NWPX Infrastructure Announces First Quarter 2026 Financial Results

Rhea-AI Summary

NWPX (NASDAQ: NWPX) reported strong first quarter 2026 results: net sales $138.3M (+19.1% YoY), gross profit $26.7M (+37.7% YoY) and net income $10.5M ($1.08 diluted).

Water Transmission Systems revenue was $93.5M with backlog of $373M ($430M including confirmed orders). Precast revenue was $44.8M with a $55M order book. Operating cash flow was $29.3M, no revolver borrowings and ~$124M available capacity. Repurchases totaled $2.2M.

Positive

• Net sales +19.1% to $138.3M
• Gross profit +37.7% to $26.7M
• Net income $10.5M; EPS $1.08 diluted
• WTS backlog $373M; backlog including confirmed orders $430M
• Operating cash flow $29.3M; $124M revolver capacity

Negative

• Precast order book down to $55M from $64M year‑over‑year
• Confirmed orders in WTS are non‑binding per company definition

News Market Reaction – NWPX

+14.34% 2.9x vol

23 alerts

+14.34% Session close to close

+5.9% Peak in 6 hr 27 min

$950.98M Market Cap

2.9x Rel. Volume

In the Apr 30 session, NWPX gained 14.34%, reflecting a significant positive market reaction. Argus tracked a peak move of +5.9% during that session. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.9x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +14.3% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +14.3% in the session following this news. A strong positive reaction aligns with the company’s pattern of sizeable moves around earnings, where prior reports produced both double‑digit gains and pullbacks. Record Q1 2026 revenue of $138.3M, gross profit of $26.7M, and WTS backlog including confirmed orders of $430M support a bullish interpretation. Investors should still weigh the possibility that enthusiasm could fade, as seen after some past earnings beats.

Key Figures

Q1 2026 net sales: $138.3 million Q1 2026 gross profit: $26.7 million Q1 2026 net income: $10.5 million +5 more

8 metrics

Q1 2026 net sales $138.3 million Consolidated net sales, up 19.1% year-over-year vs Q1 2025

Q1 2026 gross profit $26.7 million Record first quarter gross profit, up 37.7% year-over-year

Q1 2026 net income $10.5 million Record first quarter net income vs $4.0 million in Q1 2025

Q1 2026 EPS $1.08 per diluted share Record first quarter EPS vs $0.39 in Q1 2025

WTS backlog $373 million Backlog as of March 31, 2026 for Water Transmission Systems

Backlog incl. confirmed $430 million WTS backlog including confirmed orders as of March 31, 2026

Operating cash flow $29.3 million Net cash provided by operating activities in Q1 2026

Share repurchases $2.2 million Approx. 33,000 shares repurchased at $67.17 avg in Q1 2026

Previous Earnings Reports

5 past events · Latest: Feb 25 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 25	Quarterly earnings	Positive	+10.3%	Record 2025 sales, higher gross profit and net income, strong cash flow.
Oct 29	Quarterly earnings	Positive	+1.4%	Record Q3 2025 revenue, gross profit, and strong WTS backlog levels.
Aug 07	Quarterly earnings	Positive	+13.3%	Record Q2 2025 net sales, robust WTS backlog and stock repurchases.
Apr 30	Quarterly earnings	Positive	-6.2%	Q1 2025 growth with solid backlog but shares sold off afterward.
Feb 26	Quarterly & annual earnings	Positive	-10.7%	Strong 2024 Q4 and full‑year growth with record sales and backlog.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases often produced strong moves, with three positive reactions and two selloffs despite solid fundamentals.

Recent Company History

Over the last five earnings cycles, NWPX has repeatedly reported record or strong results, including net sales of $526.0M and net income of $35.4M for 2025 and consistent growth in WTS backlog and Precast order book. Some quarters, such as Q2 and Q3 2025, saw double‑digit positive price reactions, while others like Q1 2025 and 2024 full‑year results saw declines. Today’s Q1 2026 report continues the pattern of record sales, margins, and backlog, extending the multi‑year growth trajectory.

