Portland, Oregon – Northwest Pipe Company reported strong second-quarter earnings during their recent conference call. The company’s President and CEO, Scott Montross, highlighted the growth in their Steel Pressure Pipe business and residential Precast business.

The company saw a significant increase in net sales, reaching $129.5 million, driven by growth in their Steel Pressure Pipe segment. This increase marked the strongest quarterly revenue level since 2013. The company’s profitability improved, leading to strong cash flow during the quarter.

Revenue from the Steel Pressure Pipe segment saw a 15.9% year-over-year increase, totaling $89.5 million, reflecting higher production levels. The company’s Precast segment also experienced a 2.2% increase in revenue, reaching $40 million, despite challenges from severe weather events impacting production in Texas.

Northwest Pipe Company remains focused on their capital allocation priorities, aiming to grow through organic strategies and potential mergers and acquisitions. The company is actively evaluating opportunities in the precast-related space to enhance manufacturing capabilities and expand their product portfolio.

In terms of market outlook, the company expects continued strength in the Steel Pressure Pipe business for the second half of 2024, driven by a robust bidding environment and the anticipation of IIJA funding impacting water transmission projects. The Precast business is also expected to see improvements in the third quarter, positioning the company for a strong second half of the year.

Looking ahead, Northwest Pipe Company remains optimistic about future growth opportunities, especially in the water transmission pipe market. The company’s business diversification strategy has proven successful, even amidst challenges, setting them up for continued success in the future.