Northwest Pipe (NWPX) Tops Q1 EPS by 5c, Revenues Beat

Northwest Pipe (NASDAQ: NWPX) reported Q1 EPS of $0.22, $0.05 better than the analyst estimate of $0.17. Revenue for the quarter came in at $72.31 million versus the consensus estimate of $63.55 million.

Management Commentary

"As we expected, the first quarter was challenging due to the bidding delays, extreme weather events, and supply disruptions in the steel market. Despite all of the issues, the first quarter was fairly similar to what we saw in the first quarters of 2019 and 2020. We finished the first quarter with a steel pressure pipe backlog of $210 million representing the eleventh straight quarter over $200 million," said Scott Montross, President and Chief Executive Officer of the Company. "The second quarter will continue to be challenging as we expect steel market supply disruptions to persist which could affect production. The bidding delays that have occurred over the last several months are diminishing but appear to have caused project requirements to stack up which could lead to an extended period of very strong steel pressure pipe demand. The first quarter's ending precast concrete order book was elevated and continues to gain strength, indicating the potential for a strong second quarter in the precast concrete business."

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

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