Core Viewpoint - NWPX Infrastructure, Inc. is set to release its financial results for the second quarter of 2025 on August 7, 2025, with a conference call scheduled for August 8, 2025, to discuss these results [1][2][5] Company Overview - NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products, founded in 1966 [3] - The company is the largest manufacturer of engineered water transmission systems in North America, producing various products including steel casing pipe and bar-wrapped concrete cylinder pipe [3] - NWPX operates 13 manufacturing facilities across North America and is strategically positioned to meet the growing water and wastewater infrastructure needs [3]

Core Insights - The company has rebranded from Northwest Pipe Company to NWPX Infrastructure, Inc., reflecting its growth and innovation in the water infrastructure sector [1][2] - The rebranding signifies a transformation into a modern, solutions-driven infrastructure provider with a national presence, while maintaining its legacy of quality and integrity [1][2] - NWPX Infrastructure will continue to operate its engineered steel pressure pipe plants under the Northwest Pipe Company brand, while transitioning its precast business lines to NWPX Geneva and NWPX ParkUSA [2] Company Overview - Founded in 1966, NWPX Infrastructure is a leading manufacturer of water-related infrastructure products and the largest manufacturer of engineered water transmission systems in North America [5] - The company produces a variety of products including steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings, as well as high-quality reinforced precast concrete products [5] - NWPX Infrastructure operates 13 manufacturing facilities across North America and is strategically positioned to meet the growing needs of water and wastewater infrastructure [5]

Core Viewpoint - Northwest Pipe Company (NASDAQ: NWPX) is expected to experience growth acceleration in the latter half of the year and beyond, following a period of weather-related downtime in Q1 [1]. Company Performance - The company's results in Q1 were negatively impacted by weather-related downtime, but this is not expected to continue affecting performance moving forward [1]. Investment Strategy - The focus is on medium-term investing in ideas that have catalysts to unlock value and drive upside, as well as short selling in cases where there are downside catalysts [1].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended: March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number: 0-27140 NORTHWEST PIPE COMPANY (Exact name of registrant as specified in its charter) Oregon 93-0557988 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification ...

Financial Data and Key Metrics Changes - Net sales for the first quarter of 2025 were $116.1 million, up 2.6% year over year despite weather-related downtime and new trade policies affecting revenue and shipments [5][19] - Consolidated net income decreased to $4 million or $0.39 per diluted share, down from $5.2 million or $0.52 per diluted share in the first quarter of 2024 [19] - Consolidated gross profit decreased 3.8% to $19.4 million, resulting in a gross margin of 16.7%, compared to 17.8% in the prior year [11][21] Segment Performance Changes - Revenue from the Steel Pressure Pipe (SPP) segment was $78.4 million, down 2% year over year, attributed to lower production levels and weather-related downtime [6][19] - Precast segment revenue increased 13.4% to $37.7 million, driven by strong demand in the residential sector, despite a decrease in selling prices [9][20] - SPP backlog declined to $289 million as of March 31, 2025, from $310 million at the end of 2024, but intra-quarter backlog improved significantly to over $300 million [7][14] Market Data and Key Metrics Changes - The Dodge Momentum Index was down 7% in March 2025 from the previous month, but was 30% higher compared to March 2024, indicating improving strength in the nonresidential construction market [10] - Commercial sector construction activity increased by 32% year over year, while institutional sectors saw only modest growth [10] Company Strategy and Industry Competition - The company is focusing on strategic acquisitions within the precast space to enhance growth and competitive position [13] - Plans to expand product offerings and improve operational efficiency at precast plants are underway, with a goal to reach $100 million in revenue for both residential and park-related products by the end of 2026 [12][54] - The company anticipates strong bidding activity in the second and third quarters of 2025, aligning with 2024 levels [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter's performance, expecting stronger precast revenue and margins compared to the previous year [15] - The company remains optimistic about the long-term strength of the precast business, driven by pent-up demand and infrastructure investment needs in the U.S. [15][71] - Management acknowledged potential economic uncertainties but indicated that current business conditions do not reflect a slowdown [73] Other Important Information - The company plans to rebrand to NWPX Infrastructure to better reflect its mission and operating segments [16] - Positive free cash flow of $1.1 million was generated in the first quarter, a significant improvement from negative cash flow in the prior year [25] Q&A Session Summary Question: Issues associated with tariffs - Management discussed the impact of weather events and new trade policies on production and revenue, noting a significant backlog in the precast business and a rebound in orders [31][34][37] Question: Precast revenue outlook - Management indicated a conservative outlook for the second half of the year, but noted strong performance in the second quarter with improving margins [38] Question: SG&A expenses - SG&A expenses were higher due to seasonality and increased incentive compensation, but are expected to normalize in subsequent quarters [40][41] Question: Shipment delays and customer feedback - Management confirmed a rebound in shipments in April, with a strong order book indicating continued growth in the nonresidential sector [45][48] Question: Impact of retroactive tariffs - The first quarter was negatively impacted by approximately $400,000 from retroactive tariffs, with additional costs expected in the second quarter [50][51] Question: Precast growth plans - Management outlined growth plans for the precast segment, aiming for $100 million in revenue by 2026, with current momentum indicating potential for earlier achievement [53][54] Question: Steel costs and demand - Management noted that while steel prices have increased, they do not foresee a significant impact on demand for SPP products [62][68] Question: Economic outlook and recession risks - Management expressed confidence in continued strong performance, particularly in residential construction, despite broader economic concerns [71][73]

