After a record year in 2022, Northwest Pipe Company reported falling earnings in 2023, the Vancouver-based company said in its latest financial report.
CEO Scott Montross said in an investor call Tuesday that the company was affected by macroeconomic headwinds.
The company manufactures water-related infrastructure products, such as engineered steel water pipeline systems, stormwater technology and pump lift stations.
The company experienced a small bidding market for its steel pressure pipe business, Montross said.
It also saw a “challenging interest rate environment that suppressed both the residential and non-residential construction markets, negatively impacting demand and our precast business,” the executive said.
Still, Montross remained positive, pointing to the company’s earnings that “declined only modestly from 2022 record levels.”
The company reported $110.2 million in net sales in the fourth quarter of 2023, compared with $106.8 million in the same period of 2022.
It brought in $5.4 million in net income, or 54 cents per diluted share, down from $8 million, or 79 cents per diluted share, the year prior.
Annually, Northwest Pipe brought in $444.4 million in net sales in 2023, down from $457.7 million in 2022. The company also reported $21.1 million, or $2.09 per diluted share, in annual net income, a decline from $31.1 million, or $3.11 per diluted share, in 2022.
Northwest Pipe trades on the Nasdaq as NWPX. Its stock closed Wednesday at $32.38 per share, up from its Tuesday closing price of $29.63.
