Vancouver-based water pressure pipe manufacturer Northwest Pipe Co. released its third-quarter results late Wednesday, detailing net sales of $77.6 million and a gross profit margin of 20.1 percent. Unadjusted net income was 73 cents per diluted share.
The company’s backlog of future projects stood at $143 million at the end of September — a smaller number than in recent quarters, but one that the company still characterized as high by historical standards.
In a Thursday morning conference call with investors and analysts, CEO Scott Montross said the backlog shrank primarily due to bidding delays caused by the COVID-19 pandemic, but he stressed that the projects in question were delayed, not canceled.
Montross said he expected that the delays would negatively impact the Northwest Pipe’s fourth-quarter results, but that the company still expects to see strong market demand in 2021.
