Northwest Pipe Co
NASDAQ:NWPX
Northwest Pipe Co
Northwest Pipe Co. operates as a manufacturer of engineered steel pipe water systems in North America. The company is headquartered in Vancouver Washington, Washington and currently employs 1,256 full-time employees. The firm operates through two segments: Engineered Steel Pressure Pipe (SPP), and Precast Infrastructure and Engineered Systems (Precast). Its SPP segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Adelanto, Saginaw, Tracy, Parkersburg, St. Louis, and San Luis Rio Colorado. Its Precast segment manufactures precast and reinforced concrete products, including manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, biofiltration, and other environmental and engineered solutions.
Northwest Pipe Co. operates as a manufacturer of engineered steel pipe water systems in North America. The company is headquartered in Vancouver Washington, Washington and currently employs 1,256 full-time employees. The firm operates through two segments: Engineered Steel Pressure Pipe (SPP), and Precast Infrastructure and Engineered Systems (Precast). Its SPP segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, and other applications. In addition, SPP makes products for industrial plant piping systems and certain structural applications. SPP has manufacturing facilities located in Portland, Adelanto, Saginaw, Tracy, Parkersburg, St. Louis, and San Luis Rio Colorado. Its Precast segment manufactures precast and reinforced concrete products, including manholes, box culverts, vaults, catch basins, oil water separators, pump lift stations, biofiltration, and other environmental and engineered solutions.
Record Quarter: NWPX posted its highest ever quarterly revenue, gross profit, and EPS, driven by strong demand across both Water Transmission Systems (WTS) and Precast segments.
Revenue Growth: Consolidated net sales reached $151.1 million, up 16% year-over-year and 13.4% sequentially, with WTS segment revenue up 20.9% YoY.
Margin Expansion: Gross margin improved to 21.3%, up 230 basis points sequentially and 50 basis points YoY, fueled by strong absorption and favorable project mix.
Backlog & Outlook: WTS backlog ended the quarter at $301 million, expected to stay above this level through year-end due to robust fourth-quarter bidding activity.
Cash Flow Strength: Operating cash flow exceeded $21 million for the quarter, and full-year free cash flow guidance was raised to $32-37 million.
Precast Stability: Precast sales grew 6.6% YoY, with improved pricing and signs of stabilization despite volume declines and temporary margin pressure from new equipment.
Share Repurchases: Company repurchased 186,000 shares for $8 million during the quarter.
Guidance: Management anticipates modest YoY growth in precast revenue and margin for Q4, with WTS revenue and margins expected to be similar to the prior year period.
