Northwest Pipe Co. reports profitable quarter

Northwest Pipe Co., manufacturer of engineered welded steel pipe products for the water transmission market, announced its financial results for the quarter ended June 30, 2019. Highlights include:

Net income per diluted share was $0.31, compared to a loss per diluted share of $0.59 in the second quarter of 2018.

Net sales were $69.2 million, the highest quarterly net sales since the third quarter of 2014, and represented an increase of 140.4% from the second quarter of 2018.

Gross profit as a percentage of net sales was 11.9%, compared to a loss of 4.3% in the second quarter of 2018.

Incremental production costs of $3.2 million were incurred in the second quarter of 2019 associated with the interruption to the coating production at the Company’s Saginaw facility as a result of the fire that occurred on April 21, 2019; the company maintains business interruption insurance coverage.

Continued strength in project bidding resulted in backlog including confirmed orders of $276 million, the highest level in the company’s history.

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Joanna Yorke is the managing editor of the Vancouver Business Journal. She has worked in the journalism field since 2010 after graduating from the Edward R. Murrow College of Communication at Washington State University in Pullman. Yorke worked at The Reflector Newspaper in Battle Ground for six years and then worked at and helped start ClarkCountyToday.com.