US Market News
2月前
NWPX Infrastructure Announces First Quarter 2026 Financial ResultsApril 29, 2026 4:15 PM
PR Newswire (US)
Net sales of $138.3 million, an increase of 19.1% year-over-year, and record first quarter gross profit of $26.7 million, an increase of 37.7% year-over-yearRecord first quarter Water Transmission Systems segment ("WTS") net sales of $93.5 million, an increase of 19.1% year-over-year, and gross profit of $17.3 million, an increase of 42.3% year-over-yearRecord first quarter Precast Infrastructure and Engineered Systems segment ("Precast") net sales of $44.8 million, an increase of 18.9% year-over-year, and record first quarter gross profit of $9.3 million, an increase of 30.0% year-over-yearRecord first quarter net income of $10.5 million, or $1.08 per diluted shareRecord WTS backlog1 of $373 million; record backlog including confirmed orders2 of $430 millionPrecast order book3 of $55 millionRepurchased $2.2 million of common stockVANCOUVER, Wash., April 29, 2026 /PRNewswire/ -- NWPX Infrastructure, Inc. (NASDAQ: NWPX) ("NWPX Infrastructure" and the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the first quarter ended March 31, 2026. The Company will broadcast its first quarter 2026 earnings conference call on Thursday, April 30, 2026 at 7:00 a.m. PT.
Management Commentary"We delivered a strong start to 2026 with first quarter results reflecting meaningful growth and margin expansion across both of our segments," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. "Consolidated revenue increased 19% year-over-year to $138.3 million, while gross profit grew nearly 38%, highlighting the operating leverage in our model and continued execution across the organization."Mr. Montross continued, "Our Water Transmission Systems segment generated $93.5 million in revenue, up 19% from the prior year, supported by solid project execution, gross margin expansion of approximately 300 basis points, and a record backlog including confirmed orders of $430 million. In Precast, revenue increased nearly 19% year-over-year, with margin expansion of approximately 180 basis points, reflecting both operational improvements and sustained demand."Mr. Montross concluded, "Looking ahead, we believe 2026 is shaping up to be a historic year for NWPX Infrastructure. Continued momentum in our Precast segment, combined with strong bidding activity and the addition of a significant, previously unplanned project in our Water Transmission Systems segment, gives us increasing confidence in our outlook. These factors position the Company to deliver record results for both revenue and profitability in 2026."First Quarter 2026 Financial ResultsConsolidatedNet sales increased 19.1% to $138.3 million from $116.1 million in the first quarter of 2025.Gross profit increased 37.7% to $26.7 million, or 19.3% of net sales, from $19.4 million, or 16.7% of net sales, in the first quarter of 2025.Net income was $10.5 million, or $1.08 per diluted share, compared to $4.0 million, or $0.39 per diluted share, in the first quarter of 2025.Water Transmission Systems Segment (WTS)WTS net sales increased 19.1% to $93.5 million from $78.4 million in the first quarter of 2025 driven by an 18% increase in tons produced resulting from changes in project timing and a 1% increase in selling price per ton due to changes in product mix.WTS gross profit increased 42.3% to $17.3 million, or 18.5% of WTS net sales, from $12.2 million, or 15.5% of WTS net sales, in the first quarter of 2025 due to increased volume, including related operational efficiency gains, and favorable changes in product mix.WTS backlog was $373 million as of March 31, 2026, compared to $234 million as of December 31, 2025, and $203 million as of March 31, 2025. Backlog including confirmed orders was $430 million as of March 31, 2026, compared to $346 million as of December 31, 2025, and $289 million as of March 31, 2025.Precast Infrastructure and Engineered Systems Segment (Precast)Precast net sales increased 18.9% to $44.8 million from $37.7 million in the first quarter of 2025 driven by a 14% increase in selling prices due to changes in product mix and a 4% increase in volume shipped.Precast gross profit increased 30.0% to $9.3 million, or 20.9% of Precast net sales, from $7.2 million, or 19.1% of Precast net