Vancouver-based Northwest Pipe Company announced its fourth quarter and end-of-year earnings Thursday, highlighting modest annual growth despite a decrease in sales in the final quarter.
The company attributed the fourth quarter declines to a reduction in steel pipe sales, which CEO Scott Montross said stemmed from project bidding delays caused by the COVID-19 pandemic.
Net sales for the fourth quarter were $69.4 million, a 4 percent year-over-year decrease, and gross profit was $12.4 million, a 26.9 percent decrease. Total sales for 2020 were $285.9 million, a 2.4 percent jump from 2019, with gross profit of $50.5 million, a 7.1 percent increase.
The value of the company’s backlog of pending projects orders stood at $167 million at the end of the year, which is down from a recent record but still relatively high by historical standards, Montross said.
