OCTG
Northwest Pipe's Q3 profits soar, sees strong end to '24
Written by Ethan Bernard
November 5, 2024
Northwest Pipe Co.
| Third quarter ended Sept. 30 | 2024 | 2023 | Change |
|---|---|---|---|
| Net sales | $130.2 | $118.7 | 9.7% |
| Net earnings (loss) | $10.25 | $5.82 | 76.1% |
| Per diluted share | $1.02 | $0.58 | 75.9% |
| Nine months ended Sept. 30 | |||
| Net sales | $372.9 | $334.2 | 11.6% |
| Net earnings (loss) | $24.1 | $15.6 | 54.5% |
| Per diluted share | $2.40 | $1.55 | 54.8% |
Northwest Pipe’s third-quarter earnings jumped 76% on-year and the company expects a strong finish to 2024.
The Vancouver, Wash.-based pipe producer logged net earnings of $10.3 million in Q3’24, up 76% from $5.8 million a year earlier. Net sales increased nearly 10% to $130.2 million in the same comparison.
“Overall, we are optimistic about our ability to finish the year on a strong note, positioning us well for continued growth,” Scott Montross, president and CEO of Northwest Pipe, said in a statement on Oct. 30.
He said he expects Q4 to be stronger than in recent years for the steel pressure pipe (SPP) segment.
Montross added that the Precast Infrastructure and Engineered Systems segment (precast) business continues to perform well by historical standards with stable margins.
SPP segment
Northwest Pipe’s SPP segment’s net sales rose 6.7% in Q3’24 to $85.9 million from $80.5 million a year earlier.
An improved bidding environment, along with changes in project timing, helped to drive an 18% increase in tons produced.
However, this was partially offset by a 9% fall in selling prices per ton due to lower raw materials costs.
Precast segment
Precast net sales jumped 15.8% to a quarterly record of $44.3 million vs. $38.2 million a year ago.
This was due to a 35% rise in volumes, though partially offset by a 14% drop in selling prices due to changes in product mix.
Ethan Bernard
Read more from Ethan BernardLatest in OCTG
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
U.S. Steel says OCTG duty adjustment is too low
A newly adjusted anti-dumping duty on imports of oil country tubular goods (OCTG) from Argentina is too low, according to U.S. Steel. This past week, the Department of Commerce released the preliminary results of annual AD duty order reviews on OCTG from both Argentina and Mexico. It is reviewing imports during the one-year period that […]
US rig count rises, Canada count falls
The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.
Active rig counts stable this week
US rig activity has remained in multi-year low territory since June. Drilling in Canada has edged lower across the last few weeks but remains historically strong.