Northwest Pipe(NWPX) - 2025 Q1 - Quarterly Results

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]