Northwest Pipe Reports Record 2024 Financial Results

Northwest Pipe ( (NWPX) ) has released its Q4 earnings. Here is a breakdown of the information Northwest Pipe presented to its investors.

Northwest Pipe Company, headquartered in Vancouver, Washington, is a leading manufacturer of water-related infrastructure products, including engineered steel water pipeline systems and precast concrete products, serving a diverse range of markets across North America.

In its latest earnings report, Northwest Pipe Company announced record-breaking financial results for the fourth quarter and full year of 2024, with significant increases in net sales and gross profit across its operating segments.

The company reported a fourth-quarter net sales increase of 8.6% year-over-year to $119.6 million, while annual net sales reached a record $492.5 million, marking a 10.8% increase from the previous year. The Engineered Steel Pressure Pipe segment saw a 14% rise in annual net sales, while the Precast segment also achieved record revenue despite market challenges. The company’s annual net income per diluted share was $3.40, reflecting a strong financial performance.

Northwest Pipe’s strategic positioning is further strengthened by a robust backlog of $213 million in its SPP segment and a significant increase in the Precast order book to $61 million. The company also achieved a record safety performance, underscoring its commitment to employee well-being.

Looking ahead, Northwest Pipe Company anticipates continued strength in its SPP backlog and an improved non-residential order book in the Precast segment for 2025, despite a light bidding environment expected in the first quarter. The company remains optimistic about maintaining its growth trajectory in the coming year.