such as energy projects and HS2 construction has been relatively resilient. He also highlighted the company’s recent strategic acquisitions, including an expansion into the Republic of Ireland and its entry into the U.K. temporary power market through the acquisition of Temp Plant.
Asked about Temp Plant, Young said the company does not disclose acquisition multiples, but said the deal was consistent with what Concrete Pumping would pay for acquisitions of concrete pumps. He said Temp Plant gives the company an opportunity to leverage the service side of the temporary power business and that management expects to “rapidly grow” that business in the U.K.
Company Raises Fiscal 2026 Outlook
Concrete Pumping raised its full-year fiscal 2026 revenue outlook to a range of $410 million to $425 million, up from its prior range of $390 million to $410 million. The company also increased its adjusted EBITDA outlook to $98 million to $105 million, from a previous range of $90 million to $100 million. Free cash flow is now expected to be at least $45 million, compared with a prior expectation of approximately $40 million.
Humphries said the outlook reflects strong first-half performance and continued momentum in U.S. operations. However, he cautioned that year-over-year growth comparisons are expected to moderate in the second half because data center and large-scale project activity accelerated during the third quarter of the prior year.
The outlook assumes no meaningful recovery in residential or light commercial construction activity during fiscal 2026. Humphries said free cash flow expectations assume approximately $23 million of net replacement capital expenditures and $32 million of net cash paid for interest, excluding accelerated capital expenditures pulled forward from fiscal 2027.
As of April 30, the company had total debt outstanding of $425.6 million and net debt of $386.9 million, representing net leverage of approximately 3.8 times adjusted EBITDA. Humphries said Concrete Pumping ended the quarter with approximately $346.3 million of available liquidity, including cash and availability under its asset-based lending facility.
During the quarter, the company repurchased about 392,000 shares for $2.6 million at an average price of $6.68 per share. Since beginning the program in 2022, Concrete Pumping has repurchased approximately 5.9 million shares for $38.1 million, with $11.9 million remaining under the authorization through December 2026.
Young said the company remains focused on operational efficiency, pricing discipline and strategic capital allocation as it moves through the rest of fiscal 2026. He said Concrete Pumping is positioned to invest in the business, pursue disciplined growth opportunities and continue generating free cash flow, even as broader construction activity remains mixed.
About Concrete Pumping (NASDAQ:BBCP)
Concrete Pumping Holdings, Inc (NASDAQ: BBCP) is a specialized provider of concrete placing and pumping solutions for commercial, residential and infrastructure construction projects. Through its network of regional operating subsidiaries, the company offers boom pumps, line pumps and volumetric concrete mixers, enabling contractors to efficiently deliver and place concrete on jobsites of varying scale and complexity. Concrete Pumping’s services are designed to streamline the concrete placement process, reduce project timelines and improve overall jobsite safety.
Since its formation through a series of strategic acquisitions beginning in 2020, Concrete Pumping Holdings has focused on consolidating regional operators under a unified platform.
