Northwest Pipe Company Announces Fourth Quarter and Full Year 2024 Financial Results

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$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$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$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]