OCTG

Northwest Pipe's Q3 profits soar, sees strong end to '24

November 5, 2024

Northwest Pipe Co.

Third quarter ended Sept. 30	2024	2023	Change
Net sales	$130.2	$118.7	9.7%
Net earnings (loss)	$10.25	$5.82	76.1%
Per diluted share	$1.02	$0.58	75.9%
Nine months ended Sept. 30
Net sales	$372.9	$334.2	11.6%
Net earnings (loss)	$24.1	$15.6	54.5%
Per diluted share	$2.40	$1.55	54.8%

(in millions of dollars except per share)

Northwest Pipe’s third-quarter earnings jumped 76% on-year and the company expects a strong finish to 2024.

The Vancouver, Wash.-based pipe producer logged net earnings of $10.3 million in Q3’24, up 76% from $5.8 million a year earlier. Net sales increased nearly 10% to $130.2 million in the same comparison.

“Overall, we are optimistic about our ability to finish the year on a strong note, positioning us well for continued growth,” Scott Montross, president and CEO of Northwest Pipe, said in a statement on Oct. 30.

He said he expects Q4 to be stronger than in recent years for the steel pressure pipe (SPP) segment.

Montross added that the Precast Infrastructure and Engineered Systems segment (precast) business continues to perform well by historical standards with stable margins.

SPP segment

Northwest Pipe’s SPP segment’s net sales rose 6.7% in Q3’24 to $85.9 million from $80.5 million a year earlier.

An improved bidding environment, along with changes in project timing, helped to drive an 18% increase in tons produced.

However, this was partially offset by a 9% fall in selling prices per ton due to lower raw materials costs.

Precast segment

Precast net sales jumped 15.8% to a quarterly record of $44.3 million vs. $38.2 million a year ago.

This was due to a 35% rise in volumes, though partially offset by a 14% drop in selling prices due to changes in product mix.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.