Northwest Pipe Company reported its financial results for the first quarter of 2025, revealing a net sales increase of 2.6% to $116.1 million, compared to $113.2 million in the same period of 2024. The Engineered Steel Pressure Pipe (SPP) segment saw a decline in sales, dropping 2.0% to $78.4 million, attributed to an 18% decrease in tons produced due to project timing changes. Conversely, the Precast Infrastructure and Engineered Systems segment experienced a 13.4% increase in sales, reaching $37.7 million, driven by a 21% rise in volume shipped, despite a 6% decrease in selling prices.
The company's gross profit for the quarter decreased by 3.8% to $19.4 million, representing 16.7% of net sales, down from 17.8% in the prior year. The SPP segment's gross profit fell 14.5% to $12.2 million, primarily due to reduced volume and product mix changes. In contrast, the Precast segment's gross profit increased by 22.0% to $7.2 million, benefiting from favorable product mix changes. Selling, general, and administrative expenses rose significantly by 20.6% to $13.8 million, largely due to increased incentive compensation and base salary costs.
In terms of operational metrics, the company reported a backlog of $203 million as of March 31, 2025, with expectations to recognize approximately 75% of this backlog in 2025. The company’s total assets decreased to $582.2 million from $589.7 million at the end of 2024, while total liabilities also declined to $203.8 million from $215.7 million. The company maintained a strong liquidity position, with cash and cash equivalents totaling $5.3 million, up from $5.0 million at the end of the previous year.
Looking ahead, Northwest Pipe Company anticipates that demand for its products will remain stable, supported by ongoing infrastructure investments, particularly from the Bipartisan Infrastructure Deal. However, the company also noted potential headwinds from economic uncertainties, including inflation and fluctuating steel prices, which could impact future profitability. The company has authorized a share repurchase program of up to $30 million, with $24.9 million remaining available as of March 31, 2025, although no repurchases were made during the quarter.
About NORTHWEST PIPE CO
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