sales, in the first quarter of 2025 primarily due to increased selling prices due to changes in product mix and increased volume.Precast order book was $55 million as of March 31, 2026, compared to $57 million as of December 31, 2025, and $64 million as of March 31, 2025.Balance Sheet, Cash Flow, and Capital AllocationAs of March 31, 2026, the Company had no outstanding revolving loan borrowings and additional borrowing capacity of approximately $124 million under the revolving credit facility.Net cash provided by operating activities was $29.3 million in the first quarter of 2026 compared to $4.8 million in the first quarter of 2025 primarily due to a $17.6 million increase in cash from changes in working capital and a $6.8 million increase in net income adjusted for noncash items.Capital expenditures were $3.5 million in the first quarter of 2026 compared to $3.7 million in the first quarter of 2025.The Company repurchased approximately 33,000 shares of its common stock at an average price of $67.17 per share for a total of $2.2 million during the first quarter of 2026 pursuant to a Rule 10b5-1 trading plan.__________1 NWPX Infrastructure defines "backlog" as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.2 NWPX Infrastructure defines "confirmed orders" as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.3 NWPX Infrastructure defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.Conference Call DetailsA conference call and simultaneous webcast to discuss the Company's first quarter 2026 financial results will be held on Thursday, April 30, 2026, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpx.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, May 14, 2026, by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 internationally and entering the replay access code: 13759703.About NWPX InfrastructureFounded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. The WTS segment is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Precast segment provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. The Precast segment has broadened its manufacturing footprint by bringing lined and engineered precast products into production at additional facilities, increasing capacity and improving regional availability. The Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 14 manufacturing facilities across North America. For more information, please visit www.nwpx.com.Forward-Looking StatementsStatements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials and other costs central to producing and shipping our products, excess or shortage of production capacity, product quality assurance failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, increased use of artificial intelligence by us and our competitors, as well as related legal and regulatory requirements, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key systems, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.Non-GAAP Financial MeasuresThe Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.For more information, visit www.nwpx.com.Contact:
Aaron Wilkins
Chief Financial Officer
NWPX Infrastructure
investors@nwpx.comOrAddo Investor Relations
nwpx@addo.comNWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except per share amounts)
Three Months Ended March 31,
2026
2025
Net sales:
Water Transmission Systems
$93,453
$78,446
Precast Infrastructure and Engineered Systems
44,801
37,669
Total net sales
138,254
116,115
Cost of sales:
Water Transmission Systems
76,134
66,272
Precast Infrastructure and Engineered Systems
35,455
30,478
Total cost of sales
111,589
96,750
Gross profit:
Water Transmission Systems
17,319
12,174
Precast Infrastructure and Engineered Systems
9,346
7,191
Total gross profit
26,665
19,365
Selling, general, and administrative expense
14,008
13,796
Operating income
12,657
5,569
Other income
229
7
Interest expense
(348)
(635)
Income before income taxes
12,538
4,941
Income tax expense
2,004
977
Net income
$10,534
$3,964
Net income per share:
Basic
$1.10
$0.40
Diluted
$1.08
$0.39
Shares used in per share calculations:
Basic
9,578
9,933
Diluted
9,790
10,117
NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands)
March 31, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$14,262
$2,273
Trade and other receivables, net
96,739
78,171
