Financial Data and Key Metrics Changes - The company achieved record annual net sales of $492.5 million, an increase of 10.8% year over year [6] - Consolidated net income for Q4 2024 was $10.1 million or $1.00 per diluted share, compared to $5.4 million or $0.54 per diluted share in Q4 2023 [28] - For the full year 2024, consolidated net income was a record $34.2 million or $3.40 per diluted share, compared to $21.1 million or $2.09 per diluted share in 2023 [30] - Consolidated gross profit in 2024 was $95.4 million, up 22.9% year over year, resulting in a gross margin of 19.4%, up from 17.5% in 2023 [14] Business Line Data and Key Metrics Changes - Revenue from the SPP segment totaled a record $337.9 million in 2024, up 14% year over year [7] - Precast revenue increased 4.5% year over year to a new annual record of $154.6 million, driven by strength in the residential side of the business [11] - SPP gross profit increased 32.2% to $14.8 million in Q4 2024, while precast gross profit decreased 5.4% to $7.7 million [33][35] Market Data and Key Metrics Changes - The SPP backlog increased to $310 million as of December 31, 2024, from $282 million as of September 30, 2024 [8] - The Dodge Momentum Index was 19% higher in December 2024 compared to the previous year, indicating growing strength in the non-residential construction market [12] - The commercial sector was up 30% versus the prior year period, while institutional sectors remained flat [12] Company Strategy and Development Direction - The company aims to maintain a safe workplace, focus on margin over volume, and continue cost reductions and efficiencies [25] - There is an ongoing evaluation of M&A opportunities in the precast-related space to accelerate growth [19] - The company plans to invest in its precast facilities to drive organic growth and maximize efficiencies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the bidding environment remaining consistent in 2025, with strong bidding activity expected in the second and third quarters [21] - The company anticipates modestly lower revenue in the SPP business for Q1 2025 due to product mix and weather impacts, but expects strong performance in the precast business [23] - Management highlighted the importance of infrastructure spending in the U.S. and the growing market position of the company [23] Other Important Information - The company repaid $26 million of its debt in 2024, maintaining a healthy balance sheet with ample liquidity [20] - The effective income tax rate for 2024 was 19.3%, significantly impacted by the realization of uncertain tax positions [37][38] - The company expects free cash flow for 2025 to range between $23 million and $30 million [41] Q&A Session Summary Question: Expectations for 2025 free cash flow - Management emphasized a focus on cash flow management, with expectations for improved cash flow in 2025 compared to 2024 [48][50] Question: Industry capacity and profit outlook - Management indicated that practical capacity for the SPP business is around 135,000 to 140,000 tons, with no concerns about handling higher production levels [56][58] Question: Surge in precast order book - Management noted that the growth in the precast order book is expected to translate into strong production and shipment levels in 2025 [62] Question: Tariff impacts - Management discussed the retroactive tariffs imposed in July 2024 and ongoing disputes regarding their applicability, with potential impacts on gross profit [75][76] Question: M&A strategy - Management confirmed that there are opportunities being explored for M&A, with a focus on growing the precast side of the business [112][114]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 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) State or other jurisdiction of ...

INVESTOR PRESENTATION www.nwpipe.com February 2025 JULY 2024 INVESTOR PRESENTATION | 2 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 statemen ...

Financial Performance - Northwest Pipe Co. reported revenue of $119.63 million for the quarter ended December 2024, reflecting an 8.6% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $1.00, up from $0.54 in the same quarter last year, indicating significant growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $118.51 million by 0.95%, while the EPS surpassed the consensus estimate of $0.91 by 9.89% [1] Key Metrics - Net Sales for Precast Infrastructure and Engineered Systems were $37.14 million, slightly below the average estimate of $38.68 million, representing a year-over-year increase of 5.9% [4] - Net Sales for Engineered Steel Pressure Pipe reached $82.49 million, exceeding the average estimate of $79.78 million, with a year-over-year growth of 9.9% [4] - Gross profit for Precast Infrastructure and Engineered Systems was $7.69 million, lower than the estimated $9.02 million, while gross profit for Engineered Steel Pressure Pipe was $14.75 million, surpassing the estimated $13.99 million [4] Stock Performance - Shares of Northwest Pipe Co. have returned +0.5% over the past month, contrasting with a -2.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Northwest Pipe Co. reported quarterly earnings of $1 per share, exceeding the Zacks Consensus Estimate of $0.91 per share, and up from $0.54 per share a year ago, representing an earnings surprise of 9.89% [1] - The company posted revenues of $119.63 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.95%, and an increase from $110.16 million year-over-year [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $116.15 million, and for the current fiscal year, it is $3.49 on revenues of $493.22 million [7] - The estimate revisions trend for Northwest Pipe Co. is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Metal Products - Procurement and Fabrication industry, to which Northwest Pipe Co. belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Performance - Fourth quarter net sales reached $119.6 million, an increase of 8.6% year-over-year[9] - Annual net sales for 2024 totaled $492.5 million, a record for the company, reflecting a 10.8% increase from 2023[9] - Record annual gross profit of $95.4 million, up 22.9% year-over-year, representing 19.4% of net sales[9] - Total net sales for the three months ended December 31, 2024, increased to $119.627 million, up from $110.164 million in the same period of 2023, representing a growth of 13.2%[20] - Gross profit for the year ended December 31, 2024, reached $95.405 million, compared to $77.642 million in 2023, reflecting a significant increase of 22.8%[20] - Net income for the year ended December 31, 2024, was $34.206 million, a substantial rise from $21.072 million in 2023, indicating a growth of 62.1%[20] - Basic net income per share for the year ended December 31, 2024, was $3.45, compared to $2.11 in 2023, marking an increase of 63.1%[20] Revenue Segments - SPP segment generated record revenue of $337.9 million in 2024, a 14.0% increase from $296.4 million in 2023[9] - Precast segment achieved record revenue of $154.6 million in 2024, a 4.5% increase from $148.0 million in 2023[13] Backlog and Orders - SPP backlog was $213 million as of December 31, 2024, with confirmed orders backlog totaling $310 million[9] - Precast order book increased to $61 million as of December 31, 2024, up from $46 million a year earlier[9] Cash Flow and Assets - Free cash flow for 2024 was $34.3 million, consistent with net income translating to $3.40 per diluted share[9] - Total current assets decreased to $262.488 million as of December 31, 2024, from $272.484 million in 2023, a decline of 3.9%[22] - Total liabilities decreased to $215.650 million as of December 31, 2024, down from $257.521 million in 2023, a reduction of 16.3%[22] - Cash and cash equivalents increased to $5.007 million as of December 31, 2024, compared to $4.068 million in 2023, an increase of 23.1%[22] - Net cash provided by operating activities for the year ended December 31, 2024, was $55.051 million, slightly up from $53.455 million in 2023, an increase of 3.0%[24] - The company reported a total of $171.329 million in borrowings on the line of credit for the year ended December 31, 2024, compared to $155.398 million in 2023, an increase of 10.2%[24] - The company’s total assets decreased to $589.653 million as of December 31, 2024, from $597.881 million in 2023, a decline of 1.9%[22] Safety and Future Outlook - The company reported a total recordable incident rate of 1.25, highlighting its commitment to employee safety[9] - Management anticipates strong bidding activity in the second and third quarters of 2025, with full-year bidding levels expected to align closely with 2024[9]

