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Northwest Pipe Q1 2025 Earnings Report
Northwest Pipe Company reported a slight increase in net sales and a decrease in net income for the first quarter of 2025, with mixed performance across its segments.
Key Takeaways
Northwest Pipe Company experienced a mix of external challenges in Q1 2025, including weather disruptions and new trade policies. Despite these headwinds, both business segments delivered respectable results, with net sales increasing by 2.6% year-over-year to $116.1 million, while net income decreased to $3.964 million, or $0.39 per diluted share.
Net sales increased 2.6% year-over-year to $116.1 million.
Net income was $3.964 million, or $0.39 per diluted share, down from $5.238 million, or $0.52 per diluted share, in Q1 2024.
SPP backlog, including confirmed orders, was $289 million, with bidding activity rebounding significantly in Q2 2025.
Precast order book rose to $64 million, up 23% year-over-year, driven by growth in the non-residential segment.
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
Northwest Pipe Company anticipates continued growth in revenue and margins for the SPP segment in the second half of 2025, and stronger Precast revenue and margins in Q2 2025, with full-year 2025 Precast revenue similar to 2024 but with improved margins. The company also plans to rebrand to NWPX Infrastructure, Inc. in June.
Positive Outlook
- SPP bidding activity has rebounded significantly in Q2 2025, with backlog climbing above $300 million.
- SPP segment anticipates similar revenues with improving margins in Q2 2025.
- SPP segment expects continued growth in both revenue and margin for the second half of 2025.
- Precast revenue and margins are expected to be stronger in Q2 2025 than Q2 2024.
- Precast segment expects revenue similar to 2024 for the second half of 2025, but with improving margins.
Challenges Ahead
- First quarter SPP bidding was lighter, temporarily reducing backlog.
- Weather-related downtime impacted Precast business in Q1 2025.
- Trade policy uncertainty affected non-residential construction shipments for Precast.
- The month of March was particularly affected by issues arising from new policies.
- Cost pressures at the SPP facility most impacted by trade-related issues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income