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 2025 were $116.1 million, up 2.6% year over year, despite weather-related downtime and new trade policies affecting revenue [4][19] - Consolidated net income was $4 million, or $0.39 per diluted share, compared to $5.2 million, or $0.52 per diluted share in Q1 2024 [19] - Consolidated gross profit decreased 3.8% to $19.4 million, resulting in a gross margin of 16.7%, down from 17.8% in the prior year [10][21] Segment Performance Changes - Steel Pressure Pipe (SPP) segment revenue was $78.4 million, down 2% year over year, attributed to lower production levels and weather-related downtime [5][19] - Precast segment revenue increased 13.4% to $37.7 million, driven by strong demand in the residential sector, despite a 6% decrease in selling prices [7][20] - SPP gross profit decreased 14.5% to $12.2 million, with a gross margin of 15.5%, while Precast gross profit increased 22% to $7.2 million, with a gross margin of 19.1% [21] Market Data and Key Metrics Changes - The Dodge Momentum Index was down 7% in March 2025 compared to February, but up 30% year over year, indicating improving strength in the nonresidential construction market [9][46] - The commercial sector saw a 32% increase year over year, while institutional sectors showed only modest growth [9] Company Strategy and Industry Competition - The company plans to actively pursue acquisitions in the precast space to enhance growth and competitive position [12] - A corporate rebranding initiative to NWPX Infrastructure is set to be unveiled, aligning with the mission to manufacture durable infrastructure solutions [16] - The company aims to maintain a focus on margin over volume and strategic acquisition opportunities while implementing cost reductions [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second quarter, anticipating strong bidding activity and improved margins, particularly in the SPP segment [13][14] - The residential construction side remains strong, with expectations for continued growth despite macroeconomic uncertainties [71][73] - Management noted that the company is well-positioned to handle tariff-related challenges and expects a rebound in nonresidential orders [35][46] Other Important Information - The company generated positive free cash flow of $1.1 million in Q1 2025, compared to negative $30.7 million in the prior year [24] - Capital expenditures for Q1 were $3.7 million, with expectations for full-year CapEx in the range of $19 million to $22 million [23] Q&A Session Summary Question: Understanding issues associated with tariffs - Management explained that weather events and new trade policies affected production and revenue, but recent orders have alleviated some of the tariff impacts [29][33] Question: Follow-up on precast momentum - Management noted a significant rebound in nonresidential orders in April, indicating a positive outlook for the second quarter [44][46] Question: Impact of SG&A expenses - SG&A expenses were higher due to seasonality and increased incentive compensation, but management expects this to normalize in subsequent quarters [37][39] Question: Retroactive tariffs impact - Management quantified the impact of retroactive tariffs at approximately $800,000 for the first half of the year, with ongoing efforts to manage costs [48][50] Question: Precast growth plans - Management discussed growth plans for the precast segment, aiming for $100 million in revenue by the end of 2026, with strong current momentum [52][54]

