Business
Northwest Pipe Company Announces Second Quarter 2024 Financial Results
Net sales of $129.5 million increased 11.3% year-over-yearRecord net sales of $89.5 million for the Engineered Steel Pressure Pipe segment ("SPP")Record gross
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Net sales of $129.5 million increased 11.3% year-over-yearRecord net sales of $89.5 million for the Engineered Steel Pressure Pipe segment (\"SPP\")Record gross profit of $25.8 million increased 14.8% year-over-yearNet income of $0.86 per diluted shareGenerated strong net cash provided by operating activities of $22.3 millionBacklog1 of $282 million; backlog including confirmed orders2 of $348 million for SPPOrder book3 of $62 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")VANCOUVER, Wash., July 31, 2024 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the second quarter ended June 30, 2024. The Company will broadcast its second quarter 2024 earnings conference call on Thursday, August 1, 2024 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"Our second quarter results were very strong despite the weather-related challenges we encountered in Texas which disrupted production, shipping, and order intake,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company. \"We delivered record quarterly revenue of $89.5 million in our Steel Pressure Pipe business and enjoyed continued strength in the residential side of our Precast business despite persistent interest rate headwinds. In addition, record quarterly profitability levels, coupled with effective working capital management, led to strong free cash flow4 generation of $16.2 million in the second quarter, up significantly versus last year. The SPP segment benefitted from the strong pipeline of bidding opportunities in the first half of this year. We expect our SPP business to remain strong for the rest of 2024. In Precast, reduced production and shipments on the non-residential construction portion of our business at Park offset much of the strength we saw on the residential side at Geneva, primarily due to multiple severe weather events in Texas. Following a slow first half of the year in Precast, we are expecting a stronger third quarter with improving revenue and gross margins.\"\nSecond Quarter 2024 Financial Results\nConsolidated\nNet sales increased 11.3% to $129.5 million from $116.4 million in the second quarter of 2023. Gross profit increased 14.8% to a record of...