NWPX Infrastructure Q3 earnings: net income rises 35%
Record WTS backlog including confirmed orders was $435 million, while management expected stronger performance than the fourth quarter of 2025 and first quarter of 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
NWPX Infrastructure, Inc. reported third-quarter 2026 net sales of $179.4 million, up 18.7% year over year, and net income of $18.2 million, up 35.0%. Gross profit was $38.2 million, up 18.8%, with a 21.3% consolidated gross margin; diluted earnings were $1.86 per share.
Water Transmission Systems (WTS) sales rose 27.0% to $131.9 million, while its gross margin was 20.7%, compared with 21.3% a year earlier. WTS backlog including confirmed orders reached a record $435 million as of September 30, 2026. Confirmed orders are WTS projects for which NWPX had been notified it was the successful bidder but had not executed a binding agreement. Precast sales were $47.5 million, up 0.6%, and gross margin was 22.9%. Serpentix, acquired September 2, and Boughton's Precast together contributed $2.1 million of Precast net sales.
Net cash provided by operating activities was $27.4 million in the quarter, versus $21.0 million in third-quarter 2025. Management expects stronger performance than both the fourth quarter of 2025 and first quarter of 2026; WTS backlog is expected to remain elevated through year-end, while Precast is expected to remain steady.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales rose 18.7% to $179.4 million year over year.
- Moderate pointNet income rose 35.0% to $18.2 million year over year.
- Moderate pointGross profit rose 18.8% to $38.2 million year over year.
- Moderate pointQuarterly operating cash flow was $27.4 million, versus $21.0 million.
Negative
- None.
Filing Explained
At September 30, NWPX reported $6,058 thousand cash, $18,508 thousand in revolver borrowings and approximately $105 million in additional borrowing capacity.
The October 28 Form 8-K reports third-quarter results and records
8-K Event Classification
Key Figures
Key Terms
confirmed orders financial
remaining performance obligations financial
order book financial
non-GAAP financial measure financial
Earnings Snapshot
Management expects stronger performance than both the fourth quarter of 2025 and first quarter of 2026; WTS backlog is expected to remain elevated through year-end, while Precast is expected to remain steady.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Serpentix add to NWPX's Precast order book?
When was NWPX's third-quarter 2026 earnings call scheduled?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02.
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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On October 28, 2026, NWPX Infrastructure, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026 and its current outlook. The press release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. The press release issued October 28, 2026 is furnished herewith as Exhibit No. 99.1 to this Report, and shall not be deemed filed for purposes of Section 18 of the Exchange Act.
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Item 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS
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(d)
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Exhibits
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99.1 Press Release issued by NWPX Infrastructure, Inc. dated October 28, 2026
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104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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NWPX INFRASTRUCTURE, INC.
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(Registrant)
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By
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/s/ Aaron Wilkins
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Aaron Wilkins,
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Senior Vice President, Chief Financial Officer, and Corporate Secretary
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Exhibit 99.1
NWPX Infrastructure Announces Third Quarter 2026 Financial Results
| • | Record net sales of $179.4 million, up 18.7% year-over-year, and record gross profit of $38.2 million, up 18.8% year-over-year | |
| • | Record Water Transmission Systems segment (“WTS”) net sales of $131.9 million, up 27.0% year-over-year, and record WTS gross profit of $27.3 million, up 23.4% year-over-year | |
| • | Precast Infrastructure and Engineered Systems segment (“Precast”) net sales of $47.5 million, up 0.6% year-over-year, and Precast gross profit of $10.9 million, up 8.6% year-over-year | |
| • | Net income of $18.2 million, or $1.86 per diluted share | |
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• |
WTS backlog1 of $264 million; record backlog including confirmed orders2 of $435 million |
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| • | Precast order book3 of $67 million | |
| • | Completed acquisition of Serpentix Conveyor, LLC (“Serpentix”) on September 2, 2026 |
VANCOUVER, Washington—October 28, 2026—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 third quarter ended September 30, 2026. The Company will broadcast its third quarter 2026 earnings conference call on Thursday, October 29, 2026 at 7:00 a.m. PT.
