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Sep 30, 2023
Northwest Pipe Q3 2023 Earnings Report
Announced third quarter 2023 financial results and share repurchase authorization.
Key Takeaways
Northwest Pipe Company reported strong SPP revenue despite one-time anomalies, while Precast revenue declined modestly due to elevated interest rates. The company authorized a $30 million share repurchase program.
Backlog of $253 million; backlog including confirmed orders of $335 million for the Engineered Steel Pressure Pipe segment.
SPP revenue was strong, but affected by customer-driven contract changes, project scope changes and delays.
Precast business revenue modestly declined due to elevated interest rates affecting construction markets.
Authorized a $30 million share repurchase program.
Northwest Pipe
Northwest Pipe
Northwest Pipe Revenue by Segment
Revenue by Segment
Precast Infrastructure and Engineered Systems Revenue
CapyFin.com Forward Guidance
Fourth quarter Precast revenue is expected to be down modestly from the prior year period with margins that are down from 2022 record highs but similar to what we have seen in the second and third quarters of 2023.