Contract assets
113,190
91,036
Inventories
69,795
74,287
Prepaid expenses and other
5,177
5,665
Total current assets
299,163
251,432
Property and equipment, net
163,640
157,509
Operating lease right-of-use assets
87,301
86,894
Goodwill
55,504
55,504
Intangible assets, net
23,475
23,008
Other assets
5,057
5,283
Total assets
$634,140
$579,630
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt
$2,994
$2,994
Accounts payable
27,894
22,190
Accrued liabilities
24,644
27,743
Contract liabilities
50,859
8,794
Current portion of operating lease liabilities
5,153
4,829
Total current liabilities
111,544
66,550
Borrowings on line of credit
-
276
Long-term debt
7,734
8,482
Operating lease liabilities
86,552
86,223
Deferred income taxes
13,276
12,484
Other long-term liabilities
11,306
10,832
Total liabilities
230,412
184,847
Stockholders' equity:
Common stock
96
96
Additional paid-in-capital
111,315
113,088
Retained earnings
292,276
281,742
Accumulated other comprehensive income (loss)
41
(143)
Total stockholders' equity
403,728
394,783
Total liabilities and stockholders' equity
$634,140
$579,630
NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net income
$10,534
$3,964
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and finance lease amortization
3,744
3,413
Amortization of intangible assets
1,029
1,008
Share-based compensation expense
1,304
1,138
Noncash operating lease expense
1,518
1,434
Deferred income taxes
791
744
Other, net
(74)
326
Changes in operating assets and liabilities:
Trade and other receivables
(17,803)
6,652
Contract assets, net
19,911
(3,436)
Inventories
6,390
(914)
Prepaid expenses and other assets
726
1,040
Accounts payable
5,718
(2,978)
Accrued and other liabilities
(3,251)
(6,364)
Operating lease liabilities
(1,272)
(1,179)
Net cash provided by operating activities
29,265
4,848
Cash flows from investing activities:
Purchases of property and equipment
(3,469)
(3,670)
Acquisition of business, net of cash acquired
(8,853)
-
Other investing activities
19
-
Net cash used in investing activities
(12,303)
(3,670)
Cash flows from financing activities:
Borrowings on line of credit
1,239
39,521
Repayments on line of credit
(1,515)
(38,665)
Payments on other debt
(750)
(750)
Payments on finance lease liabilities
(648)
(386)
Tax withholdings related to net share settlements of equity awards
(883)
(620)
Repurchase of common stock
(2,416)
-
Net cash used in financing activities
(4,973)
(900)
Change in cash and cash equivalents
11,989
278
Cash and cash equivalents, beginning of period
2,273
5,007
Cash and cash equivalents, end of period
$14,262
$5,285
View original content to download multimedia:https://www.prnewswire.com/news-releases/nwpx-infrastructure-announces-first-quarter-2026-financial-results-302757663.htmlSOURCE NWPX Infrastructure, Inc.
Original: NWPX Infrastructure Announces First Quarter 2026 Financial Results
US Market News
4月前
NWPX Infrastructure Announces Fourth Quarter and Full Year 2025 Financial ResultsFebruary 25, 2026 4:15 PM
PR Newswire (US)
Fourth Quarter 2025 Highlights:Net sales of $125.6 million, a Company fourth quarter record under its current operating segments, increased 5.0% year-over-yearGross profit of $26.8 million, a Company fourth quarter record, increased 19.2% year-over-yearWater Transmission Systems segment ("WTS") backlog1 of $234 million; WTS backlog including confirmed orders2 of $346 millionPrecast Infrastructure and Engineered Systems segment ("Precast") order book3 of $57 millionFull Year 2025 Highlights:Record net sales of $526.0 million increased 6.8% year-over-yearRecord net sales for WTS and Precast segmentsRecord gross profit of $103.6 million increased 8.6% year-over-yearRecord gross profit for WTS of $67.1 million increased 7.2% year-over-yearRecord net income of $35.4 million, or $3.56 per diluted shareStrong net cash provided by operating activities of $67.3 millionRecord safety performance; total recordable incident rate of 1.06VANCOUVER, Wash., Feb. 25, 2026 /PRNewswire/ -- NWPX Infrastructure, Inc. (NASDAQ: NWPX) ("NWPX Infrastructure" and the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the fourth quarter and full year ended December 31, 2025. The Company will broadcast its fourth quarter and full year 2025 earnings conference call on Thursday, February 26, 2026 at 7:00 a.m. PT.
