Steel Products Prices North America
Northwest Pipe Reports Sharply Higher Q3 Results
Written by David Schollaert
November 10, 2022
Engineered pipe and tube producer Northwest Pipe Co. posted sharply higher profits for the third quarter ended Sept. 30.
The Vancouver, Wash.-based company said the boost was driven by strong demand and increasing backlogs from its engineered pipeline systems and precast products, according to earnings data released on Tuesday, Nov. 8
All told, Northwest Pipe posted net income of $10 million in Q3, up 3.1% sequentially and more than double the $4.9 million reported in the year-ago quarter. Revenue rose 45.3% to $123 million over the same period.
“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,” Northwest Pipe president and CEO Scott Montross said.
Northwest Pipe’s precast infrastructure and engineered systems business remained strong in Q3, producing $39.3 million in revenue, a three-fold gain versus the year-ago period. But results were impacted by extended downtime due to planned system integration at the company’s ParkUSA facilities in Houston, Ferris, and San Antonio, Texas.
Its engineered steel pressure pipe business saw a 20.5% YoY sales boost, generating $83.7 million in revenue, driven by a 17% increase in tons produced. The record backlog includes confirmed orders of $347 million.
“We have continued to experience strong bidding levels,” added Montross. “Regardless of some of the current economic headwinds, we expect the precast business to remain fairly strong for the near term.”
Northwest Pipe has 13 manufacturing facilities across North America.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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