Business
Northwest Pipe Company Announces Third Quarter 2022 Financial Results
Net sales of $123.0 million increased 45.3% year-over-yearGross profit of $25.1 million increased 103.2% year-over-yearNet income of $0.99 per diluted share;
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Net sales of $123.0 million increased 45.3% year-over-yearGross profit of $25.1 million increased 103.2% year-over-yearNet income of $0.99 per diluted share; adjusted net income of $1.05 per diluted shareBacklog1 of $295 million; backlog including confirmed orders2 of $347 million for the Engineered Steel Pressure Pipe segment (\"SPP\"), a new quarterly recordOrder book3 of $74 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")VANCOUVER, Wash., Nov. 8, 2022 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure including engineered pipeline systems and precast products, today announced its financial results for the third quarter ended September 30, 2022. The Company will broadcast its third quarter 2022 earnings conference call on Wednesday, November 9, 2022 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"Our third quarter Precast Infrastructure and Engineered Systems business remained strong, producing $39.3 million in revenue and a 28% gross margin despite both revenue and gross margins being a little subdued by increased downtime associated with the planned system integration at our ParkUSA facilities. The order book of $74 million, while slightly off the record level from the second quarter, is very high by historical standards as we enter the seasonally slow time of the year. Regardless of some of the current economic headwinds, we expect the Precast business to remain fairly strong for the near term,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company.\nMr. Montross continued, \"In the third quarter our Engineered Steel Pressure Pipe business generated $83.7 million in revenue and gross margin of 17%. We have continued to experience strong bidding levels and ended the third quarter with a record backlog including confirmed orders of $347 million. Due to the two major holidays and potential seasonal weather risks, we expect our fourth quarter SPP revenue to be modestly lower and gross margins that are in-line with the third quarter of 2022.\"\nThird Quarter 2022 Financial Results\nConsolidated\nNet sales increased 45.3% to $123.0 million from $84.6 million in the third quarter of 2021.Gross profit increased 103.2% to $25.1 million, or 20.4% of net sales, from $12.4 ...