Northwest Pipe (NWPX) Tops Q3 EPS by 17c

Northwest Pipe (NASDAQ: NWPX) reported Q3 EPS of $0.78, $0.17 better than the analyst estimate of $0.61. Revenue for the quarter came in at $77.6 million versus the consensus estimate of $77.5 million.

• Gross profit of $15.6 million and gross profit margin of 20.1%
• Strong backlog of $143 million; $231 million including confirmed orders representing the ninth consecutive quarter over $200 million
• Net income of $0.73 per diluted share; adjusted net income of $0.78 per diluted share
• Net sales of $77.6 million, the highest quarterly net sales since the first quarter of 2013
• Strong operating cash flows resulted in cash and cash equivalents of $30.4 million

Management Commentary

"Despite experiencing COVID–19 related project and bidding delays in the second half of the year, our third quarter produced solid revenue and a gross profit margin that exceeded 20%. The bidding delays caused our quarter ending backlog to moderate down to $231 million, a level that is still very high by historic standards and that represents the ninth straight quarter over $200 million," said Scott Montross, President and CEO of the Company. "Due to customer driven project delays, we expect fourth quarter revenues and the resulting gross profit margin to be lower than the third quarter. However, as we look into 2021, the structure of our business remains strong."

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

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