Business
Northwest Pipe Company Announces Third Quarter 2021 Financial Results
- Net sales of $84.6 million increased 9.0% year-over-year and 14.7% from prior quarter - Backlog of $191 million; $273 million including confirmed orders
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"- Net sales of $84.6 million increased 9.0% year-over-year and 14.7% from prior quarter\n - Backlog of $191 million; $273 million including confirmed orders representing the second highest level on record\n - Net income of $4.9 million, or $0.50 per diluted share, increased 132.1% from prior quarter\n - Completed acquisition of Park Environmental Equipment, LLC (\"ParkUSA\") on October 5, 2021\n -- Technology leader in water infrastructure products\n -- 2020 revenue of $66.5 million\n -- History of strong operating margins; expected to be accretive to the Company's fourth quarter 2021 results\n\n\nVANCOUVER, Wash., Nov. 8, 2021 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX), an industry leader of engineered pipeline systems for water infrastructure, today announced its financial results for the third quarter ended September 30, 2021. The Company will broadcast its third quarter 2021 earnings conference call on Tuesday, November 9, 2021 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Results\nNet sales increased 9.0% to $84.6 million in the third quarter of 2021 from $77.6 million in the third quarter of 2020. This increase was due to both higher pricing and shipments of precast concrete products, which contributed $2.6 million of the third quarter increase, as well as a 7% increase in net sales at the Company's steel pipe facilities, which is attributable to a 17% increase in selling price per ton due to increased materials costs and changes in product mix, partially offset by a 9% decrease in tons produced resulting from changes in project timing.\nGross profit decreased 20.8% to $12.4 million, or 14.6% of net sales, in the third quarter of 2021 from $15.6 million, or 20.1% of net sales, in the third quarter of 2020, primarily due to the combination of changes in product mix and pressure on project pricing realized at the Company's steel pipe facilities, partially offset by increased gross profit on higher precast concrete revenues.\nNet income was $4.9 million, or $0.50 per diluted share, in the third quarter of 2021 compared to $7.3 million, or $0.73 per diluted share, in the third quarter of 2020. The third quarter of 2021 included $0.6 million of pre-tax acquisition related transactions costs associated with the ParkUSA acquisition. After considering non-recurring items, adjusted net income was $5.4 mil...