Core Insights - Northwest Pipe Co. (NWPX) reported revenue of $116.12 million for Q1 2025, reflecting a year-over-year increase of 2.6% and a surprise of +3.32% over the Zacks Consensus Estimate of $112.38 million [1] - The company's EPS for the same period was $0.39, down from $0.52 a year ago, resulting in an EPS surprise of -26.42% compared to the consensus estimate of $0.53 [1] Financial Performance Metrics - Net Sales for Precast Infrastructure and Engineered Systems reached $37.67 million, exceeding the two-analyst average estimate of $34.64 million, with a year-over-year change of +13.4% [4] - Net Sales for Engineered Steel Pressure Pipe amounted to $78.45 million, slightly above the estimated $77.74 million, but showed a -2% change compared to the previous year [4] - Gross profit for Precast Infrastructure and Engineered Systems was reported at $7.19 million, surpassing the average estimate of $6.14 million [4] - Gross profit for Engineered Steel Pressure Pipe was $12.17 million, which fell short of the average estimate of $13.91 million [4] Stock Performance - Shares of Northwest Pipe Co. have returned +2.7% over the past month, contrasting with a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - Northwest Pipe Co. reported quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.53 per share, representing a -26.42% earnings surprise [1] - The company posted revenues of $116.12 million for the quarter, exceeding the Zacks Consensus Estimate by 3.32% and showing an increase from $113.22 million year-over-year [2] Financial Performance - Earnings per share (EPS) for the current quarter was $0.39, down from $0.52 a year ago [1] - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - Revenue for the quarter was $116.12 million, compared to $113.22 million in the same quarter last year [2] Market Performance - Northwest Pipe Co. shares have declined approximately 11.2% since the beginning of the year, while the S&P 500 has decreased by 5.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.96, with projected revenues of $130.09 million, and for the current fiscal year, the EPS estimate is $3.41 on revenues of $496.52 million [7] - The Metal Products - Procurement and Fabrication industry is ranked in the top 17% of Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

INVESTOR PRESENTATION FORWARD LOOKING STATEMENTS LEGAL STATEMENTS Statements in this presentation 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 ...

Financial Performance - Net sales for Q1 2025 were $116.1 million, a 2.6% increase from $113.2 million in Q1 2024[4] - Net income for Q1 2025 was $4.0 million, or $0.39 per diluted share, compared to $5.2 million, or $0.52 per diluted share in Q1 2024[5] - Gross profit for Q1 2025 was $19.4 million, a 3.8% decrease from $20.1 million in Q1 2024, representing 16.7% of net sales[5] - Net income for the three months ended March 31, 2025, was $3,964,000, a decrease of 24.3% compared to $5,238,000 in the same period of 2024[21] Segment Performance - The backlog for the Engineered Steel Pressure Pipe segment was $203 million, with confirmed orders backlog totaling $289 million as of March 31, 2025[4] - The Precast segment generated $37.7 million in revenue, a 13.4% increase year-over-year, with a gross profit margin of 19.1%[10] - The SPP segment reported revenues of $78.4 million, a 2.0% decrease from $80.0 million in Q1 2024, driven by an 18% decrease in tons produced[10] - The Precast order book rose to $64 million, up 23% year-over-year, primarily due to growth in the non-residential segment[3] - The company anticipates continued growth in revenue and margins for both segments in the second half of 2025[3] Cash Flow and Assets - Net cash provided by operating activities was $4,848,000, a significant improvement from a net cash used of $26,089,000 in the same quarter of 2024[21] - Cash and cash equivalents increased to $5,285,000 from $5,007,000, marking a rise of 5.5%[21] - The company reported a change in cash and cash equivalents of $278,000, compared to $194,000 in the same period last year, an increase of 43.4%[21] - Total current assets decreased to $257,272,000 from $262,488,000, reflecting a decline of 1.8% year-over-year[19] - The company reported a decrease in trade and other receivables, net, to $60,104,000 from $66,946,000, a decline of 10.3%[19] Liabilities and Equity - Total liabilities decreased to $203,778,000 from $215,650,000, representing a reduction of 5.5% compared to the previous year[19] - Total stockholders' equity increased to $378,456,000 from $374,003,000, reflecting a growth of 1.2% year-over-year[19] - Borrowings on line of credit increased to $25,533,000 from $24,677,000, indicating a rise of 3.5%[19] Corporate Actions - The company repurchased $5.0 million of common stock in April 2025[4] - The company plans to change its name to NWPX Infrastructure, Inc. in June 2025, subject to shareholder approval[4] - The company incurred $3,670,000 in purchases of property and equipment, down from $4,570,000 in the previous year, a decrease of 19.7%[21]