Business
Northwest Pipe Company Announces Fourth Quarter and Full Year 2022 Financial Results
Annual net sales of $457.7 million increased 37.3% year-over-yearRecord annual gross profit of $85.9 million increased 94.0% year-over-yearRecord annual net
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Annual net sales of $457.7 million increased 37.3% year-over-yearRecord annual gross profit of $85.9 million increased 94.0% year-over-yearRecord annual net income of $3.11 per diluted share; adjusted net income of $3.35 per diluted shareBacklog1 of $274 million; backlog including confirmed orders2 of $372 million for the Engineered Steel Pressure Pipe segment (\"SPP\"), a new recordOrder book3 of $64 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")VANCOUVER, Wash., March 15, 2023 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure including engineered steel water pipeline systems; stormwater and wastewater technology products; high-quality precast and reinforced concrete products; pump lift stations; steel casing pipe, bar-wrapped concrete cylinder pipe, and one of the largest offerings of pipeline system joints, fittings, and specialized components, today announced its financial results for the fourth quarter and full year ended December 31, 2022. The Company will broadcast its fourth quarter and full year 2022 earnings conference call on Thursday, March 16, 2023 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"After a slow first quarter, our Engineered Steel Pressure Pipe business gained strength throughout 2022 resulting in a record annual revenue of $307.6 million. We ended the year with a record backlog including confirmed orders of $372 million due to the strong bidding that we experienced in the second half of the year which allowed our backlog to continue to improve in terms of both size and margin quality,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company. \"Precast Infrastructure and Engineered Systems generated a record annual revenue of $150.1 million and a strong gross margin of 27.6%, despite challenges related to the implementation of a new business system at our ParkUSA facilities. Our Precast order book ended 2022 at $64 million in this segment of the business, down 14% from the third quarter of 2022 due to the current uncertainty in the residential housing market and the resulting impact primarily on our Geneva business.\"\nMr. Montross continued, \"We expect that the first quarter of 2023 will be challenging, similar to what we saw in the first ...