Northwest Pipe Company announced its financial results for the third quarter ended September 30, 2024, reporting consolidated net sales of $130.2 million, an increase of 9.7% compared to the third quarter of 2023. The company achieved a GAAP net income of $10.253 million, translating to diluted earnings per share of $1.02, a notable rise from $0.58 in the prior year period.
The Engineered Steel Pressure Pipe (SPP) segment recorded revenues of $85.924 million, up from $80.493 million in Q3 2023, with its gross margin improving by 40 basis points sequentially to 19.4%. The Precast Infrastructure and Engineered Systems segment delivered record third-quarter revenue of $44.277 million, an increase from $38.229 million in Q3 2023, and saw its gross margin improve by 140 basis points sequentially to 23.5%.
Despite a dip in SPP backlog, including confirmed orders, to $282 million due to project timing and lower steel prices, the Precast order book showed resilience with only a slight drop. Management expressed optimism for the remainder of the year, anticipating a stronger fourth quarter for the SPP business and continued strong performance with stable margins for the Precast business.
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