Q1 strongest ever for Vancouver-based Northwest Pipe Co.

Vancouver-based Northwest Pipe Co. reported a mixed first quarter in its latest earnings report.

It ended up being the strongest revenue first quarter the company has ever had, CEO Scott Montross said in an investor call Thursday.

The company’s precast business saw its sales decline earlier in the year, but a nearly 26 percent increase in net sales from its steel pressure pipe segment pushed total earnings up for the quarter ending March 31.

“Steel prices continue to remain fairly high by historical standards and appear to be relatively stable,” Montross said.

Northwest Pipe’s executives said the increase resulted primarily from changes to project timing.

The company manufactures water-related infrastructure products, such as engineered steel water pipeline systems, stormwater and wastewater products and reinforced concrete products.

Montross said his team hopes to expand the company with new locations expected to open over the next couple of years.

The company reported its net sales in the first quarter of 2024 were $113.2 million, up from $99.1 million in the first quarter of 2023.

Its net income also increased from $2.4 million, or 23 cents per diluted share, in the first quarter of 2023 to $5.2 million, or 52 cents per diluted share, in the first quarter this year.

“The first quarter marked a solid start to the year and what we believe will be a significantly stronger bidding environment despite persistent macro-economic challenges,” Montross said.

Northwest Pipe trades on the Nasdaq as NWPX. Its stock closed Thursday at $32.29 per share, up from Wednesday’s $31.63 closing price.