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.