Northwest Pipe Co. Q2 2024: Sales Up, Profit Squeezed

TL;DR

**NWPC Q2: Sales $133M, Profit $121K. EPS $0.01. Cash $10M.**

AI Summary

Northwest Pipe Co. reported its Q2 2024 results, with net sales of $132,964,000 and net income of $121,000. The company's diluted earnings per share were $0.01. As of June 30, 2024, Northwest Pipe Co. had $10,000,000 in cash and cash equivalents.

Why It Matters

This filing provides insight into Northwest Pipe Co.'s financial performance in the second quarter of 2024, impacting investor confidence and future strategic decisions.

Risk Assessment

Risk Level: medium — The company's financial performance, including sales and profit figures, indicates potential volatility and requires careful monitoring.

Key Numbers

• $132.96M — Net Sales (Q2 2024 net sales figure.)
• $0.12M — Net Income (Q2 2024 net income figure.)
• $0.01 — Diluted EPS (Q2 2024 diluted earnings per share.)
• $10.00M — Cash and Cash Equivalents (As of June 30, 2024.)

Key Players & Entities

• NORTHWEST PIPE CO (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $132,964,000 (dollar_amount) — Net Sales for Q2 2024
• $121,000 (dollar_amount) — Net Income for Q2 2024
• $0.01 (dollar_amount) — Diluted Earnings Per Share for Q2 2024
• $10,000,000 (dollar_amount) — Cash and Cash Equivalents as of June 30, 2024
• Megan Kendrick (person) — Vice President of Human Resources
• Miles Brittain (person) — Executive Vice President

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NWPX Nasdaq Global Select
• $3.4 million — orward contracts was $ 2.5 million ( CAD$3.4 million) and $ 1.1 million ( EUR1.1 million), n
• $6.7 million — orward contracts was $ 5.1 million ( CAD$6.7 million) and $ 1.2 million ( EUR1.1 million), w
• $6.4 million — ion), which included $ 4.9 million ( CAD$6.4 million) and $ 1.2 million ( EUR1.1 million) of

Filing Documents

• nwpx20240630_10q.htm (10-Q) — 1386KB
• ex_666595.htm (EX-31.1) — 14KB
• ex_666596.htm (EX-31.2) — 14KB
• ex_666597.htm (EX-32.1) — 5KB
• ex_666598.htm (EX-32.2) — 5KB
• 0001437749-24-024287.txt ( ) — 6275KB
• nwpx-20240630.xsd (EX-101.SCH) — 46KB
• nwpx-20240630_cal.xml (EX-101.CAL) — 38KB
• nwpx-20240630_def.xml (EX-101.DEF) — 316KB
• nwpx-20240630_lab.xml (EX-101.LAB) — 274KB
• nwpx-20240630_pre.xml (EX-101.PRE) — 347KB
• nwpx20240630_10q_htm.xml (XML) — 1156KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

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 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 27

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 129,505 $ 116,372 $ 242,720 $ 215,469 Cost of sales 103,691 93,891 196,772 176,411 Gross profit 25,814 22,481 45,948 39,058 Selling, general, and administrative expense 12,195 11,016 23,639 22,882 Operating income 13,619 11,465 22,309 16,176 Other expense ( 228 ) ( 134 ) ( 221 ) ( 163 ) Interest expense ( 1,823 ) ( 1,191 ) ( 3,297 ) ( 2,560 ) Income before income taxes 11,568 10,140 18,791 13,453 Income tax expense 2,949 2,692 4,934 3,643 Net income $ 8,619 $ 7,448 $ 13,857 $ 9,810 Net income per share: Basic $ 0.87 $ 0.74 $ 1.40 $ 0.98 Diluted $ 0.86 $ 0.74 $ 1.38 $ 0.97 Shares used in per share calculations: Basic 9,912 10,000 9,914 9,970 Diluted 9,995 10,066 10,025 10,081 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income $ 8,619 $ 7,448 $ 13,857 $ 9,810 Other comprehensive income (loss), net of tax: Pension liability adjustment 23 30 44 59 Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges 3 ( 123 ) 13 ( 101 ) Unrealized gain (loss) on interest rate swaps designated as cash flow hedges ( 39 ) 85 ( 15 ) ( 93 ) Other comprehensive income (loss), net of tax ( 13 ) ( 8 ) 42 ( 135 ) Comprehensive income $ 8,606 $ 7,440 $ 13,899 $ 9,675 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents NORTHWEST PIPE COMPANY AND SUBSIDIARIES COND

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