Management Commentary"We delivered an exceptional fourth quarter with WTS revenue of $84.0 million and a healthy gross margin of 21.2%," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. "Robust bidding activity increased our WTS backlog including confirmed orders to $346 million, positioning us well for continued momentum in 2026. Precast also performed well, generating $41.7 million in revenue and a 21.5% gross margin, reflecting improvement both sequentially and compared against the year ago quarter. The Precast order book ended the year at a stable $57 million, providing solid visibility in 2026."Mr. Montross continued, "For the full year, we achieved record financial performance driven by disciplined execution, operational improvements across our facilities, and sustained demand in our end markets. WTS generated record revenue of $350.9 million and record gross profit of $67.1 million, while Precast delivered record revenue of $175.1 million and gross profit of $36.5 million. Consolidated gross profit also reached a record $103.6 million. We produced $67.3 million in operating cash flow and $35.4 million in net income, or $3.56 per diluted share, demonstrating the strength, consistency, and quality of our earnings. We are also excited to announce that we have acquired Boughton, a single-site precast business in Pueblo, Colorado, establishing a strategic foothold in a market with meaningful long-term growth potential. Most importantly, we delivered another record safety year with a record total recordable incident rate of 1.06, reflecting our culture and belief that operational excellence begins with protecting the well-being of our employees."Mr. Montross concluded, "As we enter 2026, we do so with a strong WTS backlog, elevated first quarter bidding levels, and a stable Precast order book with improving margins. While normal weather-related seasonality is expected in WTS in the first quarter, we anticipate full year bidding activity to be consistent with 2025 levels. In Precast, demand remains solid, and our order book supports continued progress in revenue and margin performance. As a result, we expect the first quarter to be stronger than in recent years and believe we are well-positioned to deliver another very strong year in 2026."Fourth Quarter 2025 Financial ResultsConsolidatedNet sales increased 5.0% to $125.6 million from $119.6 million in the fourth quarter of 2024.Gross profit increased 19.2% to $26.8 million, or 21.3% of net sales, from $22.4 million, or 18.8% of net sales, in the fourth quarter of 2024.Net income was $8.9 million, or $0.91 per diluted share, compared to $10.1 million, or $1.00 per diluted share, in the fourth quarter of 2024.Adjusted net income was $9.1 million, or $0.93 per diluted share, compared to $7.8 million, or $0.77 per diluted share, in the fourth quarter of 2024. Adjusted net income, which is a non-GAAP financial measure, is reconciled to net income in the table titled "Reconciliation of Non-GAAP Financial Measures" below.Water Transmission Systems Segment (WTS)WTS net sales increased 1.8% to $84.0 million from $82.5 million in the fourth quarter of 2024 driven by a 26% increase in selling price per ton due to changes in product mix, which was partially offset by a 19% decrease in tons produced resulting from changes in project timing.WTS gross profit increased 20.6% to $17.8 million, or 21.2% of WTS net sales, from $14.8 million, or 17.9% of WTS net sales, in the fourth quarter of 2024 primarily due to increased selling prices.WTS backlog was $234 million as of December 31, 2025 compared to $257 million as of September 30, 2025 and $213 million as of December 31, 2024. Backlog including confirmed orders was $346 million as of December 31, 2025 compared to $301 million as of September 30, 2025 and $310 million as of December 31, 2024.Precast Infrastructure and Engineered Systems Segment (Precast)Precast net sales increased 12.2% to $41.7 million from $37.1 million in the fourth quarter of 2024 driven by an 8% increase in selling prices due to changes in product mix and a 4% increase in volume shipped.Precast gross profit increased 16.6% to $9.0 million, or 21.5% of Precast net sales, from $7.7 million, or 20.7% of Precast net sales, in the fourth quarter of 2024 primarily due to changes in product mix.Precast order book was $57 million as of December 31, 2025 compared to $55 million as of September 30, 2025 and $61 million as of December 31, 2024.Full Year 2025 Financial ResultsConsolidatedNet sales increased 6.8% to a record $526.0 million in 2025 from $492.5 million in 2024.Gross profit increased 8.6% to a record $103.6 million, or 19.7% of net sales from $95.4 million, or 