Core Insights - Northwest Pipe Company reported strong financial results for Q4 and full year 2024, with record revenues and gross profits across its segments [2][4][7] Financial Performance - Q4 2024 net sales increased by 8.6% to $119.6 million compared to $110.2 million in Q4 2023, with gross profit rising 16.3% to $22.4 million [5][10] - For the full year 2024, total net sales reached a record $492.5 million, up 10.8% from $444.4 million in 2023, with gross profit increasing by 22.9% to $95.4 million [4][11] - Net income for 2024 was $34.2 million, or $3.40 per diluted share, compared to $21.1 million, or $2.09 per diluted share in 2023 [5][10] Segment Performance - The Engineered Steel Pressure Pipe (SPP) segment achieved record annual net sales of $337.9 million, a 14.0% increase from $296.4 million in 2023, driven by a 33% increase in tons produced [10][11] - The Precast Infrastructure and Engineered Systems segment reported record revenue of $154.6 million, a 4.5% increase from $148.0 million in 2023, despite a 15% decrease in selling prices [10][11] Backlog and Orders - The SPP backlog stood at $213 million as of December 31, 2024, with confirmed orders bringing the total backlog to $310 million, indicating strong future demand [4][10] - Precast order book increased to $61 million, up from $46 million at the same time last year, reflecting positive momentum [2][10] Cash Flow and Capital Expenditures - The company generated $55.1 million in net cash from operating activities for the full year 2024, compared to $53.5 million in 2023 [11][21] - Capital expenditures for 2024 totaled $20.8 million, up from $18.3 million in 2023 [11][21] Safety Performance - The company achieved a record safety performance with a total recordable incident rate of 1.25 for the year, highlighting its commitment to employee well-being [2][4]

Core Insights - Northwest Pipe Company has received U.S. Patent No. 12215817 for its InfraShield® Joint System, a Geohazard Resistant Steel Pipe solution aimed at enhancing the resilience of steel pipelines in geologically vulnerable areas [1][3] - The InfraShield® system is designed to improve the performance of C200 steel pipe by providing a fully welded, easy-to-install solution that ensures leak-free reliability and significant cost savings [2][3] - The patented technology is engineered to withstand challenging geological conditions, including seismic activity and soil movement, reinforcing the company's leadership in advanced water transmission solutions [3] Company Overview - Founded in 1966, Northwest Pipe Company is a leading manufacturer of water-related infrastructure products and the largest manufacturer of engineered steel water pipeline systems in North America [4] - The company also produces stormwater and wastewater technology products, precast and reinforced concrete products, pump lift stations, and various pipeline system components [4] - Headquartered in Vancouver, Washington, Northwest Pipe Company operates 13 manufacturing facilities across North America, focusing on quality and innovation in its diverse product offerings [4]

Core Insights - Northwest Pipe Company plans to release its financial results for Q4 and the full year ended December 31, 2024, on February 26, 2025 [1] - A conference call to discuss these results will be held on February 27, 2025, at 7:00 a.m. Pacific Time [2] Company Overview - Northwest Pipe Company, founded in 1966, is a leading manufacturer of water-related infrastructure products and the largest manufacturer of engineered steel water pipeline systems in North America [3] - The company also produces stormwater and wastewater technology products, precast and reinforced concrete products, pump lift stations, and various pipeline system components [3] - Headquartered in Vancouver, Washington, Northwest Pipe Company operates 13 manufacturing facilities across North America [3]

The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Northwest Pipe Co. (NWPX) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Northwest Pipe Co. is a member of the Industrial Products sector. This group includes 212 individual stocks and currently ho ...