Exhibit 99.1

 

 

MEDIA RELEASE FOR IMMEDIATE RELEASE March 13, 2019

 

Contact:

Robin Gantt

Chief Financial Officer

Northwest Pipe Company
360-397-6325 • rgantt@nwpipe.com

 

 

Northwest Pipe Company Reports Profitable Quarterly Results and

Announces Fourth Quarter Conference Call

 

Quarterly Highlights

 

Net income from continuing operations per diluted share was $0.02, compared to a loss per diluted share of $0.20 in the fourth quarter of 2017

 

Excluding one-time non-recurring items as detailed in the Reconciliation of Non-GAAP Financial Measures below, adjusted income from continuing operations per diluted share was $0.27, compared to a loss per diluted share of $0.11 in the fourth quarter of 2017

 

Net sales were $57.5 million, the highest since the third quarter of 2014, and represented a 9.7% increase from the previous quarter and a 61.5% increase from the fourth quarter of 2017

 

Gross profit as a percentage of net sales was 11.8%, the highest since the first quarter of 2015, compared to 9.9% in the previous quarter and 5.1% in the fourth quarter of 2017

 

Continued strength in project bidding increased the Company’s backlog including confirmed orders to $252 million, its highest level in the Company’s history

 

Our last remaining idle asset in Monterrey, Mexico was sold for proceeds of $2.7 million

 

VANCOUVER, Washington: Northwest Pipe Company (Nasdaq: NWPX), an industry leader of engineered welded steel pipe products for the water transmission market, announced today its financial results for the quarter ended December 31, 2018. The Company will broadcast its fourth quarter 2018 earnings conference call on Thursday, March 14, 2019 at 7:00 am PDT.

 

Outlook  “The increase in bidding opportunities and selling prices that we began to see in the second half of 2018 resulted in a year that ended with a record backlog and the highest quarterly revenue and gross profit in nearly four years,” said Scott Montross, President and CEO of the Company. “We expect that the first quarter of 2019 will have similar revenue and gross profit to the fourth quarter of 2018, bucking the normal seasonal trend and a significant improvement over the first quarters that we have experienced over the past three years.”

 

 

The following information was filed by Northwest Pipe Co (NWPX) on Wednesday, March 13, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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