What Happened:
Shares of concrete and waste management company Concrete Pumping (NASDAQ:BBCP) fell 12% in the morning session after the company reported second-quarter earnings results. Revenue and EPS both missed. Its full-year revenue guidance was lowered and also missed expectations. Sales growth was negatively impacted by unfavorable weather, high interest rates affecting commercial construction, and an oversupply of concrete pumps. Overall, this was a weaker quarter.
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What is the market telling us:
Concrete Pumping’s shares are not very volatile than the market average and over the last year have had only 13 moves greater than 5%. Moves this big are very rare for Concrete Pumping and that is indicating to us that this news had a significant impact on the market’s perception of the business.
Concrete Pumping is down 35.2% since the beginning of the year, and at $5.30 per share it is trading 41.8% below its 52-week high of $9.10 from September 2023. Investors who bought $1,000 worth of Concrete Pumping’s shares 5 years ago would now be looking at an investment worth $1,233.
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