Steel Product Producers

Northwest Pipe profits soar in first quarter
Written by Ethan Bernard
May 2, 2024
First quarter ended March 31 | 2024 | 2023 | % Change |
---|---|---|---|
Net sales | $113.2 | $99.1 | 14.2% |
Net income (loss) | $5.2 | $2.4 | 121.8% |
Per diluted share | $0.52 | $0.23 | 126.1% |
Northwest Pipe’s first-quarter profits more than doubled year over year (y/y), and the company expects a strong performance in both its steel pressure pipe and precast segments for the remainder of the year.
The Vancouver, Wash.-based pipe producer reported net income of $5.2 million in Q1’24, up from $2.4 million a year earlier, on net sales that increased 14% to $113.2 million.
Precast infrastructure and engineered systems segment (precast)
Q1 net sales in Northwest’s precast segment dropped 6.6% y/y to $33.2 million despite a 23% jump in shipment volumes. The company said this was due to a 24% decline in selling prices driven by changes in product mix.
“Following a slow first quarter, which is generally the case in our precast segment, we are expecting fairly strong improvement in both revenue and margins for the second quarter and a strong remainder of the year,” Scott Montross, president and CEO, said in a statement on Wednesday.
Engineered steel pressure pipe segment (SPP)
Net sales in Northwest’s SPP segment rose 25.9% y/y to $80 million in Q1’24. Tons produced spiked 54% “primarily from changes in project timing, partially offset by an 18% decrease in selling price per ton primarily due to product mix,” the company said.
Montross said that during Q1, the SPP business “had very strong bidding activity and production levels.”
“We are anticipating a second quarter that is in line with the first and continued strength throughout 2024,” he added.

Ethan Bernard
Read more from Ethan BernardLatest in Steel Product Producers

Friedman Industries buys Century Metals and Supplies
Friedman Industries has acquired Century Metals and Supplies through an all-cash offer, accreditive immediately, and will operate it as a fully owned subsidiary.

Chicago Business Barometer drops in August
The Chicago Business Barometer, a leading indicator for the broader US economy, remains in contraction, slipping 5.6 points to 41.5 in August.

Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.

Steel Summit: Zekelman advocates for ‘Fortress North America’
Barry Zekelman has a unique vantage point from which to view today’s trade landscape. A Canadian national who owns operations in both the US and Canada, he has also had dialogue with both Canadian and American administrations.

Steel Summit: Reliance CEO eyes potential M&A in Mexico, highlights tech plans
Karla Lewis, president and CEO of Reliance Inc., told attendees of SMU’s Steel Summit 2025 that North America’s largest service center company is eyeing strategic opportunities in Mexico.