Key Terms

backlog, confirmed orders, order book, Rule 10b5‑1 trading plan

4 terms

backlog financial

"Record WTS backlog1 of $373 million; record backlog including confirmed orders2"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

confirmed orders financial

"record backlog including confirmed orders2 of $430 million"

Confirmed orders are firm, legally enforceable purchase commitments from customers—usually documented by a signed contract or official purchase order—rather than tentative inquiries or quotes. For investors, confirmed orders matter because they give clearer visibility into future sales, cash flow and production needs, much like a restaurant reservation that guarantees seats and helps the owner plan staffing and supplies.

order book financial

"Precast order book3 of $55 million"

A stock market order book is a live list of all pending buy and sell requests for a particular security, showing quantities and the prices traders are willing to trade at. Think of it as a market’s bulletin board: it reveals how much demand and supply exists at different prices, so investors can gauge liquidity, how easily a trade will fill, and how close the market is to moving the price.

View in glossary

Rule 10b5‑1 trading plan regulatory

"during the first quarter of 2026 pursuant to a Rule 10b5‑1 trading plan."

A rule 10b5-1 trading plan is a written, pre-set instruction for company insiders to buy or sell stock at specified times or prices, created when they do not possess material nonpublic information. It works like an automated schedule for trades so executives cannot be accused of trading on secret information later. Investors care because such plans add transparency and predictability to insider activity, though they do not eliminate all legal or reputational risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Net sales of $138.3 million, an increase of 19.1% year-over-year, and record first quarter gross profit of $26.7 million, an increase of 37.7% year-over-year
• Record first quarter Water Transmission Systems segment ("WTS") net sales of $93.5 million, an increase of 19.1% year-over-year, and gross profit of $17.3 million, an increase of 42.3% year-over-year
• Record first quarter Precast Infrastructure and Engineered Systems segment ("Precast") net sales of $44.8 million, an increase of 18.9% year-over-year, and record first quarter gross profit of $9.3 million, an increase of 30.0% year-over-year
• Record first quarter net income of $10.5 million, or $1.08 per diluted share
• Record WTS backlog¹ of $373 million; record backlog including confirmed orders² of $430 million
• Precast order book³ of $55 million
• Repurchased $2.2 million of common stock

VANCOUVER, Wash., April 29, 2026 /PRNewswire/ -- NWPX Infrastructure, Inc. (NASDAQ: NWPX) ("NWPX Infrastructure" and the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the first quarter ended March 31, 2026. The Company will broadcast its first quarter 2026 earnings conference call on Thursday, April 30, 2026 at 7:00 a.m. PT.

Management Commentary

"We delivered a strong start to 2026 with first quarter results reflecting meaningful growth and margin expansion across both of our segments," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. "Consolidated revenue increased 19% year-over-year to $138.3 million, while gross profit grew nearly 38%, highlighting the operating leverage in our model and continued execution across the organization."

Mr. Montross continued, "Our Water Transmission Systems segment generated $93.5 million in revenue, up 19% from the prior year, supported by solid project execution, gross margin expansion of approximately 300 basis points, and a record backlog including confirmed orders of $430 million. In Precast, revenue increased nearly 19% year-over-year, with margin expansion of approximately 180 basis points, reflecting both operational improvements and sustained demand."

Mr. Montross concluded, "Looking ahead, we believe 2026 is shaping up to be a historic year for NWPX Infrastructure. Continued momentum in our Precast segment, combined with strong bidding activity and the addition of a significant, previously unplanned project in our Water Transmission Systems segment, gives us increasing confidence in our outlook. These factors position the Company to deliver record results for both revenue and profitability in 2026."

First Quarter 2026 Financial Results

Consolidated

• Net sales increased 19.1% to $138.3 million from $116.1 million in the first quarter of 2025.
• Gross profit increased 37.7% to $26.7 million, or 19.3% of net sales, from $19.4 million, or 16.7% of net sales, in the first quarter of 2025.
• Net income was $10.5 million, or $1.08 per diluted share, compared to $4.0 million, or $0.39 per diluted share, in the first quarter of 2025.

