Business
Northwest Pipe Company Announces Third Quarter 2024 Financial Results
Net sales of $130.2 million increased 9.7% year-over-yearRecord net sales of $44.3 million for the Precast Infrastructure and Engineered Systems segment
About this update from Nwpx Infrastructure, Inc.
[{"type":"text","content":"Net sales of $130.2 million increased 9.7% year-over-yearRecord net sales of $44.3 million for the Precast Infrastructure and Engineered Systems segment (\"Precast\")Record gross profit of $27.0 million increased 40.0% year-over-year; gross profit margin of 20.8%Net income of $1.02 per diluted shareGenerated strong net cash provided by operating activities of $22.7 millionBacklog1 of $231 million for the Engineered Steel Pressure Pipe segment (\"SPP\"); backlog including confirmed orders2 of $282 millionOrder book3 of $57 million for PrecastVANCOUVER, Wash., Oct. 30, 2024 /PRNewswire/ -- Northwest Pipe Company (NASDAQ: NWPX) (the \"Company\"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the third quarter ended September 30, 2024. The Company will broadcast its third quarter 2024 earnings conference call on Thursday, October 31, 2024 at 7:00 a.m. PT.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"Our SPP revenues remained near record levels, with gross margins that improved 40 basis points to 19.4% versus the prior quarter,\" said Scott Montross, President and Chief Executive Officer of Northwest Pipe Company. \"Our backlog remains very strong by historical standards, and we anticipate improvement through year-end, even though our SPP backlog including confirmed orders dipped to $282 million. This decrease was mainly due to the timing of expected job awards, mix in backlog, and, to a lesser extent, lower steel prices. Our Precast business achieved record third quarter revenue and gross margins that improved over the prior quarter by 140 basis points to 23.5%, and saw remarkable strength on the residential side despite facing challenges in the non-residential portion. As we enter the traditionally slower period for Precast, the order book has only seen a slight drop, which speaks to the ongoing resilience of this segment.\"\nMontross continued, \"We expect the fourth quarter for the SPP business to be stronger than we have seen in recent years, and the Precast business to continue to perform well by historical standards with stable margins. Overall, we are optimistic about our ability to finish the year on a strong note, positioning us well for continued growth.\"\nThird Quarter 2024 Financial Results\nConsolidated\nNet sales increased 9.7% to $130.2 million from $...