Northwest Pipe Co., the Vancouver-based pipe manufacturer, reported Wednesday that the company’s first-quarter net sales decreased by 9.4 percent.
The company brought in $99.1 million in that time period, compared with $109.3 million in the first quarter of 2022.
The latest earnings report mentioned, however, that the company’s gross profits increased 12.1 percent to $16.6 million, compared with $14.8 million in the beginning of 2022.
Its net income also fell from last year, coming in at $2.4 million in the first quarter of 2023, compared with $3.6 million during the same period in 2022.
The company’s President and CEO Scott Montross said the quarter went as expected with challenges because of extreme weather and customer-driven production delays. He said he expects the second quarter to move back toward last year’s levels.
The company’s Engineered Steel Pressure Pipe Segment reported a 14.9 percent decrease in net sales compared with the first quarter of 2022. And the Precast Infrastructure and Engineered Systems Segment saw a net sales increase of 2.7 percent, compared with the previous year.
Northwest Pipe trades on the Nasdaq as NWPX. Its stock closed Thursday at $26.90 per share, down from $27.92 per share on Wednesday.