19.4% of net sales, in 2024.Net income was $35.4 million, or $3.56 per diluted share, compared to $34.2 million, or $3.40 per diluted share, in 2024.Adjusted net income was $35.6 million, or $3.59 per diluted share, compared to $31.9 million, or $3.17 per diluted share, in 2024. Adjusted net income, which is a non-GAAP financial measure, is reconciled to net income in the table titled "Reconciliation of Non-GAAP Financial Measures" below.Water Transmission Systems Segment (WTS)WTS net sales increased 3.8% to a record $350.9 million in 2025 from $337.9 million in 2024 driven by a 14% increase in selling price per ton due to changes in product mix, which was partially offset by a 9% decrease in tons produced resulting from changes in project timing.WTS gross profit increased 7.2% to a record $67.1 million, or 19.1% of WTS net sales, in 2025 from $62.6 million, or 18.5% of WTS net sales, in 2024 primarily due to increased selling prices.Precast Infrastructure and Engineered Systems Segment (Precast)Precast net sales increased 13.3% to a record $175.1 million in 2025 from $154.6 million in 2024 driven by an 8% increase in volume shipped and a 4% increase in selling prices due to changes in product mix.Precast gross profit increased 11.3% to $36.5 million, or 20.8% of Precast net sales, in 2025 from $32.8 million, or 21.2% of Precast net sales, in 2024 primarily due to increased volume shipped.Balance Sheet and Cash FlowAs of December 31, 2025, the Company had $0.3 million of outstanding revolving loan borrowings and additional borrowing capacity of approximately $124 million under the revolving credit facility.Net cash provided by operating activities was $36.0 million in the fourth quarter of 2025 compared to $36.2 million in the fourth quarter of 2024 primarily due to a $9.5 million decrease in cash provided by changes in working capital and a $9.3 million increase in cash provided by net income adjusted for non-cash items. Net cash provided by operating activities was $67.3 million in 2025 compared to $55.1 million in 2024 primarily due to a $13.4 million increase in cash provided by net income, adjusted for non-cash items.Capital expenditures were $5.2 million in the fourth quarter of 2025 compared to $4.2 million in the fourth quarter of 2024. Capital expenditures were $20.2 million in 2025 compared to $20.8 million in 2024.Corporate DevelopmentsOn February 23, 2026, the Company completed the acquisition of 100% of the shares of Boughton's Precast, Inc., a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million funded by borrowings on the line of credit. This acquisition expands the Company's geographic footprint for its stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe.
1 NWPX Infrastructure defines "backlog" as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.2 NWPX Infrastructure defines "confirmed orders" as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.3 NWPX Infrastructure defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment. Conference Call DetailsA conference call and simultaneous webcast to discuss the Company's fourth quarter and full year 2025 financial results will be held on Thursday, February 26, 2026, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpx.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, March 12, 2026, by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 internationally and entering the replay access code: 13758043.About NWPX InfrastructureFounded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. The Company has broadened its manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases the Company's capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America. For more information, please visit www.nwpx.com.Forward-Looking StatementsStatements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, product quality failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular Canada and Mexico) and duties imposed on imports and exports and related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate recent and other future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key systems, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.Non-GAAP Financial MeasuresThe Company is presenting backlog including confirmed orders, adjusted net income, and adjusted diluted net income per share. These non-GAAP financial measures are provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. These should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.For more information, visit www.nwpx.com.Contact:
Aaron Wilkins
Chief Financial Officer
NWPX Infrastructure
investors@nwpx.comOrAddo Investor Relations
nwpx@addo.comNWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net sales:
