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Mar 31, 2024
Northwest Pipe Q1 2024 Earnings Report
Announced first quarter 2024 financial results.
Key Takeaways
Northwest Pipe Company reported its Q1 2024 financial results, noting weak non-residential Precast business shipments and improved margins in the SPP business. The company's backlog, including confirmed orders, grew to $337 million.
Backlog of $255 million; backlog including confirmed orders of $337 million for the Engineered Steel Pressure Pipe segment.
Precast net sales decreased 6.6% to $33.2 million from $35.6 million in the first quarter of 2023.
SPP business had very strong bidding activity and production levels.
SPP revenue of $80 million with margins that improved approximately 280 basis points over the previous quarter.
Northwest Pipe
Northwest Pipe
Northwest Pipe Revenue by Segment
Revenue by Segment
Engineered Steel Pressure Pipe Revenue
CapyFin.comPrecast Infrastructure and Engineered Systems Revenue
CapyFin.com Forward Guidance
The company anticipates strong improvement in both revenue and margins for the second quarter and a strong remainder of the year. Expecting a second quarter that is in line with the first and continued strength throughout 2024
Positive Outlook
- Expecting fairly strong improvement in both revenue and margins for the second quarter
- Expecting a strong remainder of the year
- SPP business had very strong bidding activity
- SPP business had strong production levels.
- Anticipating a second quarter that is in line with the first and continued strength throughout 2024.
Challenges Ahead
- Non-residential Precast business shipments were weak in the first quarter resulting in depressed margins.
- The residential portion of our Precast business margins have come under some modest pressure due to regional differences in market demand.
- Slow first quarter, which is generally the case in our Precast segment
- Changes in demand and market prices for its products
- Product mix
Revenue & Expenses
Visualization of income flow from segment revenue to net income