Northwest Pipe Company reported significant financial growth in its third quarter and year-to-date results for 2024, reflecting a robust performance across its product segments. For the three months ended September 30, 2024, net sales reached $130.2 million, a 9.7% increase from $118.7 million in the same period of 2023. Year-to-date, net sales totaled $372.9 million, marking an 11.6% rise from $334.2 million in the first nine months of 2023.
The company's gross profit for Q3 2024 was $27.0 million, up from $19.3 million in Q3 2023, resulting in a gross margin of 20.8%, compared to 16.3% a year earlier. For the nine-month period, gross profit increased to $73.0 million from $58.4 million, with a gross margin of 19.6% versus 17.5% in 2023. Operating income also saw a substantial rise, reaching $15.4 million in Q3 2024, compared to $9.1 million in Q3 2023, and $37.7 million year-to-date, up from $25.2 million in the prior year.
Net income for the third quarter of 2024 was $10.3 million, or $1.03 per share, compared to $5.8 million, or $0.58 per share, in Q3 2023. For the nine months ended September 30, 2024, net income was $24.1 million, translating to $2.43 per share, up from $15.6 million, or $1.57 per share, in the same period of 2023.
The company’s total assets increased to $617.2 million as of September 30, 2024, from $597.9 million at the end of 2023. Total current assets rose to $293.7 million, with cash and cash equivalents growing to $5.7 million from $4.1 million. The company reported a decrease in total current liabilities to $91.8 million from $96.2 million at year-end 2023.
Strategically, Northwest Pipe Company has been active in managing its capital structure, including a share repurchase program authorized in November 2023 for up to $30 million. As of September 30, 2024, approximately $24.9 million of this authorization remained available. The company also converted a $10.8 million balance from an Interim Funding Agreement into a $15 million term loan to support its new reinforced concrete pipe mill.
The company’s backlog as of September 30, 2024, stood at $231 million, with expectations for revenue recognition of approximately 33% in 2024 and 51% in 2025. The positive outlook is bolstered by anticipated benefits from federal infrastructure funding initiatives.
About NORTHWEST PIPE CO
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