Water Transmission Systems Segment (WTS)

• WTS net sales increased 19.1% to $93.5 million from $78.4 million in the first quarter of 2025 driven by an 18% increase in tons produced resulting from changes in project timing and a 1% increase in selling price per ton due to changes in product mix.
• WTS gross profit increased 42.3% to $17.3 million, or 18.5% of WTS net sales, from $12.2 million, or 15.5% of WTS net sales, in the first quarter of 2025 due to increased volume, including related operational efficiency gains, and favorable changes in product mix.
• WTS backlog was $373 million as of March 31, 2026, compared to $234 million as of December 31, 2025, and $203 million as of March 31, 2025. Backlog including confirmed orders was $430 million as of March 31, 2026, compared to $346 million as of December 31, 2025, and $289 million as of March 31, 2025.

Precast Infrastructure and Engineered Systems Segment (Precast)

• Precast net sales increased 18.9% to $44.8 million from $37.7 million in the first quarter of 2025 driven by a 14% increase in selling prices due to changes in product mix and a 4% increase in volume shipped.
• Precast gross profit increased 30.0% to $9.3 million, or 20.9% of Precast net sales, from $7.2 million, or 19.1% of Precast net sales, in the first quarter of 2025 primarily due to increased selling prices due to changes in product mix and increased volume.
• Precast order book was $55 million as of March 31, 2026, compared to $57 million as of December 31, 2025, and $64 million as of March 31, 2025.

Balance Sheet, Cash Flow, and Capital Allocation

• As of March 31, 2026, the Company had no outstanding revolving loan borrowings and additional borrowing capacity of approximately $124 million under the revolving credit facility.
• Net cash provided by operating activities was $29.3 million in the first quarter of 2026 compared to $4.8 million in the first quarter of 2025 primarily due to a $17.6 million increase in cash from changes in working capital and a $6.8 million increase in net income adjusted for noncash items.
• Capital expenditures were $3.5 million in the first quarter of 2026 compared to $3.7 million in the first quarter of 2025.
• The Company repurchased approximately 33,000 shares of its common stock at an average price of $67.17 per share for a total of $2.2 million during the first quarter of 2026 pursuant to a Rule 10b5‑1 trading plan.

__________

1 NWPX Infrastructure defines "backlog" as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.

2 NWPX Infrastructure defines "confirmed orders" as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.

3 NWPX Infrastructure defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.

Conference Call Details

A conference call and simultaneous webcast to discuss the Company's first quarter 2026 financial results will be held on Thursday, April 30, 2026, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpx.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, May 14, 2026, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13759703.

About NWPX Infrastructure

Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. The WTS segment is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Precast segment provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. The Precast segment has broadened its manufacturing footprint by bringing lined and engineered precast products into production at additional facilities, increasing capacity and improving regional availability. The Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 14 manufacturing facilities across North America. For more information, please visit www.nwpx.com.

Forward-Looking Statements

Statements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials and other costs central to producing and shipping our products, excess or shortage of production capacity, product quality assurance failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, increased use of artificial intelligence by us and our competitors, as well as related legal and regulatory requirements, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key systems, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10‑K for the year ended December 31, 2025 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

Non-GAAP Financial Measures

The Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For more information, visit www.nwpx.com.

Contact:
Aaron Wilkins
Chief Financial Officer
NWPX Infrastructure
investors@nwpx.com

Or

Addo Investor Relations
nwpx@addo.com

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
		Three Months Ended March 31,
		2026				2025
Net sales:
Water Transmission Systems		$	93,453			$	78,446
Precast Infrastructure and Engineered Systems			44,801				37,669
Total net sales			138,254				116,115
Cost of sales:
Water Transmission Systems			76,134				66,272
Precast Infrastructure and Engineered Systems			35,455				30,478
Total cost of sales			111,589				96,750
Gross profit:
Water Transmission Systems			17,319				12,174
Precast Infrastructure and Engineered Systems			9,346				7,191
Total gross profit			26,665				19,365
Selling, general, and administrative expense			14,008				13,796
Operating income			12,657				5,569
Other income			229				7
Interest expense			(348)				(635)
Income before income taxes			12,538				4,941
Income tax expense			2,004				977
Net income		$	10,534			$	3,964
Net income per share:
Basic		$	1.10			$	0.40
Diluted		$	1.08			$	0.39
Shares used in per share calculations:
Basic			9,578				9,933
Diluted			9,790				10,117

 