Management Commentary
“The third quarter of 2026 was another outstanding quarter for NWPX Infrastructure, highlighted by record financial performance across several key metrics,” said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. “We generated record quarterly revenue of $179.4 million and record gross profit, representing a consolidated gross margin of 21.3%, along with earnings per diluted share of $1.86. These results reflect the strength and resilience of our businesses, disciplined execution across our operations, and our continued ability to capitalize on favorable market conditions. WTS led our performance, delivering record revenue and record gross profit with a strong gross margin of 20.7%. WTS backlog including confirmed orders reached a record $435 million, even after recognizing $31.0 million in revenue associated with our NDA project during the quarter, providing excellent visibility into future production activity. Precast also delivered solid results, with revenue and gross profit exceeding the prior year, and an approximate 160-basis point improvement in gross margin to 22.9%. We are particularly encouraged by the continued growth of our data center business, which continues to represent an attractive opportunity within our Precast segment.”
Mr. Montross continued, “As we look ahead, we remain very optimistic about the strength of our business and our opportunities for continued success. Despite the typical impact of two major holidays and weather-related disruptions in the fourth quarter, we currently anticipate stronger performance than both the fourth quarter of 2025 and the first quarter of 2026. We expect WTS backlog to remain elevated through year-end, supported by continued demand for critical water infrastructure, while our Precast business is expected to remain steady. Taken together, we believe our record backlog and attractive opportunities across our businesses position NWPX Infrastructure to conclude an exceptionally strong record year in 2026 and enter 2027 with significant momentum.”
Third Quarter 2026 Financial Results
Consolidated
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• |
Net sales increased 18.7% to $179.4 million from $151.1 million in the third quarter of 2025. | |
| • | Gross profit increased 18.8% to $38.2 million, or 21.3% of net sales, from $32.2 million, or 21.3% of net sales, in the third quarter of 2025. | |
| • | Net income increased 35.0% to $18.2 million, or $1.86 per diluted share, compared to $13.5 million, or $1.38 per diluted share, in the third quarter of 2025. The third quarter of 2026 marked the highest net income in the Company’s history aside from the third quarter of 2018 which included a $21.9 million bargain purchase gain associated with the acquisition of Ameron Water Transmission Group, LLC.4 |
Water Transmission Systems Segment (WTS)
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• |
WTS net sales increased 27.0% to $131.9 million from $103.9 million in the third quarter of 2025 driven by a 19% increase in selling price per ton due to changes in product mix and a 7% increase in tons produced resulting from changes in project timing. | |
| • | WTS gross profit increased 23.4% to $27.3 million, or 20.7% of WTS net sales, from $22.1 million, or 21.3% of WTS net sales, in the third quarter of 2025 due to increased volume and selling prices, which have increased in line with input costs. WTS gross margin decreased due to changes in product mix. | |
| • | WTS backlog was $264 million as of September 30, 2026, compared to $305 million as of June 30, 2026, and $257 million as of September 30, 2025. Backlog including confirmed orders was $435 million as of September 30, 2026, compared to $423 million as of June 30, 2026, and $301 million as of September 30, 2025. |
Precast Infrastructure and Engineered Systems Segment (Precast)
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• |
Precast net sales increased 0.6% to $47.5 million from $47.2 million in the third quarter of 2025 driven by the acquisitions of Boughton’s Precast, Inc. (“Boughton”) and Serpentix, which together contributed $2.1 million in net sales, partially offset by a 9% decrease in volume shipped at legacy Precast facilities. |
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| • | Precast gross profit increased 8.6% to $10.9 million, or 22.9% of Precast net sales, from $10.0 million, or 21.3% of Precast net sales, in the third quarter of 2025 primarily due to changes in product mix. | |
| • | Precast order book was $67 million as of September 30, 2026, compared to $61 million as of June 30, 2026, and $55 million as of September 30, 2025. |
Balance Sheet and Cash Flow
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As of September 30, 2026, the Company had $18.5 million of outstanding revolving loan borrowings and additional borrowing capacity of approximately $105 million under the revolving credit facility. | |
| • | Net cash provided by operating activities was $27.4 million in the third quarter of 2026 compared to $21.0 million in the third quarter of 2025 primarily due to a $5.6 million increase in net income adjusted for noncash items and a $0.8 million increase in net cash provided by changes in working capital. | |
| • | Capital expenditures were $7.0 million in the third quarter of 2026 compared to $7.8 million in the third quarter of 2025. |
Acquisition of Serpentix
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• |
As previously announced, on September 2, 2026, the Company completed the acquisition of Serpentix, a manufacturer of engineered conveyor systems used primarily in municipal wastewater treatment plants and industrial manufacturing facilities. The transaction marks NWPX Infrastructure’s second acquisition this year, following the acquisition of Boughton in February 2026. |
1 NWPX Infrastructure defines “backlog” as the balance of remaining performance obligations under signed WTS contracts for which revenue is recognized over time.
