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Jun 30, 2024
Northwest Pipe Q2 2024 Earnings Report
Announced strong second quarter results driven by record revenue in the Steel Pressure Pipe business and strength in the residential side of the Precast business.
Key Takeaways
Northwest Pipe Company reported strong second quarter results with record quarterly revenue of $89.5 million in the Steel Pressure Pipe business and strong free cash flow generation of $16.2 million. The SPP segment benefitted from a strong pipeline of bidding opportunities. The company expects the SPP business to remain strong for the rest of 2024.
Delivered record quarterly revenue of $89.5 million in the Steel Pressure Pipe business.
Experienced continued strength in the residential side of the Precast business.
Generated strong free cash flow of $16.2 million in the second quarter.
Expecting a stronger third quarter with improving revenue and gross margins in Precast.
Northwest Pipe
Northwest Pipe
Northwest Pipe Revenue by Segment
Revenue by Segment
Precast Infrastructure and Engineered Systems Revenue
CapyFin.com Forward Guidance
The company expects its SPP business to remain strong for the rest of 2024 and anticipates a stronger third quarter with improving revenue and gross margins in Precast.
Positive Outlook
- SPP business expected to remain strong for the rest of 2024.
- Expecting a stronger third quarter with improving revenue in Precast.
- Expecting a stronger third quarter with improving gross margins in Precast.
Challenges Ahead
- Weather-related challenges in Texas disrupted production, shipping, and order intake.
- Persistent interest rate headwinds.
- Reduced production and shipments on the non-residential construction portion of Precast business at Park.
- Multiple severe weather events in Texas impacted Precast business.
- Slow first half of the year in Precast.