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Andy Whitman

Senior Research Analyst at Baird Financial Group, Inc.

Andrew J. Wittmann is a Senior Research Analyst at Baird, specializing in Facility and Industrial Services with a focus on the Engineering & Construction sector. He has covered companies in the commercial real estate, REITs, hotel and leisure, and business services industries, achieving top performance such as No. 1 and No. 3 earnings estimator rankings in Commercial Services & Supplies and Construction & Engineering from StarMine and recognition by Greenwich Associates. Wittmann joined Baird in 2006 after working as a systems design engineer at Ford Motor Company, and holds an MBA from Indiana University, an MS in Engineering from Purdue University, and a BS in Mechanical Engineering from the University of Wisconsin-Madison. His analytical excellence and industry accolades underscore a strong track record of research performance and sector expertise.

Andy Whitman's questions to Concrete Pumping Holdings (BBCP) leadership

Question · Q3 2025

Andy Whitman asked about the implied Q4 margins given expected revenue declines and sought clarification on the timing of a market recovery, specifically regarding the outlook for 2026 and beyond.

Answer

CFO Iain Humphries expressed confidence in the Q4 guidance range and margin profile, noting Q3 and Q4 are usually comparable with Q4 having an extra day. CEO Bruce Young discussed the recovery outlook, highlighting increased bidding activity, resilient residential markets, accelerating U.S. infrastructure projects, and robust U.K. infrastructure (HS2). He also mentioned strong activity in large commercial projects like data centers and warehouses, while manufacturing remains on hold due to tariff uncertainty, leading to optimism for next year but acknowledging it's still early to predict.

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