2 NWPX Infrastructure defines “confirmed orders” as WTS 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 segment. Serpentix contributed $10 million to the Precast segment’s order book as of September 30, 2026; included in this amount is $8 million of remaining performance obligations for which revenue is recognized over time.
4 In the third quarter of 2018 the Company reported net income of $27.8 million, or $2.86 per diluted share which, amongst other non-recurring items, included a bargain purchase gain of $21.9 million associated with the acquisition of Ameron Water Transmission Group, LLC. Without this noncash item and other nonrecurring items reported for that quarter, the adjusted net income reconciled to $2.1 million, or $0.21 per share. See reconciliation of Non-GAAP Financial Measures in our Form 8‑K filed on November 8, 2018 for additional information.
Conference Call Details
A conference call and simultaneous webcast to discuss the Company’s third quarter 2026 financial results will be held on Thursday, October 29, 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, November 12, 2026, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13762824.
About NWPX Infrastructure
Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. Under the Northwest Pipe Company brand, the Company 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 Company also 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 conveyor systems, and stormwater quality products. Strategically positioned to meet growing water and wastewater infrastructure needs, 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 15 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, predictability of production and delivery schedules, price and availability of raw materials and other costs central to producing and shipping the Company’s 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 organic and inorganic initiatives 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 the Company and its 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, logistics and supply chain disruptions, 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
###
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NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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(In thousands, except per share amounts) |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2026 |
2025 |
2026 |
2025 |
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Net sales: |
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Water Transmission Systems |
$ | 131,899 | $ | 103,866 | $ | 338,551 | $ | 266,900 | ||||||||
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Precast Infrastructure and Engineered Systems |
47,493 | 47,201 | 138,571 | 133,464 | ||||||||||||
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Total net sales |
179,392 | 151,067 | 477,122 | 400,364 | ||||||||||||
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Cost of sales: |
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Water Transmission Systems |
104,608 | 81,750 | 269,713 | 217,555 | ||||||||||||
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Precast Infrastructure and Engineered Systems |
36,596 | 37,167 | 108,197 | 105,929 | ||||||||||||
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Total cost of sales |
141,204 | 118,917 | 377,910 | 323,484 | ||||||||||||
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Gross profit: |
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Water Transmission Systems |
27,291 | 22,116 | 68,838 | 49,345 | ||||||||||||
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Precast Infrastructure and Engineered Systems |
10,897 | 10,034 | 30,374 | 27,535 | ||||||||||||
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Total gross profit |
38,188 | 32,150 | 99,212 | 76,880 | ||||||||||||
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Selling, general, and administrative expense |
13,875 | 13,113 | 41,091 | 39,038 | ||||||||||||
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Operating income |
24,313 | 19,037 | 58,121 | 37,842 | ||||||||||||
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Other income (expense) |
(48 | ) | (28 | ) | 665 | (35 | ) | |||||||||
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Interest income |
77 | 25 | 241 | 60 | ||||||||||||
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Interest expense |
(372 | ) | (788 | ) | (1,040 | ) | (2,186 | ) | ||||||||
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Income before income taxes |
23,970 | 18,246 | 57,987 | 35,681 | ||||||||||||
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Income tax expense |
5,739 | 4,741 | 13,388 | 9,149 | ||||||||||||
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Net income |
$ | 18,231 | $ | 13,505 | $ | 44,599 | $ | 26,532 | ||||||||
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Net income per share: |
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Basic |
$ | 1.89 | $ | 1.40 | $ | 4.64 | $ | 2.70 | ||||||||
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Diluted |
$ | 1.86 | $ | 1.38 | $ | 4.55 | $ | 2.66 | ||||||||
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Shares used in per share calculations: |
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Basic |
9,634 | 9,678 | 9,617 | 9,830 | ||||||||||||
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Diluted |
9,805 | 9,813 | 9,807 | 9,966 | ||||||||||||
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NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(In thousands) |
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September 30, 2026 |
December 31, 2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 6,058 | $ | 2,273 | ||||
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Trade and other receivables, net |
115,521 | 78,171 | ||||||
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Contract assets |
103,154 | 91,036 | ||||||
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Inventories |
89,316 | 74,287 | ||||||
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Prepaid expenses and other |
3,077 | 5,665 | ||||||
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Total current assets |
317,126 | 251,432 | ||||||
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Property and equipment, net |
167,550 | 157,509 | ||||||
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Operating lease right-of-use assets |
86,992 | 86,894 | ||||||