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
		March 31, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	14,262			$	2,273
Trade and other receivables, net			96,739				78,171
Contract assets			113,190				91,036
Inventories			69,795				74,287
Prepaid expenses and other			5,177				5,665
Total current assets			299,163				251,432
Property and equipment, net			163,640				157,509
Operating lease right-of-use assets			87,301				86,894
Goodwill			55,504				55,504
Intangible assets, net			23,475				23,008
Other assets			5,057				5,283
Total assets		$	634,140			$	579,630
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt		$	2,994			$	2,994
Accounts payable			27,894				22,190
Accrued liabilities			24,644				27,743
Contract liabilities			50,859				8,794
Current portion of operating lease liabilities			5,153				4,829
Total current liabilities			111,544				66,550
Borrowings on line of credit			-				276
Long-term debt			7,734				8,482
Operating lease liabilities			86,552				86,223
Deferred income taxes			13,276				12,484
Other long-term liabilities			11,306				10,832
Total liabilities			230,412				184,847
Stockholders' equity:
Common stock			96				96
Additional paid-in-capital			111,315				113,088
Retained earnings			292,276				281,742
Accumulated other comprehensive income (loss)			41				(143)
Total stockholders' equity			403,728				394,783
Total liabilities and stockholders' equity		$	634,140			$	579,630

 

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
		Three Months Ended March 31,
		2026				2025
Cash flows from operating activities:
Net income		$	10,534			$	3,964
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and finance lease amortization			3,744				3,413
Amortization of intangible assets			1,029				1,008
Share-based compensation expense			1,304				1,138
Noncash operating lease expense			1,518				1,434
Deferred income taxes			791				744
Other, net			(74)				326
Changes in operating assets and liabilities:
Trade and other receivables			(17,803)				6,652
Contract assets, net			19,911				(3,436)
Inventories			6,390				(914)
Prepaid expenses and other assets			726				1,040
Accounts payable			5,718				(2,978)
Accrued and other liabilities			(3,251)				(6,364)
Operating lease liabilities			(1,272)				(1,179)
Net cash provided by operating activities			29,265				4,848
Cash flows from investing activities:
Purchases of property and equipment			(3,469)				(3,670)
Acquisition of business, net of cash acquired			(8,853)				-
Other investing activities			19				-
Net cash used in investing activities			(12,303)				(3,670)
Cash flows from financing activities:
Borrowings on line of credit			1,239				39,521
Repayments on line of credit			(1,515)				(38,665)
Payments on other debt			(750)				(750)
Payments on finance lease liabilities			(648)				(386)
Tax withholdings related to net share settlements of equity awards			(883)				(620)
Repurchase of common stock			(2,416)				-
Net cash used in financing activities			(4,973)				(900)
Change in cash and cash equivalents			11,989				278
Cash and cash equivalents, beginning of period			2,273				5,007
Cash and cash equivalents, end of period		$	14,262			$	5,285

 

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SOURCE NWPX Infrastructure, Inc.

FAQ

What were NWPX first quarter 2026 net sales and net income (NWPX)?

NWPX reported $138.3M in net sales and $10.5M in net income for Q1 2026. According to the company, diluted EPS was $1.08, reflecting year‑over‑year revenue and margin expansion driven by both segments.

How large is NWPX's Water Transmission Systems backlog as of March 31, 2026?

The Water Transmission Systems backlog was $373M as of March 31, 2026. According to the company, backlog including confirmed orders totaled $430M, with confirmed orders described as non‑binding notifications.

What did NWPX report about Precast revenue and the Precast order book (NWPX)?

Precast revenue was $44.8M in Q1 2026, up 18.9% year‑over‑year. According to the company, the Precast order book was $55M as of March 31, 2026, lower than the prior‑year measurement.

How much cash flow and borrowing capacity did NWPX report for Q1 2026?

NWPX reported $29.3M of net cash from operating activities in Q1 2026. According to the company, there were no outstanding revolver borrowings and about $124M of available capacity.

Did NWPX repurchase shares in the first quarter of 2026?

Yes. NWPX repurchased approximately 33,000 shares for a total of $2.2M during Q1 2026. According to the company, purchases were made under a Rule 10b5‑1 trading plan at an average price of $67.17.