Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended: March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number: 0-27140 NORTHWEST PIPE COMPANY (Exact name of registrant as specified in its charter) Oregon 93-0557988 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification ...

Northwest Pipe Company (NWPX) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Scott Montross - President & CEOAaron Wilkins - CFO Conference Call Participants Brent Thielman - MD & Senior Research AnalystJulio Romero - Equity AnalystTed Jackson - MD & Senior Research Analyst Operator and welcome to the Northwest Pipe Company First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presen ...

Northwest Pipe Company (NWPX) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 and welcome to the Northwest Pipe Company First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Scott Montrose, Chief Executive Officer. Thank you. You may begin. Speaker1 Good morning, and welcome to Northwest Pipe Compan ...

Core Insights - Northwest Pipe Co. (NWPX) reported revenue of $116.12 million for Q1 2025, reflecting a year-over-year increase of 2.6% and a surprise of +3.32% over the Zacks Consensus Estimate of $112.38 million [1] - The company's EPS for the same period was $0.39, down from $0.52 a year ago, resulting in an EPS surprise of -26.42% compared to the consensus estimate of $0.53 [1] Financial Performance Metrics - Net Sales for Precast Infrastructure and Engineered Systems reached $37.67 million, exceeding the two-analyst average estimate of $34.64 million, with a year-over-year change of +13.4% [4] - Net Sales for Engineered Steel Pressure Pipe amounted to $78.45 million, slightly above the estimated $77.74 million, but showed a -2% change compared to the previous year [4] - Gross profit for Precast Infrastructure and Engineered Systems was reported at $7.19 million, surpassing the average estimate of $6.14 million [4] - Gross profit for Engineered Steel Pressure Pipe was $12.17 million, which fell short of the average estimate of $13.91 million [4] Stock Performance - Shares of Northwest Pipe Co. have returned +2.7% over the past month, contrasting with a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Northwest Pipe Co. reported quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.53 per share, representing a -26.42% earnings surprise [1] - The company posted revenues of $116.12 million for the quarter, exceeding the Zacks Consensus Estimate by 3.32% and showing an increase from $113.22 million year-over-year [2] Financial Performance - Earnings per share (EPS) for the current quarter was $0.39, down from $0.52 a year ago [1] - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - Revenue for the quarter was $116.12 million, compared to $113.22 million in the same quarter last year [2] Market Performance - Northwest Pipe Co. shares have declined approximately 11.2% since the beginning of the year, while the S&P 500 has decreased by 5.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.96, with projected revenues of $130.09 million, and for the current fiscal year, the EPS estimate is $3.41 on revenues of $496.52 million [7] - The Metal Products - Procurement and Fabrication industry is ranked in the top 17% of Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

INVESTOR PRESENTATION FORWARD LOOKING STATEMENTS LEGAL STATEMENTS Statements in this presentation 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 ...

Financial Performance - Net sales for Q1 2025 were $116.1 million, a 2.6% increase from $113.2 million in Q1 2024[4] - Net income for Q1 2025 was $4.0 million, or $0.39 per diluted share, compared to $5.2 million, or $0.52 per diluted share in Q1 2024[5] - Gross profit for Q1 2025 was $19.4 million, a 3.8% decrease from $20.1 million in Q1 2024, representing 16.7% of net sales[5] - Net income for the three months ended March 31, 2025, was $3,964,000, a decrease of 24.3% compared to $5,238,000 in the same period of 2024[21] Segment Performance - The backlog for the Engineered Steel Pressure Pipe segment was $203 million, with confirmed orders backlog totaling $289 million as of March 31, 2025[4] - The Precast segment generated $37.7 million in revenue, a 13.4% increase year-over-year, with a gross profit margin of 19.1%[10] - The SPP segment reported revenues of $78.4 million, a 2.0% decrease from $80.0 million in Q1 2024, driven by an 18% decrease in tons produced[10] - The Precast order book rose to $64 million, up 23% year-over-year, primarily due to growth in the non-residential segment[3] - The company anticipates continued growth in revenue and margins for both segments in the second half of 2025[3] Cash Flow and Assets - Net cash provided by operating activities was $4,848,000, a significant improvement from a net cash used of $26,089,000 in the same quarter of 2024[21] - Cash and cash equivalents increased to $5,285,000 from $5,007,000, marking a rise of 5.5%[21] - The company reported a change in cash and cash equivalents of $278,000, compared to $194,000 in the same period last year, an increase of 43.4%[21] - Total current assets decreased to $257,272,000 from $262,488,000, reflecting a decline of 1.8% year-over-year[19] - The company reported a decrease in trade and other receivables, net, to $60,104,000 from $66,946,000, a decline of 10.3%[19] Liabilities and Equity - Total liabilities decreased to $203,778,000 from $215,650,000, representing a reduction of 5.5% compared to the previous year[19] - Total stockholders' equity increased to $378,456,000 from $374,003,000, reflecting a growth of 1.2% year-over-year[19] - Borrowings on line of credit increased to $25,533,000 from $24,677,000, indicating a rise of 3.5%[19] Corporate Actions - The company repurchased $5.0 million of common stock in April 2025[4] - The company plans to change its name to NWPX Infrastructure, Inc. in June 2025, subject to shareholder approval[4] - The company incurred $3,670,000 in purchases of property and equipment, down from $4,570,000 in the previous year, a decrease of 19.7%[21]

