Northwest Pipe (NWPX) Misses Q2 EPS by 7c, Revenues Miss

Northwest Pipe (NASDAQ: NWPX) reported Q2 EPS of $0.45, $0.07 worse than the analyst estimate of $0.52. Revenue for the quarter came in at $70 million versus the consensus estimate of $73.55 million.

Management Commentary

"Our SLRC Mexico facility was ordered to be shut-down by the Mexican authorities in early April due to COVID-19 and was idle for the majority of the second quarter, which had an overall adverse impact on our revenue and gross profit," said Scott Montross, President and CEO of Northwest Pipe Company. "As of June 1st, we received authorization to resume partial operations at SLRC and are working toward normal production levels. We are pleased to now be operating all of our production facilities through the pandemic. Although second quarter revenue in our legacy business was lower year-over-year due to the shut-down of the SLRC facility and changes in job timing, bidding activity has remained strong, which resulted in an improved backlog and strong precast order book. Due to the complex nature of the impact of COVID-19 on the economy, it is difficult to make forward-looking projections on our revenue and margins though we firmly believe the structure of our business remains solid."

For earnings history and earnings-related data on Northwest Pipe (NWPX) click here.

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