Northwest Pipe(US:NWPX)2024-08-01 11:46Company Overview - Northwest Pipe Company is a leading manufacturer of water-related infrastructure products, founded in 1966 and headquartered in Vancouver, WA[2] - The company has 13 strategically located manufacturing facilities, with twelve in the U S and one in San Luis Rio Colorado, Mexico[2] Market Opportunity - The total addressable market for steel pressure pipe is estimated at $3 billion to $5 billion, with NWPX holding approximately 56% market share, representing $296 million in revenue[9] - The total addressable market for concrete pipe and precast is estimated at $450 million to $600 million, with NWPX holding approximately 4% market share, representing $148 million in revenue[9] - Federal awards totaling $31 billion are designated for utilities level projects, funded by the Infrastructure Investment and Jobs Act (IIJA)[5] - The 7th Drinking Water Infrastructure Needs Survey and Assessment (DWINSA) in 2021 estimated the total state need for water infrastructure across the U S at $625 billion, a 32% increase over the 6th DWINSA in 2015[30] Financial Performance - The company's backlog including confirmed orders for the Engineered Steel Pressure Pipe segment is $348 million[19] - The order book for the Precast Infrastructure and Engineered Systems segment is $62 million[19] - The company repurchased approximately 18,000 shares of common stock for $06 million in Q2 2024, and approximately 174,000 shares for $51 million since the authorization of the share repurchase program in November 2023[16] Growth Strategy - The company is pursuing a "Product Spread" strategy to build out capacity utilization at ParkUSA plants in Texas, with approximately $5 million of orders booked outside of Texas year-to-date as of June 30, 2024[14] - The company is evaluating potential M&A in the precast-related market with the goal of Precast becoming the same size as the SPP business[16]