Northwest Pipe(US:NWPX)2025-10-29 20:22Financial Performance - Consolidated revenue for Q3 2025 reached $151.1 million, a 16.0% increase year-over-year from $130.2 million in Q3 2024[4] - Gross profit for Q3 2025 was $32.2 million, representing a 19.0% increase year-over-year, with a gross margin of 21.3%[4] - Net income for Q3 2025 was $13.5 million, or $1.38 per diluted share, compared to $10.3 million, or $1.02 per diluted share, in Q3 2024[4] - Total net sales for Q3 2025 reached $151.067 million, a 16.0% increase from $130.201 million in Q3 2024[17] - Gross profit for Q3 2025 was $32.150 million, up 19.0% from $27.019 million in Q3 2024[17] - Basic net income per share for Q3 2025 was $1.40, compared to $1.03 in Q3 2024, reflecting a 35.0% increase[17] - Net income for the nine months ended September 30, 2025, was $26.532 million, representing an increase of 10.0% compared to $24.110 million for the same period in 2024[21] Segment Performance - Water Transmission Systems (WTS) segment achieved record revenue of $103.9 million, up 20.9% year-over-year, and gross profit of $22.1 million, a 33.0% increase[4] - Precast segment net sales increased 6.6% to $47.2 million, driven by an 8% increase in selling prices, despite a 2% decrease in volume shipped[4] - The company anticipates WTS revenue and margins in Q4 2025 to be comparable to last year's levels, with modest year-over-year improvement expected for Precast revenue and margins[3] Cash Flow and Expenditures - Operating cash flow for Q3 2025 totaled $21.0 million, reflecting strong operational performance[3] - Capital expenditures for Q3 2025 were $7.8 million, compared to $6.0 million in Q3 2024[9] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $31.250 million, compared to $18.928 million in the same period of 2024[21] Assets and Liabilities - Total current assets as of September 30, 2025, were $274.901 million, an increase from $262.488 million at the end of 2024[19] - Cash and cash equivalents decreased to $2.671 million from $5.007 million at the end of 2024[19] - Total liabilities as of September 30, 2025, were $218.881 million, slightly up from $215.650 million at the end of 2024[19] - The company reported a decrease in inventories to $74.521 million from $79.770 million at the end of 2024[19] Backlog and Stock Repurchase - WTS backlog was $257 million as of September 30, 2025, down from $298 million as of June 30, 2025, while backlog including confirmed orders was $301 million[4] - The company repurchased $15.8 million of common stock year-to-date through September 2025, representing 3.8% of shares outstanding[4] Operating Income - Operating income for Q3 2025 was $19.037 million, a 23.0% increase from $15.438 million in Q3 2024[17]