Water Transmission Systems
$83,979
$82,491
$350,879
$337,945
Precast Infrastructure and Engineered Systems
41,660
37,136
175,124
154,603
Total net sales
125,639
119,627
526,003
492,548
Cost of sales:
Water Transmission Systems
66,183
67,738
283,738
275,341
Precast Infrastructure and Engineered Systems
32,699
29,451
138,628
121,802
Total cost of sales
98,882
97,189
422,366
397,143
Gross profit:
Water Transmission Systems
17,796
14,753
67,141
62,604
Precast Infrastructure and Engineered Systems
8,961
7,685
36,496
32,801
Total gross profit
26,757
22,438
103,637
95,405
Selling, general, and administrative expense
13,729
11,941
52,767
47,161
Operating income
13,028
10,497
50,870
48,244
Other income (loss)
(1,808)
74
(1,783)
(213)
Interest expense
(423)
(911)
(2,609)
(5,660)
Income before income taxes
10,797
9,660
46,478
42,371
Income tax expense (benefit)
1,918
(436)
11,067
8,165
Net income
$8,879
$10,096
$35,411
$34,206
Net income per share:
Basic
$0.92
$1.02
$3.62
$3.45
Diluted
$0.91
$1.00
$3.56
$3.40
Shares used in per share calculations:
Basic
9,609
9,919
9,774
9,916
Diluted
9,802
10,108
9,937
10,066
NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$2,273
$5,007
Trade and other receivables, net
78,171
66,946
Contract assets
91,036
103,422
Inventories
74,287
79,770
Prepaid expenses and other
5,665
7,343
Total current assets
251,432
262,488
Property and equipment, net
157,509
150,456
Operating lease right-of-use assets
86,894
87,747
Goodwill
55,504
55,504
Intangible assets, net
23,008
27,041
Other assets
5,283
6,417
Total assets
$579,630
$589,653
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt
$2,994
$2,994
Accounts payable
22,190
27,783
Accrued liabilities
27,743
28,172
Contract liabilities
8,794
11,197
Current portion of operating lease liabilities
4,829
4,987
Total current liabilities
66,550
75,133
Borrowings on line of credit
276
24,677
Long-term debt
8,482
11,476
Operating lease liabilities
86,223
85,744
Deferred income taxes
12,484
8,297
Other long-term liabilities
10,832
10,323
Total liabilities
184,847
215,650
Stockholders' equity
394,783
374,003
Total liabilities and stockholders' equity
$579,630
$589,653
NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net income
$35,411
$34,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and finance lease amortization
15,405
15,038
Amortization of intangible assets
4,033
4,033
Share-based compensation expense
5,564
5,061
Settlement loss on defined benefit plans
1,451
-
Noncash operating lease expense
6,127
6,053
Deferred income taxes
4,281
(4,684)
Other, net
1,527
728
Changes in operating assets and liabilities:
Trade and other receivables
(12,376)
(19,968)
Contract assets, net
9,983
6,840
Inventories
5,483
11,459
Prepaid expenses and other assets
2,454
1,629
Accounts payable
(6,037)
(3,447)
Accrued and other liabilities
(1,071)
3,234
Operating lease liabilities
(4,952)
(5,131)
Net cash provided by operating activities
67,283
55,051
Cash flows from investing activities:
Purchases of property and equipment
(20,177)
(20,799)
Other investing activities
31
63
Net cash used in investing activities
(20,146)
(20,736)
Cash flows from financing activities:
Borrowings on line of credit
155,771
171,329
Repayments on line of credit
(180,172)
(201,137)
Borrowings on other debt
-
4,244
Payments on other debt
(3,000)
(500)
Payments on finance lease liabilities
(1,660)
(1,419)
Tax withholdings related to net share settlements of equity awards
(2,313)
(1,449)
Repurchase of common stock
(18,351)
(4,429)
Other financing activities
(146)
(15)
Net cash used in financing activities
(49,871)
(33,376)
Change in cash and cash equivalents
(2,734)
939
Cash and cash equivalents, beginning of period
5,007
4,068
Cash and cash equivalents, end of period
$2,273
$5,007
NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income, as reported
$8,879
$10,096
$35,411
$34,206
Adjustments for non-recurring items:
Pension settlement and termination costs
1,775
-
1,775
-
Lapse in statute of limitations for previously uncertain tax positions
(1,024)
(2,277)
(1,024)
(2,277)
Estimated tax impact of pension settlement and termination costs
(513)
-
(513)
-
Adjusted net income
$9,117
$7,819
$35,649
$31,929
Diluted net income per share, as reported
$0.91
$1.00
$3.56
$3.40
Adjusted diluted net income per share
$0.93
$0.77
$3.59
$3.17
View original content to download multimedia:https://www.prnewswire.com/news-releases/nwpx-infrastructure-announces-fourth-quarter-and-full-year-2025-financial-results-302697546.htmlSOURCE NWPX Infrastructure, Inc.
Original: NWPX Infrastructure Announces Fourth Quarter and Full Year 2025 Financial Results
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