Northwest Pipe(NWPX) - 2024 Q4 - Annual Results

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]