Q3 2024 Northwest Pipe Co Earnings Call Transcript
Key Points
- Northwest Pipe Co (NWPX) achieved record quarterly revenue of $130.2 million, marking a 9.7% year-over-year increase.
- The company reported a record gross profit of $27 million, with a strong gross margin of 20.8%, up from 16.3% in the previous year.
- The steel pressure pipe segment maintained near-record revenue levels, totaling $85.9 million, a 6.7% increase year-over-year.
- Precast segment revenue increased by 15.8% year-over-year to a new quarterly record of $44.3 million, driven by strong demand in the residential market.
- The company is actively pursuing M&A opportunities to enhance its precast strategy, aiming to expand manufacturing capabilities and geographic reach.
- The backlog for the steel pressure pipe segment declined to $282 million as of September 30th, down from $348 million as of June 30th.
- Lower realized selling prices were noted due to decreased raw material costs, impacting revenue.
- The nonresidential construction portion of the precast business faced reduced shipments due to the current interest rate environment.
- Severe weather events in Texas during July impacted production and shipment levels, affecting the precast segment.
- Interest expense increased to $1.5 million from $1.2 million in the previous year, primarily due to higher interest rates and increased average daily borrowings.
Greetings and welcome to the Northwest Pipe Company third quarter, 2024 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this concert is being recorded. It is now my pleasure to introduce your host, Scott Montross CEO. Thank you. You may begin.
Good morning and welcome to Northwest Pipe Company's third quarter, 2024 earnings conference call. My name is Scott Montross and I am President and CEO of the company. I'm joined today by Aaron Wilkins, our Chief Financial Officer. By now, all of you should have access to our earnings press release which was issued yesterday. October 30th 2024 at approximately 4 p.m. Eastern time. This call is being webcast and it is available for replay as we begin. I'd like to remind everyone that the statements made on this call
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