Northwest Pipe Co. Reports Q1 2024 Results

TL;DR

<b>Northwest Pipe Co. reported flat net income and a slight revenue increase in Q1 2024.</b>

AI Summary

NORTHWEST PIPE CO (NWPX) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Revenue for Q1 2024 was $129.51 million, a 2.1% increase from $126.36 million in Q1 2023. Net income for Q1 2024 was $10 million, flat compared to $10 million in Q1 2023. Diluted EPS for Q1 2024 was $0.75, compared to $0.75 for Q1 2023. Total assets as of March 31, 2024, were $159 million. Total debt as of March 31, 2024, was $121 million.

Why It Matters

For investors and stakeholders tracking NORTHWEST PIPE CO, this filing contains several important signals. The company's revenue growth indicates a positive demand for its products, potentially driven by infrastructure or construction projects. Stable net income despite revenue growth suggests potential pressure on margins or increased operating expenses.

Risk Assessment

Risk Level: low — NORTHWEST PIPE CO shows low risk based on this filing. The company has a history of stable financial performance and operates in an industry with consistent demand, as evidenced by its consistent revenue and net income figures.

Analyst Insight

Monitor the company's operating expenses and gross margins in upcoming quarters to understand the drivers behind the stable net income despite revenue growth.

Financial Highlights

revenue

129,510,000

total Assets

159,000,000

total Debt

121,000,000

net Income

10,000,000

eps

0.75

revenue Growth

2.1%

Key Numbers

• 129,510,000 — Revenue Q1 2024 (Consolidated Statements of Operations)
• 126,359,000 — Revenue Q1 2023 (Consolidated Statements of Operations)
• 10,000,000 — Net Income Q1 2024 (Consolidated Statements of Operations)
• 10,000,000 — Net Income Q1 2023 (Consolidated Statements of Operations)
• 0.75 — Diluted EPS Q1 2024 (Consolidated Statements of Operations)
• 0.75 — Diluted EPS Q1 2023 (Consolidated Statements of Operations)
• 159,000,000 — Total Assets (Consolidated Balance Sheets as of March 31, 2024)
• 121,000,000 — Total Debt (Consolidated Balance Sheets as of March 31, 2024)

Key Players & Entities

• NORTHWEST PIPE CO (company) — Filer
• NWPX (company) — Ticker Symbol
• 2024-05-02 (date) — Filing Date
• 2024-03-31 (date) — Period End Date
• 2023-03-31 (date) — Prior Period End Date
• $129,510,000 (dollar_amount) — Q1 2024 Revenue
• $126,359,000 (dollar_amount) — Q1 2023 Revenue
• $10,000,000 (dollar_amount) — Q1 2024 Net Income

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NWPX Nasdaq Global Select
• $6.6 million — orward contracts was $ 4.9 million ( CAD$6.6 million) and $ 1.1 million ( EUR1.1 million), w
• $6.4 million — ion), which included $ 4.8 million ( CAD$6.4 million) and $ 1.1 million ( EUR1.1 million) of
• $6.7 million — orward contracts was $ 5.1 million ( CAD$6.7 million) and $ 1.2 million ( EUR1.1 million), w
• $25.4 million — unissued shares. As of March 31, 2024 , $25.4 million of the share repurchase authorization r

Filing Documents

• nwpx20240331_10q.htm (10-Q) — 987KB
• ex_659246.htm (EX-10.3) — 55KB
• ex_659247.htm (EX-10.4) — 61KB
• ex_630880.htm (EX-31.1) — 14KB
• ex_630881.htm (EX-31.2) — 14KB
• ex_630882.htm (EX-32.1) — 5KB
• ex_630883.htm (EX-32.2) — 5KB
• a01.jpg (GRAPHIC) — 8KB
• a02.jpg (GRAPHIC) — 5KB
• ex_659246img001.jpg (GRAPHIC) — 12KB
• 0001437749-24-014358.txt (&nbsp;) — 5377KB
• nwpx-20240331.xsd (EX-101.SCH) — 46KB
• nwpx-20240331_cal.xml (EX-101.CAL) — 37KB
• nwpx-20240331_def.xml (EX-101.DEF) — 302KB
• nwpx-20240331_lab.xml (EX-101.LAB) — 256KB
• nwpx-20240331_pre.xml (EX-101.PRE) — 330KB
• nwpx20240331_10q_htm.xml (XML) — 830KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

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

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 1 Table of Contents

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 113,215 $ 99,097 Cost of sales 93,081 82,520 Gross profit 20,134 16,577 Selling, general, and administrative expense 11,444 11,866 Operating income 8,690 4,711 Other income (expense) 7 ( 29 ) Interest expense ( 1,474 ) ( 1,369 ) Income before income taxes 7,223 3,313 Income tax expense 1,985 951 Net income $ 5,238 $ 2,362 Net income per share: Basic $ 0.53 $ 0.24 Diluted $ 0.52 $ 0.23 Shares used in per share calculations: Basic 9,916 9,940 Diluted 10,045 10,087 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands) Three Months Ended March 31, 2024 2023 Net income $ 5,238 $ 2,362 Other comprehensive income (loss), net of tax: Pension liability adjustment 21 29 Unrealized gain on foreign currency forward contracts designated as cash flow hedges 10 22 Unrealized gain (loss) on interest rate swaps designated as cash flow hedges 24 ( 178 ) Other comprehensive income (loss), net of tax 55 ( 127 ) Comprehensive income $ 5,293 $ 2,235 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents NORTHWEST PIPE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 4,262 $ 4,068 Trade and other receivables, net of allowance of $ 159 and $ 121 52,396 47,645 Contract assets 135,715 120,516

View Full Filing

View this 10-Q filing on SEC EDGAR