Northwest Pipe Company announced its financial results for the first quarter ended March 31, 2025, reporting consolidated net sales of $116.115 million, a 2.6% increase year-over-year. However, the company's GAAP net income was $3.964 million, resulting in diluted earnings per share of $0.39, which was lower than the $0.52 reported in Q1 2024.
The company faced external challenges, including weather disruptions across multiple facilities and uncertainty from new trade policies, particularly impacting the Engineered Steel Pressure Pipe (SPP) segment. SPP revenue was $78.446 million with a 15.5% gross margin, and its backlog, including confirmed orders, temporarily reduced to $289 million before rebounding above $300 million in the second quarter.
In contrast, the Precast business demonstrated strength, posting $37.669 million in revenue, a 13% improvement year-over-year, and a 19.1% gross margin, up 140 basis points. The quarter-ending Precast order book grew to $64 million, a 23% increase from the prior year, driven by growth in the non-residential segment.
Management anticipates similar SPP revenues with improving margins in the second quarter and continued growth in both revenue and margin for the second half of 2025. The company also expects stronger Precast revenue and margins in Q2 2025 compared to Q2 2024, with similar revenue but improving margins in the second half of the year. The company also announced its upcoming rebranding to NWPX Infrastructure, Inc.
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