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Goodwill |
83,314 | 55,504 | ||||||
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Intangible assets, net |
34,421 | 23,008 | ||||||
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Other assets |
5,172 | 5,283 | ||||||
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Total assets |
$ | 694,575 | $ | 579,630 | ||||
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Current portion of long-term debt |
$ | 2,994 | $ | 2,994 | ||||
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Accounts payable |
41,087 | 22,190 | ||||||
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Accrued liabilities |
29,321 | 27,743 | ||||||
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Contract liabilities |
44,652 | 8,794 | ||||||
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Current portion of operating lease liabilities |
5,673 | 4,829 | ||||||
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Total current liabilities |
123,727 | 66,550 | ||||||
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Borrowings on line of credit |
18,508 | 276 | ||||||
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Long-term debt |
6,237 | 8,482 | ||||||
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Operating lease liabilities |
86,242 | 86,223 | ||||||
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Deferred income taxes |
12,391 | 12,484 | ||||||
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Other long-term liabilities |
10,186 | 10,832 | ||||||
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Total liabilities |
257,291 | 184,847 | ||||||
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Stockholders’ equity: |
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Common stock |
96 | 96 | ||||||
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Additional paid-in-capital |
110,663 | 113,088 | ||||||
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Retained earnings |
326,341 | 281,742 | ||||||
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Accumulated other comprehensive income (loss) |
184 | (143 | ) | |||||
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Total stockholders’ equity |
437,284 | 394,783 | ||||||
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Total liabilities and stockholders’ equity |
$ | 694,575 | $ | 579,630 | ||||
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NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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(In thousands) |
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Nine Months Ended September 30, |
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2026 |
2025 |
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Cash flows from operating activities: |
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Net income |
$ | 44,599 | $ | 26,532 | ||||
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and finance lease amortization |
13,446 | 11,517 | ||||||
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Amortization of intangible assets |
3,283 | 3,025 | ||||||
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Share-based compensation expense |
5,333 | 3,924 | ||||||
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Noncash operating lease expense |
4,571 | 4,632 | ||||||
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Deferred income taxes |
(95 | ) | 113 | |||||
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Other, net |
(6 | ) | 1,504 | |||||
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Changes in operating assets and liabilities: |
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Trade and other receivables |
(30,812 | ) | (32,200 | ) | ||||
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Contract assets and liabilities, net |
23,725 | 3,652 | ||||||
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Inventories |
(11,945 | ) | 5,249 | |||||
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Prepaid expenses and other assets |
3,038 | 4,331 | ||||||
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Accounts payable |
18,167 | (785 | ) | |||||
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Accrued and other liabilities |
1,223 | 3,533 | ||||||
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Operating lease liabilities |
(3,806 | ) | (3,777 | ) | ||||
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Net cash provided by operating activities |
70,721 | 31,250 | ||||||
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Cash flows from investing activities: |
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Purchases of property and equipment |
(14,711 | ) | (14,964 | ) | ||||
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Acquisition of business, net of cash acquired |
(58,554 | ) | - | |||||
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Other investing activities |
84 | 31 | ||||||
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Net cash used in investing activities |
(73,181 | ) | (14,933 | ) | ||||
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Cash flows from financing activities: |
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Borrowings on line of credit |
31,264 | 132,957 | ||||||
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Repayments on line of credit |
(13,032 | ) | (130,001 | ) | ||||
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Payments on other debt |
(2,250 | ) | (2,250 | ) | ||||
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Payments on finance lease liabilities |
(1,731 | ) | (1,199 | ) | ||||
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Tax withholdings related to net share settlements of equity awards |
(4,058 | ) | (2,313 | ) | ||||
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Repurchase of common stock |
(3,922 | ) | (15,701 | ) | ||||
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Other financing activities |
(26 | ) | (146 | ) | ||||
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Net cash provided by (used in) financing activities |
6,245 | (18,653 | ) | |||||
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Change in cash and cash equivalents |
3,785 | (2,336 | ) | |||||
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Cash and cash equivalents, beginning of period |
2,273 | 5,007 | ||||||
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Cash and cash equivalents, end of period |
$ | 6,058 | $ | 2,671 | ||||