The following is a summary of the Northwest Pipe Company (NWPX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Northwest Pipe Company reported a 14.2% year-over-year increase in Q1 2024 net sales, reaching $113.2 million.

• The Steel Pressure Pipe segment saw a 25.9% revenue increase, while the Precast segment revenue declined by 6.6%.

• The consolidated gross profit for Q1 went up by 21.5% year-over-year to $20.1 million.

• A net income of $5.2 million was reported for Q1 2024, a significant increase from $2.4 million in Q1 2023.

• Selling, general, and administrative expenses saw a reduction of 3.6%, but interest expense increased due to rising interest rates.

Business Progress:

• The company saw significant bidding activity and project wins in Q1, leading to a Steel Pressure Pipe backlog of $337 million.

• It plans to focus on product spread strategy and M&A opportunities for business growth in 2024.

• The company repurchased approximately 127,000 shares for a total of $3.7 million in Q1 2024.

• Despite the decline of Precast segment revenue, the company expressed confidence in the Precast business's long-term prospects.

• The company aims to maintain a revenue run rate of $80 million for Steel Pressure Pipe and forecasts increased precast bookings and a stronger Q2 for the precast segment.

• In terms of strategy, the company is considering share buybacks and M&A activity for growth.

• The company expects a growth continuation in their Steel Pressure Pipe sector due to improved bidding environment, and a stronger 2024 for the Precast segment despite macroeconomic challenges and increased interest rates.

More details: Northwest Pipe Co IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.