Business
Northwest Pipe Company Announces Second Quarter 2020 Financial Results
- Gross profit of $13.0 million increased 57.7% year-over-year - Net income of $0.61 per diluted share; adjusted net income of $0.45 per diluted share -
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"- Gross profit of $13.0 million increased 57.7% year-over-year\n - Net income of $0.61 per diluted share; adjusted net income of $0.45 per diluted share\n - Restarted production at the Company's San Luis Río Colorado facility in June; all facilities are now operating through the COVID-19 pandemic\n - Settled insurance claims associated with the fire at the Company's Saginaw facility in April 2019\n - Operating cash flows drove an increase in cash and cash equivalents to $19.2 million\n - Solid bidding environment resulted in backlog of $159 million; $246 million including confirmed orders, a 10% increase from the prior quarter\n\n\nVANCOUVER, Wash., Aug. 4, 2020 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX), an industry leader of engineered pipeline systems for water infrastructure, today announced its financial results for the second quarter ended June 30, 2020. The Company will broadcast its second quarter 2020 earnings conference call on Wednesday, August 5, 2020 at 7:00 a.m. PDT.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 Results\nNet sales increased 1.1% to $70.0 million in the second quarter of 2020 from $69.2 million in the second quarter of 2019 due to a $12.4 million contribution from the Company's recently acquired Geneva Pipe Company, Inc. (\"Geneva\") operations. Legacy revenue decreased from the second quarter of 2019 due to a 31% decrease in tons produced as a result of the shut-down of the Company's San Luis Río Colorado (\"SLRC\") facility and changes in project timing, which were partially offset by a 20% increase in selling price per ton.\nGross profit increased 57.7% to $13.0 million, or 18.5% of net sales, in the second quarter of 2020 from $8.2 million, or 11.9% of net sales, in the second quarter of 2019 primarily due to improved product pricing in the Company's steel pressure pipe business and the margin contribution from Geneva. This was partially offset by decreased production volume as well as costs associated with the shut-down of the Company's SLRC facility. Since lifting restrictions previously imposed, the Mexican authorities have allowed for weekly increases to the Company's workforce beginning in June. Additionally, as a result of the fire at the Company's Saginaw facility in April 2019, $1.8 million of business interruption insurance recovery was recorded in the second quarter of 2020,...