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
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