Core Insights - Northwest Pipe Company reported its financial results for Q1 2025, highlighting a mix of challenges and respectable performance across its business segments [1][2]. Financial Performance - Net sales for Q1 2025 were $116.1 million, a 2.6% increase from $113.2 million in Q1 2024 [4][5]. - Net income decreased to $4.0 million, or $0.39 per diluted share, compared to $5.2 million, or $0.52 per diluted share in the same period last year [5][20]. - Gross profit fell by 3.8% to $19.4 million, representing 16.7% of net sales, down from 17.8% in Q1 2024 [5][20]. Segment Performance - The Engineered Steel Pressure Pipe (SPP) segment generated $78.4 million in revenue, a 2.0% decrease from $80.0 million in Q1 2024, with a gross profit margin of 15.5% [5][6]. - The Precast Infrastructure and Engineered Systems segment saw revenues increase by 13.4% to $37.7 million, with a gross profit margin of 19.1%, marking a 140 basis point improvement year-over-year [14][20]. Backlog and Orders - The SPP backlog was $203 million as of March 31, 2025, down from $213 million at the end of 2024 [6]. - The backlog including confirmed orders for SPP was $289 million, a decrease from $310 million at the end of 2024 [6]. - The Precast order book rose to $64 million, up 23% year-over-year, driven by growth in the non-residential segment [14]. Strategic Outlook - The company anticipates a rebound in bidding activity in Q2 2025, with backlog climbing above $300 million [2]. - Expectations for the second half of 2025 include continued growth in both revenue and margins for both business segments [2][14]. - The company plans to rebrand as NWPX Infrastructure, Inc. in June 2025, reflecting its strategic evolution towards infrastructure-focused solutions [2][4].

Core Insights - Northwest Pipe Company has invested in a new 41,000-square-foot facility featuring the Exact 2500 automated drycast concrete production system, enhancing its manufacturing capabilities [1][2] - The Exact 2500 system allows for increased production capacity with fewer operators and rapid transitions between pipe sizes, optimizing efficiency and consistency [2] - The investment reinforces Northwest Pipe Company's commitment to innovation and long-term growth in the precast infrastructure market, particularly in Utah [3][4] Company Overview - Northwest Pipe Company, founded in 1966, is a leading manufacturer of water-related infrastructure products and the largest manufacturer of engineered water transmission systems in North America [6] - The company offers a diverse range of products including stormwater and wastewater technology, high-quality precast and reinforced concrete products, and various pipeline system components [6] - Headquartered in Vancouver, Washington, Northwest Pipe Company operates 13 manufacturing facilities across North America [6] Industry Context - The demand for high-quality infrastructure products is growing, prompting companies like Northwest Pipe to expand their precast manufacturing capabilities [2] - The investment in advanced manufacturing technology positions Northwest Pipe Company as a leader in providing durable infrastructure solutions for the water and wastewater industry [4]

Core Viewpoint - Northwest Pipe Company is actively engaging with investors through participation in the Sidoti Virtual Small-Cap Investor Conference, highlighting its commitment to investor relations and transparency [1]. Company Overview - Northwest Pipe Company, founded in 1966, is a leading manufacturer of water-related infrastructure products and the largest manufacturer of engineered water transmission systems in North America [3]. - The company produces a variety of products including stormwater and wastewater technology products, precast and reinforced concrete products, pump lift stations, and various pipeline system components [3]. - It operates 13 manufacturing facilities across North America and is strategically positioned to address the growing needs in water and wastewater infrastructure [3]. Event Details - The company will present virtually at the Sidoti Virtual Small-Cap Investor Conference on March 19, 2025, at 4:00 p.m. ET, with additional investor meetings scheduled throughout the day [1]. - The presentation will be available via live webcast on the company's Investor Relations website, with a replay accessible for 90 days post-event [2].