Northwest Pipe Company announced record financial and operational performance for the full year ended December 31, 2024, with consolidated net sales reaching $492.548 million, an 11% increase from 2023. The company reported a GAAP net income of $34.206 million, resulting in diluted earnings per share of $3.40, significantly up from $2.09 in the previous year.
For the fourth quarter of 2024, consolidated net sales were $119.627 million, an 8.6% year-over-year increase, with a GAAP net income of $10.096 million and diluted EPS of $1.00. The Engineered Steel Pressure Pipe (SPP) segment generated $82.491 million in revenue with a 17.9% gross margin, and its backlog, including confirmed orders, increased to $310 million.
The Precast segment posted $37.136 million in revenue with a 20.7% gross margin, and its order bookings surged to $61 million, a substantial increase from $46 million at the same time last year. The company also generated $34.3 million in free cash flow for the full year 2024 and achieved a record safety performance with a total recordable incident rate of 1.25.
Looking ahead, management anticipates a lighter SPP bidding environment in the first quarter of 2025, followed by strong activity in the second and third quarters. The Precast segment expects continued strength in its residential business and a surge in the non-residential order book, indicating improved performance for 2025.
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