Business
Northwest Pipe Company Announces First Quarter 2020 Financial Results
- U.S. plants have been deemed essential and continue to operate amidst the COVID-19 pandemic - Gross profit of $9.6 million increased 45.8% year-over-year -
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"- U.S. plants have been deemed essential and continue to operate amidst the COVID-19 pandemic\n - Gross profit of $9.6 million increased 45.8% year-over-year\n - Net income of $0.06 per diluted share; Adjusted net income of $0.33 per diluted share\n - Strong backlog of $170 million; $224 million including confirmed orders\n - Enhanced liquidity position to $70 million, comprised of cash and available borrowings under the amended and extended credit agreement\n\n\nVANCOUVER, Wash., May 7, 2020 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX), an industry leader of engineered pipeline systems for water infrastructure, today announced its financial results for the first quarter ended March 31, 2020. The Company will broadcast its first quarter 2020 earnings conference call on Friday, May 8, 2020 at 7:00 a.m. PDT.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2020 Results\nNet sales increased 10.0% to $68.9 million in the first quarter of 2020 from $62.6 million in the first quarter of 2019 primarily due to an $8.0 million contribution from the Company's recently acquired Geneva Pipe Company, Inc. (\"Geneva\") operations. Legacy revenues decreased slightly from the first quarter of 2019 due to a 12% decrease in tons produced, partially offset by a 10% increase in selling price per ton.\nGross profit increased 45.8% to $9.6 million, or 13.9% of net sales, in the first quarter of 2020 from $6.6 million, or 10.5% of net sales, in the first quarter of 2019 primarily due to improved product pricing in the Company's steel pressure pipe business and the margin contribution from Geneva. Included in gross profit in the first quarter of 2020 was $0.5 million of acquisition-related charges and $0.4 million in incremental production costs resulting from the fire at the Company's Saginaw facility in April 2019.\nNet income was $0.6 million, or $0.06 per diluted share, in the first quarter of 2020 compared to $2.2 million, or $0.22 per diluted share, in the first quarter of 2019. Adjusted net income was $3.2 million, or $0.33 per diluted share, in the first quarter of 2020. Adjusted net income excluded $2.5 million of acquisition-related transaction costs, $0.6 million of acquisition-related charges, $0.4 million in incremental production costs resulting from the fire at the Company's Saginaw facility, and the tax impact of these items of $0.9 mil...