Concrete Pumping (NASDAQ:BBCP) reported higher third-quarter revenue and adjusted EBITDA as demand for large commercial and infrastructure projects, including data centers, continued to support its U.S. operations. The company also raised its fiscal 2026 outlook and announced a regular quarterly cash dividend.
For the quarter ended July 31, 2026, revenue rose 13% year over year to $116.8 million. Net income attributable to common shareholders increased to $4.5 million, or $0.09 per diluted share, from $3.3 million, or $0.07 per diluted share, a year earlier. Adjusted EBITDA increased 13% to $30.4 million, while adjusted EBITDA margin improved to 26%.
U.S. Commercial and Infrastructure Work Drives Growth
“These larger, more complex projects continue to support healthy fleet utilization across both our Brundage-Bone and Eco-Pan businesses,” Young said, pointing to the company’s national footprint, operating scale and technical expertise.
U.S. Concrete Pumping segment revenue increased 10% to $76.2 million from $69.3 million in the prior-year period. Segment adjusted EBITDA rose 18% to $18.4 million. The company cited strong commercial and infrastructure activity, pricing improvement and mostly stable weather in U.S. markets.
Management said light commercial construction remained under pressure from elevated interest rates and economic uncertainty, while residential activity continued to be subdued amid affordability challenges.
Eco-Pan Concrete Waste Management Services revenue grew 14% to $21.9 million. The business benefited from organic volume growth, higher pricing and expansion with new customer accounts. Eco-Pan adjusted EBITDA increased 19% to $8.8 million.
U.K. Revenue Rises, Though Demand Remains Uneven
Revenue from U.K. operations increased 24% to $18.7 million, primarily reflecting the contribution of the Templant temporary power acquisition. Young said Templant is performing in line with the company’s strategy to create a more diversified service platform for construction and infrastructure markets.
Underlying U.K. commercial construction conditions remained softer than in the U.S., with inflation, interest rates and slower commercial activity weighing on demand. Still, management said it saw improving commercial activity in July and August.
During the question-and-answer session, Chief Financial Officer Iain Humphries said U.K. margins were affected by reduced labor efficiency as demand weakened. Young added that U.K. labor is less variable than in the U.S., requiring the company to retain and pay its workforce through periods of lower activity. Management said it was seeing signs that the market could improve.
Consolidated gross margin was 38.7%, compared with 39% in the prior-year quarter. The modest decline reflected higher fuel costs, though management said pricing largely offset inflationary pressures. General and administrative expenses increased to $30.1 million from $27.5 million, due to higher stock compensation and acquisition-related costs. However, G&A as a percentage of revenue improved to 25.8% from 26.5%.
Guidance Raised and Dividend Initiated
Based on results through the first nine months of the fiscal year, Concrete Pumping raised its full-year expectations:
- Revenue is now expected to be between $425 million and $435 million, up from prior guidance of $410 million to $425 million.
- Adjusted EBITDA is projected at $103 million to $108 million, compared with a previous range of $98 million to $105 million.
- Free cash flow is expected to be about $50 million, up from prior guidance of at least $45 million.
The company also announced that its board approved a regular quarterly cash dividend. The first expected dividend of $0.13 per share is scheduled for payment on Oct. 2, 2026, to shareholders of record as of Sept. 18. The annualized dividend would total $0.52 per share.
Humphries said future dividend declarations will remain subject to board approval and will depend on the company’s financial position, cash flow and capital requirements.
Leverage Declines as Company Maintains Capital Flexibility
Concrete Pumping ended the quarter with $425 million in total debt and about $382 million in net debt. Its net leverage ratio declined to approximately 3.6 times adjusted EBITDA from 3.8 times in the preceding quarter. Available liquidity totaled approximately $357 million.
The company continues to target net leverage of three times. Humphries said management believes it could reduce leverage by at least one-half turn over 12 months, depending on growth investments, share repurchases and merger-and-acquisition activity. He said reaching the three-times target could be reasonable in roughly 18 months absent extraordinary investments.
Management said it has returned approximately $91 million to shareholders over the past four years through share repurchases and a special dividend. Since launching its repurchase program in 2022, the company has repurchased about 5.9 million shares for $38.1 million. About $11.9 million remains under the authorization, which the board extended through Nov. 30, 2028.
Young said the new dividend does not alter Concrete Pumping’s growth priorities, including fleet investment, complementary service expansion and potential acquisitions. He said the company remains focused on free-cash-flow generation, disciplined execution and investment in opportunities across its end markets.
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.
