Business
Northwest Pipe Company Announces Fourth Quarter and Full Year 2023 Financial Results
Fourth quarter 2023 net sales of $110.2 million increased 3.1% year-over-yearAnnual net sales of $444.4 million decreased 2.9% year-over-yearAnnual gross
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Fourth quarter 2023 net sales of $110.2 million increased 3.1% year-over-yearAnnual net sales of $444.4 million decreased 2.9% year-over-yearAnnual gross profit of $77.6 million decreased 9.6% year-over-year from 2022 recordAnnual net income of $2.09 per diluted shareStrong annual cash generation with net cash provided by operating activities of $53.5 millionBacklog1 of $273 million; backlog including confirmed orders2 of $319 million for the Engineered Steel Pressure Pipe segment (\"SPP\")Order book3 of $46 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")Repurchased $4.4 million of common stock through February 29, 2024Record safety performance; annual total recordable incident rate of 1.51VANCOUVER, Wash., March 4, 2024 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the fourth quarter and full year ended December 31, 2023. The Company will broadcast its fourth quarter and full year 2023 earnings conference call on Tuesday, March 5, 2024 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"Despite the challenging circumstances of 2023, we generated annual net sales of $444.4 million, down only moderately from 2022, demonstrating what we believe is a new level of through cycle resilience created by the growth strategy deployed over the last several years. In 2023 we faced significant challenges in both our Steel Pressure Pipe and Precast businesses. The SPP business had one of the smallest bidding volume periods we have seen in many years and the Precast business continued to be suppressed by the interest rate environment throughout 2023,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company. \"In addition, we achieved record safety performance in 2023 and collectively our facilities are well below the national average for total recordable incident rate.\"\nMr. Montross continued, \"Our SPP revenue of $296.4 million was strong and our backlog including confirmed orders remained elevated at $319 million despite significantly reduced bidding activity and steel price volatility throughout 2023. While we anticipate a significantly stronger bidding year in 2024, due to typical seasonality and severe weather conditions tha...