VANCOUVER – Vancouver-based steel pipe manufacturer Northwest Pipe Co. posted a $6.5 million loss during the second quarter, continuing a streak of negative results.
The loss, amounting to $0.65 per diluted share, came as net sales decreased 21.9 percent year over year for the quarter ended June 30. Northwest, which builds pipe for water systems, announced last month it would close a plant in Denver. The company discontinued its tubular business as of last year.
“Recent increases in market production capacity will make market recovery more gradual than we’ve seen historically and will slow the translation of improved conditions into improved results,” CEO Scott Montross said.
