Business
Northwest Pipe Company Announces Second Quarter 2023 Financial Results
Net sales of $116.4 million decreased 1.8% year-over-yearGross profit of $22.5 million decreased 6.6% year-over-yearNet income of $0.74 per diluted
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Net sales of $116.4 million decreased 1.8% year-over-yearGross profit of $22.5 million decreased 6.6% year-over-yearNet income of $0.74 per diluted shareBacklog1 of $292 million; backlog including confirmed orders2 of $343 million for the Engineered Steel Pressure Pipe segment (\"SPP\") Order book3 of $58 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")VANCOUVER, Wash., Aug. 2, 2023 /PRNewswire/ --Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure products 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 second quarter ended June 30, 2023. The Company will broadcast its second quarter 2023 earnings conference call on Thursday, August 3, 2023 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"The Precast business delivered $39.1 million in revenue, gross margins of 25.3%, and an order book of $58 million, which was flat to the previous quarter. While the elevated interest rates and the associated impact on both commercial and residential construction has moderately affected the segment from the record highs of 2022, we are still projecting a good year by historical standards,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company. \"Following a slow first quarter, the SPP business rebounded producing $77.3 million of revenue and gross margins of 16.3%, 190 basis points higher than the second quarter of 2022. The SPP backlog including confirmed orders declined from the near record high at the end of the first quarter to $343 million; however, we are currently awaiting the potential award of multiple projects that have recently bid that could stabilize the near-term backlog. Starting in the second quarter, we expect SSP revenue to remain at a higher level similar to 2022, but with improved gross margins.\"\n________________________________\n1\nNorthwest Pipe Company defines \"backlog\" as the balance of remaining performance obligations under signed contracts for Engineere...