Business
Northwest Pipe Company Announces First Quarter 2021 Financial Results
- Net sales of $72.3 million increased 4.9% year-over-year - Strong backlog of $178 million; $210 million including confirmed orders representing the eleventh
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"- Net sales of $72.3 million increased 4.9% year-over-year\n - Strong backlog of $178 million; $210 million including confirmed orders representing the eleventh consecutive quarter over $200 million\n - Net income of $2.2 million or $0.22 per diluted share\n\n\nVANCOUVER, Wash., May 3, 2021 /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, 2021. The Company will broadcast its first quarter 2021 earnings conference call on Tuesday, May 4, 2021 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2021 Results\nNet sales increased 4.9% to $72.3 million in the first quarter of 2021 from $68.9 million in the first quarter of 2020. The increase was primarily due to the Geneva Pipe and Precast Company (\"Geneva\") operations acquired in January 2020, which contributed $12.3 million in the first quarter of 2021 compared to $8.0 million in the first quarter of 2020. The 1% decrease in net sales at the Company's legacy steel pipe facilities was due to a 2% decrease in selling price per ton due to a change in product mix, partially offset by a 1% increase in tons produced resulting from changes in project timing.\nGross profit decreased 8.4% to $8.8 million, or 12.1% of net sales, in the first quarter of 2021 from $9.6 million, or 13.9% of net sales, in the first quarter of 2020, primarily due to product mix at the Company's legacy steel pipe facilities. Gross profit in the first quarter of 2020 included $0.4 million of incremental production costs resulting from the fire at the Company's Saginaw, Texas facility in April 2019 as well as $0.3 million in acquisition-related inventory charges.\nNet income was $2.2 million, or $0.22 per diluted share, in the first quarter of 2021 compared to $0.6 million, or $0.06 per diluted share, in the first quarter of 2020. The first quarter of 2020 included $2.8 million of pre-tax acquisition-related transaction costs and inventory charges and $0.4 million of pre-tax incremental production costs resulting from the fire at the Company's Saginaw facility. After considering non-recurring items, adjusted net income was $2.9 million, or $0.30 per diluted share, in the first quarter of 2020. There were no adjustments to consider in the first quarter of...