Leading US manufacturer of water-related infrastructure Northwest Pipe Company announced results for 2021. Northwest Pipe Company President & Chief Executive Officer Mr Scott Montross said “The significant number of project bidding delays that we experienced during 2021 resulted in one of the smallest tonnage water transmission bidding years we have seen in a very long time. In combination with a small market, a volatile steel market with significant delivery disruptions and customer driven production delays of orders already in backlog, created downward pressure on margins. Despite the headwinds, we ended the year with a record backlog including confirmed orders of $290 million, which is expected to continue to grow in size and quality due to very strong bidding we experienced so far in the first quarter of 2022. However, we expect water transmission margins to remain muted in the first quarter of 2022 as we work through older backlog, and anticipate margin expansion beginning in the second quarter of 2022."Mr Montross added "Our precast concrete business was strong throughout 2021 producing a record level of revenue, strong gross profit, and a record order book of $51 million as of December 31, 2021. Despite owning ParkUSA for less than a full quarter, the business contributed $18 million in revenue to our fourth quarter results. Our growing precast related business continues to gain strength in its ability to off-set slower periods in the water transmission market. Based on the current precast related market strength, we are entering 2022 with solid momentum and expect the precast business to remain strong for the near term."Mr Montross also said “We remain very excited about our recent acquisition of ParkUSA. ParkUSA's product portfolio of precast related environmental solutions and engineered water control systems serves both the commercial and residential construction markets. We expect the business to be immediately accretive and to create organic growth opportunities throughout the Company.”-------------------2021 Highlights-------------------Net sales increased 16.6% YoY to USD 333.3 millionGross profit decreased 12.4% YoY to USD 44.3 millionNet income was USD 11.5 million, compared to USD 19.1 million in 2020Founded in 1966, Northwest Pipe Company is a leading manufacturer for water-related infrastructure products. It manufactures high-quality precast and reinforced concrete products; water, wastewater, and stormwater equipment; steel casing pipe; bar-wrapped concrete cylinder pipe; and one of the largest offerings of pipeline system joints, fittings, and specialized components. Northwest Pipe Company provides solution-based products for a wide range of markets under the ParkUSA, Geneva Pipe and Precast, and Permalok lines.
Leading US manufacturer of water-related infrastructure Northwest Pipe Company announced results for 2021. Northwest Pipe Company President & Chief Executive Officer Mr Scott Montross said “The significant number of project bidding delays that we experienced during 2021 resulted in one of the smallest tonnage water transmission bidding years we have seen in a very long time. In combination with a small market, a volatile steel market with significant delivery disruptions and customer driven production delays of orders already in backlog, created downward pressure on margins. Despite the headwinds, we ended the year with a record backlog including confirmed orders of $290 million, which is expected to continue to grow in size and quality due to very strong bidding we experienced so far in the first quarter of 2022. However, we expect water transmission margins to remain muted in the first quarter of 2022 as we work through older backlog, and anticipate margin expansion beginning in the second quarter of 2022."Mr Montross added "Our precast concrete business was strong throughout 2021 producing a record level of revenue, strong gross profit, and a record order book of $51 million as of December 31, 2021. Despite owning ParkUSA for less than a full quarter, the business contributed $18 million in revenue to our fourth quarter results. Our growing precast related business continues to gain strength in its ability to off-set slower periods in the water transmission market. Based on the current precast related market strength, we are entering 2022 with solid momentum and expect the precast business to remain strong for the near term."Mr Montross also said “We remain very excited about our recent acquisition of ParkUSA. ParkUSA's product portfolio of precast related environmental solutions and engineered water control systems serves both the commercial and residential construction markets. We expect the business to be immediately accretive and to create organic growth opportunities throughout the Company.”-------------------2021 Highlights-------------------Net sales increased 16.6% YoY to USD 333.3 millionGross profit decreased 12.4% YoY to USD 44.3 millionNet income was USD 11.5 million, compared to USD 19.1 million in 2020Founded in 1966, Northwest Pipe Company is a leading manufacturer for water-related infrastructure products. It manufactures high-quality precast and reinforced concrete products; water, wastewater, and stormwater equipment; steel casing pipe; bar-wrapped concrete cylinder pipe; and one of the largest offerings of pipeline system joints, fittings, and specialized components. Northwest Pipe Company provides solution-based products for a wide range of markets under the ParkUSA, Geneva Pipe and Precast, and Permalok lines.
