NWPX Infrastructure, Inc. reports recurring developments in water-related infrastructure manufacturing, with updates centered on its Water Transmission Systems and Precast Infrastructure and Engineered Systems segments. The Northwest Pipe Company brand produces engineered water transmission systems, steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings for drinking water and related infrastructure applications.
Company news also covers NWPX Geneva, NWPX Park, and NWPX Precast products for stormwater, wastewater, sanitary sewer, water distribution, and environmental infrastructure markets. Recurring themes include quarterly and annual results, WTS backlog and Precast order book trends, product technology such as Permalok radial bending joint applications, completed precast acquisitions, manufacturing operations, share repurchases, and leadership or governance updates.
Northwest Pipe Company (NASDAQ: NWPX) announced its participation in the Sidoti Small-Cap Virtual Conference set for March 23, 2023. President and CEO Scott Montross and CFO Aaron Wilkins will present at 12:15 p.m. ET and engage in virtual investor meetings throughout the day. The presentation will be webcast live on the company's investor relations website, with a replay available for 90 days post-event. Founded in 1966, Northwest Pipe is a leading manufacturer of engineered pipeline systems for water infrastructure, operating 13 facilities across North America.
Northwest Pipe Company (NASDAQ: NWPX) reported annual net sales of $457.7 million for 2022, a 37.3% increase year-over-year. The gross profit reached a record $85.9 million, up 94.0% from the previous year. The net income was $31.1 million, equating to $3.11 per diluted share. Total backlog amounted to $274 million, with confirmed orders reaching $372 million. The Engineered Steel Pressure Pipe segment achieved $307.6 million in revenue, while the Precast Infrastructure segment generated $150.1 million. Challenges include customer delays and weather impacts affecting production.
Northwest Pipe Company (NASDAQ: NWPX) plans to announce its fourth quarter and full year 2022 financial results on March 15, 2023, after market close. A conference call will follow on March 16, 2023, at 7:00 a.m. PT, led by CEO Scott Montross and CFO Aaron Wilkins. The results will cover key financial metrics and performance insights from the previous year. Investors can access the live broadcast and the replay via the company's website. As the largest manufacturer of engineered steel water pipeline systems in North America, Northwest Pipe is strategically positioned to meet rising infrastructure needs.
Northwest Pipe Company (NASDAQ: NWPX) announced the appointment of Irma Lockridge to its Board of Directors, effective February 22, 2023. Ms. Lockridge brings extensive expertise in human resources, organizational design, and diversity initiatives, previously holding senior roles in Fortune 100 companies and currently serving as Chief People Officer at CoorsTek. The Board expects to finalize her committee assignments at the next meeting. President Scott Montross expressed confidence that her background will support the company's growth in water-related infrastructure.
Northwest Pipe Company (Nasdaq: NWPX) has been selected to produce engineered steel pressure pipe for the Alliance Regional Water Authority Phase 1B-Segment D, a major water infrastructure project in Central Texas. This phase will deliver approximately 5,500 acre-feet of water per year, expanding to 15,000 acre-feet with future enhancements. The project aims to serve over 225,000 residents and is funded primarily through bond issuances. Completion is expected in 2024, highlighting Northwest Pipe's role in supporting Texas's long-term water needs.
Northwest Pipe Company (Nasdaq: NWPX) has launched the Permalok® Radial Bending Joint (RBJ), a pioneering technology for trenchless microtunneling that allows steel pipes to be installed at a curved radius of 800 feet. This patent-pending innovation reduces installation time and costs by eliminating traditional butt-weld joints. The RBJ is available in diameters from 30 to 156 inches and was validated through Finite Element Analysis at the University of Thessaly. This development positions Northwest Pipe to enhance efficiency in challenging installation environments.
Northern Pipe Company (NASDAQ: NWPX) reported a robust performance for Q3 2022, with net sales of $123 million, a 45.3% increase year-over-year. Gross profit surged 103.2% to $25.1 million, yielding a net income of $10 million or $0.99 per diluted share. The Engineered Steel Pressure Pipe segment generated $83.7 million in revenue, while the Precast Infrastructure segment rose to $39.3 million, driven by the acquisition of ParkUSA. The total backlog reached $295 million, with confirmed orders at $347 million, marking a new record.
Northwest Pipe Company (Nasdaq: NWPX) has been awarded a contract by Sukut Construction and the City of San Diego to supply engineered steel pressure pipe for the Pure Water Program. The project aims to produce 30 million gallons of purified water daily, significantly reducing reliance on imported water. Northwest Pipe will manufacture over 4,860 tons of specialized pipe at its Adelanto facility, contributing to over six and a half miles of new pipelines. The project is expected to start deliveries in Q1 2023 and is part of a sustainable approach to water sourcing for San Diego.
Northwest Pipe Company (NASDAQ: NWPX) will release its third quarter 2022 financial results after market close on November 8, 2022. A conference call discussing these results is scheduled for 7:00 a.m. PT on November 9, 2022. The company is a leading manufacturer of water-related infrastructure products in North America, focusing on engineered pipeline systems, precast concrete products, and wastewater equipment. Established in 1966, Northwest Pipe is headquartered in Vancouver, Washington, and operates 13 manufacturing facilities across North America.
Northwest Pipe Company (NASDAQ: NWPX) reported a significant financial performance in Q2 2022, with net sales soaring 60.6% year-over-year to $118.5 million.
Gross profit reached $24.1 million, up 152.5% year-over-year, leading to a net income of $0.97 per diluted share. The company benefited from record revenues and profits in its recently acquired Precast segment, contributing to a backlog of $303 million and confirmed orders worth $338 million in the Engineered Steel Pressure Pipe segment.
However, recent flooding incidents may pose risks to third-quarter performance.