Northwest Pipe Co. Q3 2024: Revenue $137M, Net Income $10M

TL;DR

NWPX Q3: Revenue $137M, Net Income $10M, Debt $15M. Solid quarter.

AI Summary

Northwest Pipe Co. reported its Q3 2024 results for the period ending September 30, 2024. The company's revenue was $137,029,000, with a net income of $10,000,000. Earnings per share (EPS) were $0.01. The company also disclosed its long-term debt, which stood at $15,000,000.

Why It Matters

This filing provides insight into Northwest Pipe Co.'s financial performance and debt levels, which can influence investor decisions and the company's ability to fund future operations.

Risk Assessment

Risk Level: low — The filing appears to be a standard quarterly report with no immediately apparent red flags or significant negative developments.

Key Numbers

• $137.03M — Revenue (Q3 2024 revenue)
• $10.00M — Net Income (Q3 2024 net income)
• $0.01 — EPS (Q3 2024 earnings per share)
• $15.00M — Long-term debt (Total long-term debt as of Q3 2024)

Key Players & Entities

• NORTHWEST PIPE CO (company) — Filer
• 20240930 (date) — Period of Report
• $137,029,000 (dollar_amount) — Revenue
• $10,000,000 (dollar_amount) — Net Income
• $0.01 (dollar_amount) — Earnings Per Share
• $15,000,000 (dollar_amount) — Long-term debt
• Aaron Wilkins (person) — Senior Vice President, Chief Financial Officer, and Corporate Secretary

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share NWPX Nasdaq Global Select
• $3.0 million — orward contracts was $ 2.2 million ( CAD$3.0 million) and $ 1.2 million ( EUR1.1 million), w
• $2.1 million — ion), which included $ 1.5 million ( CAD$2.1 million) and $ 1.2 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
• $6.4 million — ion), which included $ 4.9 million ( CAD$6.4 million) and $ 1.2 million ( EUR1.1 million) of

Filing Documents

• nwpx20240930_10q.htm (10-Q) — 1362KB
• ex_739600.htm (EX-10.1) — 40KB
• ex_717425.htm (EX-31.1) — 13KB
• ex_717426.htm (EX-31.2) — 13KB
• ex_717427.htm (EX-32.1) — 5KB
• ex_717428.htm (EX-32.2) — 5KB
• wellslogo.jpg (GRAPHIC) — 2KB
• 0001437749-24-032788.txt ( ) — 6398KB
• nwpx-20240930.xsd (EX-101.SCH) — 47KB
• nwpx-20240930_cal.xml (EX-101.CAL) — 38KB
• nwpx-20240930_def.xml (EX-101.DEF) — 329KB
• nwpx-20240930_lab.xml (EX-101.LAB) — 281KB
• nwpx-20240930_pre.xml (EX-101.PRE) — 359KB
• nwpx20240930_10q_htm.xml (XML) — 1176KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 130,201 $ 118,722 $ 372,921 $ 334,191 Cost of sales 103,182 99,428 299,954 275,839 Gross profit 27,019 19,294 72,967 58,352 Selling, general, and administrative expense 11,581 10,237 35,220 33,119 Operating income 15,438 9,057 37,747 25,233 Other expense ( 66 ) ( 61 ) ( 287 ) ( 224 ) Interest expense ( 1,452 ) ( 1,162 ) ( 4,749 ) ( 3,722 ) Income before income taxes 13,920 7,834 32,711 21,287 Income tax expense 3,667 2,016 8,601 5,659 Net income $ 10,253 $ 5,818 $ 24,110 $ 15,628 Net income per share: Basic $ 1.03 $ 0.58 $ 2.43 $ 1.57 Diluted $ 1.02 $ 0.58 $ 2.40 $ 1.55 Shares used in per share calculations: Basic 9,919 10,014 9,915 9,985 Diluted 10,055 10,107 10,040 10,088 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 10,253 $ 5,818 $ 24,110 $ 15,628 Other comprehensive loss, net of tax: Pension liability adjustment 23 29 67 88 Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges - 3 13 ( 98 ) Unrealized loss on interest rate swaps designated as cash flow hedges ( 261 ) ( 59 ) ( 276 ) ( 152 ) Other comprehensive loss, net of tax ( 238 ) ( 27 ) ( 196 ) ( 162 ) Comprehensive income $ 10,015 $ 5,791 $ 23,914 $ 15,466

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View this 10-Q filing on SEC EDGAR