Northwest Pipe Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Northwest Pipe Co. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

NORTHWEST PIPE CO (NWPX) filed a Annual Report (10-K) with the SEC on March 5, 2024. Northwest Pipe Co. reported its fiscal year 2023 results, ending December 31, 2023. The company's business address is located at 201 NE Park Plaza Drive, Suite 100, Vancouver, WA 98684. The filing is a 10-K report under the 1934 Securities Exchange Act, SEC file number 000-27140. Northwest Pipe Co. is classified under the Steel Pipe & Tubes industry (SIC code 3317). The company was incorporated in Oregon (OR).

Why It Matters

For investors and stakeholders tracking NORTHWEST PIPE CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Northwest Pipe Co.'s financial health, operational performance, and strategic outlook for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current standing and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for understanding the company's market position, potential challenges, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — NORTHWEST PIPE CO shows moderate risk based on this filing. The company operates in the steel pipe and tubes industry, which can be subject to significant market volatility, raw material price fluctuations, and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Northwest Pipe Co.'s performance and potential challenges in the steel pipe industry.

Key Numbers

• 20231231 — Fiscal Year End (Reported period)
• 20240305 — Filing Date (Date of submission)
• 3317 — SIC Code (Industry classification)
• 10-K — Form Type (Filing type)

Key Players & Entities

• NORTHWEST PIPE CO (company) — Filer name
• 201 NE PARK PLAZA DRIVE (address) — Business and mailing address
• VANCOUVER, WA (address) — Business and mailing address
• 98684 (address) — Business and mailing address zip code
• 3603976250 (phone) — Business phone number
• 000-27140 (regulator) — SEC file number
• 1934 Act (regulator) — SEC Act
• OR (state) — State of incorporation

FAQ

Industry Context

Northwest Pipe Co. operates in the steel pipe and tubes manufacturing sector, a critical industry for infrastructure, construction, and energy sectors.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's competitive landscape and market trends within the steel pipe industry.
3. Assess the risk factors outlined in the filing for potential impacts on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-05: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing for Northwest Pipe Co.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NWPX Nasdaq Global Select
• $90.2 million — , LLC (ParkUSA) for a purchase price of $90.2 million in cash, which is included in the Preca
• $49.4 million — Company, Inc.) for a purchase price of $49.4 million in cash, which is included in the Preca
• $55 billion — into law in November 2021, will invest $55 billion to expand access to clean drinking wate
• $4 billion — ture projects, closed 24 loans totaling $4 billion in 2022, and 96 loans totaling over $17
• $17 billion — ion in 2022, and 96 loans totaling over $17 billion over the life of the program, as of Dec
• $27 billion — mber 2013, the State of Texas earmarked $27 billion of future bond funding for state water
• $7.5 billion — ucture Improvement Act which authorizes $7.5 billion in general obligation bonds to fund sta
• $625 billion — estimated the nation will need to spend $625 billion on public water system infrastructure c
• $2.6 — nd EBP in 2021, estimates there will be $2.6 trillion in cumulative infrastructure n
• $5.8 — wastewater infrastructure by 2029, and $5.8 trillion in cumulative infrastructure n
• $4.4 billion — f the Safe Drinking Water Act, provided $4.4 billion in assistance in fiscal 2022 and $53.0
• $53.0 billion — illion in assistance in fiscal 2022 and $53.0 billion in assistance since 1997, according to
• $1.8 billion — tem products sold will be approximately $1.8 billion over the next three years. Precast Inf
• $3 billion — ughout the country will spend more than $3 billion on wastewater pipe repairs and replacem

Filing Documents

• nwpx20231231c_10k.htm (10-K) — 1978KB
• ex_602812.htm (EX-21.1) — 4KB
• ex_602813.htm (EX-23.1) — 3KB
• ex_602814.htm (EX-31.1) — 14KB
• ex_602815.htm (EX-31.2) — 14KB
• ex_602816.htm (EX-32.1) — 5KB
• ex_602817.htm (EX-32.2) — 5KB
• ex_608626.htm (EX-97) — 28KB
• a01.jpg (GRAPHIC) — 63KB
• 0001437749-24-006640.txt (&nbsp;) — 10602KB
• nwpx-20231231.xsd (EX-101.SCH) — 92KB
• nwpx-20231231_cal.xml (EX-101.CAL) — 83KB
• nwpx-20231231_def.xml (EX-101.DEF) — 625KB
• nwpx-20231231_lab.xml (EX-101.LAB) — 540KB
• nwpx-20231231_pre.xml (EX-101.PRE) — 674KB
• nwpx20231231c_10k_htm.xml (XML) — 1843KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 20 Item 1C Cybersecurity 20 Item 2

Properties

Properties 21 Item 3

Legal Proceedings

Legal Proceedings 22 Item 4 Mine Safety Disclosures 22 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6 [Reserved] 24 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 32 Item 9A

Controls and Procedures

Controls and Procedures 32 Item 9B Other Information 33 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 33 Part III Item 10 Directors, Executive Officers and Corporate Governance 34 Item 11

Executive Compensation

Executive Compensation 35 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13 Certain Relationships and Related Transactions, and Director Independence 36 Item 14 Principal Accountant Fees and Services 36 Part IV Item 15 Exhibit and Financial Statement Schedules 36 Item 16 Form 10K Summary 39 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10K for the year ended December 31, 2023 ("2023 Form 10K"), other than purely historical information, are "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 ("Exchange Act"), that are based on current expectations, estimates, and projections about our business, management's beliefs, and assumptions made by management. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "should," "could," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by us include: changes in demand and market prices for our products; product mix; bidding activity and order modifications or cancelations; timing of customer orders and deliveries; production schedules; price and availability of raw materials; excess or shortage of production capacity; international trade policy and regulations; changes in tariffs and duties imposed on imports and exports and re

Business

Business Unless otherwise indicated, the terms "the Company," "we," "our," and "us" are used in this 2023 Form 10K to refer to Northwest Pipe Company or one of our consolidated subsidiaries or to all of them taken as a whole. We were incorporated in the State of Oregon in 1966. Overview Northwest Pipe Company is a leading manufacturer of water-related infrastructure products. In addition to being the largest manufacturer of engineered steel water pipeline systems in North America, we manufacture stormwater and wastewater technology products; high-quality precast and reinforced concrete products; pump lift stations; steel casing pipe, bar-wrapped concrete cylinder pipe, and one of the largest offerings of pipeline system joints, fittings, and specialized components. Strategically positioned to meet growing water and wastewater infrastructure needs, we provide solution-based products for a wide range of markets under the ParkUSA, Geneva Pipe and Precast, Permalok, and Northwest Pipe Company lines. Our diverse team is committed to safety, quality, and innovation while demonstrating our core values of accountability, commitment, and teamwork. We are headquartered in Vancouver, Washington, and have 13 manufacturing facilities across North America. Our water infrastructure products are sold generally to installation contractors, who include our products in their bids to federal, state, and municipal agencies, privately-owned water companies, or developers for specific projects. We believe our sales are substantially driven by spending on urban growth and new water infrastructure with a recent trend towards spending on water infrastructure replacement, repair, and upgrade. Within the total range of products, our steel pipe best addresses the larger-diameter, higher-pressure pipeline applications, while our precast concrete products mainly serve stormwater and sanitary sewer systems. With steady population growth and regional community expansion, as well as continued

View Full Filing

View this 10-K filing on SEC EDGAR