Concrete Pumping Revenue Falls 5% in Q3

Key Points

• Revenue fell 5.4% year over year to $103.7 million in Q3 FY2025, as commercial construction and weather headwinds persisted.

• Net income declined 51.1% year over year to $3.7 million, and diluted EPS dropped to $0.07.

• Waste management services (Eco-Pan) saw revenue and adjusted EBITDA growth, partly offsetting broader segment declines.

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Concrete Pumping (NASDAQ:BBCP), the largest provider of concrete pumping services in the United States and United Kingdom, reported its third-quarter results on Sept. 4, 2025. The company’s revenue (GAAP) was $103.7 million, missing expectations set by the prior-year’s GAAP result of $109.6 million. Profitability also declined, with diluted earnings per share (EPS) of $0.07, down from $0.13 one year ago. Results were in line with company guidance issued after last quarter’s downward revision, but reflect a period marked by market softness and higher costs.

Overall, the quarter exhibited continued pressure on sales and margins, but the company’s waste management segment delivered growth, providing some stability amid broader declines.

Source: Concrete Pumping. Note: Fiscal 2025 third-quarter ended July 31, 2025. Fiscal 2024 Q3 ended July 31, 2024.

Business Overview and Areas of Focus

Concrete Pumping delivers specialized concrete placement and waste management services across the U.S. and U.K. It operates a fleet of more than 1,500 pumping units and serves 145 locations with about 16,000 customers. The company’s brands include Brundage-Bone and Camfaud for pumping and Eco-Pan for waste management solutions related to concrete washout.

Key areas for Concrete Pumping include market leadership and scale, a highly skilled workforce, a focus on large and complex projects, and environmental compliance. Recent efforts have concentrated on maintaining service presence, managing costs, and growing the Eco-Pan waste management business. The company’s diversified service and customer base are intended to cushion it against cyclical downturns in construction demand.

Quarter Highlights and Segment Performance

Total revenue (GAAP) fell 5.4%, reflecting sustained softness in commercial and, to a lesser extent, residential construction. The U.S. Concrete Pumping segment reported a revenue decline of 7.9% and a net income drop of 67.2%. Management attributed this to continued deferrals in commercial projects, economic uncertainty related to high interest rates, and above-average rainfall impacting construction schedules. Residential demand also remained muted as market conditions continued to weigh on new building activity.

In contrast, the waste management segment, primarily branded under Eco-Pan, showed growth. Waste management services saw revenue rise by 4.3% and adjusted EBITDA edge up by 3%, supported by higher organic volumes and successful pricing actions. Although net income for this segment decreased by 18.2%, revenue and adjusted EBITDA still increased.

Operations in the U.K. also experienced a decline, with segment revenue falling 5.0% and net income down 24.5%. According to management, this resulted from lower volumes in commercial construction as well as currency translation effects. Year-to-date, U.K. operations remain challenged by reduced market activity and increased operating leverage as overheads hold steady against declining sales.

Across the business, overall margin contraction persisted. Gross margin (GAAP) decreased to 39.0% from 40.6% in Q3 FY2024, and adjusted EBITDA margin fell from 28.8% to 25.8%. While general and administrative expenses declined in absolute dollars, they rose as a percentage of sales, reflecting the impact of lower volume on fixed costs. Management noted that disciplined cost management and strategic pricing “helped buffer against topline softness,” but were unable to fully offset the loss of higher-margin work in commercial pumping.

Products and Service Families

The company’s primary product families include concrete pumping services under the Brundage-Bone and Camfaud brands, as well as waste management solutions delivered by Eco-Pan. Brundage-Bone and Camfaud use specialized vehicle-mounted equipment to place concrete accurately and efficiently on construction sites. Eco-Pan provides turnkey waste management services, using metal collection pans and trucks to capture, transport, and process concrete washout material in a manner compliant with environmental regulations.

Outlook and Management Guidance

Management maintained its outlook, forecasting revenue between $380 million and $390 million. Adjusted EBITDA is expected to land in the $95 million to $100 million range, with free cash flow projections around $45 million. This guidance matches what was shared last quarter, suggesting results are broadly tracking with expectations set after adjusting them downward following a market slowdown.

Leadership reiterated that it does not expect the construction market to enter a meaningful recovery until late FY2026 or early FY2027. No new near-term upside or rapid rebound is anticipated. The board continues to allocate capital toward maintaining business flexibility and share buybacks.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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