Northwest Pipe Company Announces Fourth Quarter and Full Year 2024 Financial Results

About this update from Nwpx Infrastructure, Inc.

VANCOUVER, Wash. , Feb. 26, 2025 Northwest Pipe Company (NASDAQ: NWPX) (the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Company will broadcast its fourth quarter and full year 2024 earnings conference call on Thursday, February 27, 2025 at 7:00 a.m. PT. Management Commentary "We delivered a stronger-than-normal fourth quarter, with SPP revenue reaching $82 .5 million and a solid 17.9% gross margin," said Scott Montross , President and Chief Executive Officer of Northwest Pipe Company. "Robust fourth quarter bidding activity pushed our SPP backlog including confirmed orders to $310 million, positioning us well for continued strength in 2025. Precast revenue came in at $37 .1 million, with a 20.7% gross margin, reflecting some market softness in non-residential construction demand. However, the Precast order bookings surged to $61 million, a significant increase from $46 million at the same time last year, indicating momentum heading into the new year." Mr. Montross continued, "For the full year of 2024, the Company posted outstanding results, achieving record financial and operational performance. Our SPP segment generated record revenue of $337 .9 million and record gross profit of $62 .6 million, while the Precast group delivered record revenue of $154 .6 million and gross profit of $32 .8 million, despite challenges in the non-residential construction markets. On a consolidated basis, we achieved record gross profit of $95 .4 million. In addition, we generated $34 .3 million in free cash flow 4 , consistent with our net income, both translating to $3.40 per diluted share and demonstrating the strength and quality of our earnings. Most importantly, we achieved a record safety performance, with a total recordable incident rate of 1.25, underscoring our unwavering commitment to the well-being of our employees." Mr. Montross concluded, "We entered 2025 with a strong SPP backlog and a robust Precast order book. While we expect a light bidding environment in SPP during the first quarter, we anticipate strong bidding activity in the second and third quarters, with full-year bidding levels aligning closely with 2024. In our Precast segment, the residential business remains strong, and we are now seeing a surge in the non-residential order book, indicating improved strength in 2025. On a consolidated basis, we expect the first quarter of 2025 to resemble the first quarter of 2024, as weather events in various locations across the country continue to have an impact." Fourth  Quarter 2024 Financial Results Consolidated Engineered Steel Pressure Pipe Segment (SPP) Precast Infrastructure and Engineered Systems Segment (Precast) Full Year 2024 Financial Results Consolidated Engineered Steel Pressure Pipe Segment (SPP) Precast Infrastructure and Engineered Systems Segment (Precast) Balance Sheet and Cash Flow Details Conference Call Details A conference call and simultaneous webcast to discuss the Company's fourth quarter and full year 2024 financial results will be held on Thursday, February 27, 2025, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpipe.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, March 13, 2025, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13750954. About Northwest Pipe Company Founded in 1966, Northwest Pipe Company is a leading manufacturer of water-related infrastructure products. In addition to being the largest manufacturer of engineered steel water pipeline systems in North America , the Company manufactures 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. Strategically positioned to meet growing water and wastewater infrastructure needs, Northwest Pipe Company provides solution-based products for a wide range of markets under the ParkUSA, Geneva Pipe and Precast, Permalok®, and Northwest Pipe Company lines. The Company's diverse team is committed to quality and innovation while demonstrating the Company's core values of accountability, commitment, and teamwork. The Company is headquartered in Vancouver, Washington , and has 13 manufacturing facilities across North America . Please visit www.nwpipe.com for more information. Forward-Looking Statements Statements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, international trade policy and regulations, changes in tariffs (in particular Canada and Mexico ) and duties imposed on imports and exports and related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on our customers and related demand for our products, adequacy of the Company's insurance coverage, supply chain challenges, labor shortages, impact of geopolitical trends, changes, and events, including the ongoing military conflicts in Ukraine and the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10‑K for the year ended December 31, 2023 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements. Non-GAAP Financial Measures The Company is presenting backlog including confirmed orders, free cash flow, and adjusted net income. These non-GAAP financial measures are provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. These should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. For more information, visit www.nwpipe.com . Contact: Aaron Wilkins Chief Financial Officer Northwest Pipe Company [email protected] Or Addo Investor Relations [email protected]         View original content to download multimedia: https://www.prnewswire.com/news-releases/northwest-pipe-company-announces-fourth-quarter-and-full-year-2024-financial-results-302386530.html SOURCE Northwest Pipe Company

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