NORTHWEST PIPE CO
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
NWPX$87.31+5.4%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
NORTHWEST PIPE COMPANY
FORM 10‑Q
TABLE OF CONTENTS
| Page | |
|---|---|
| PARTI- FINANCIAL INFORMATION | |
| Item1. Financial Statements (Unaudited): | |
| Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 | 2 |
| Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 | 3 |
| Condensed Consolidated Balance Sheets as of September 30, 2024 and December31, 2023 | 4 |
| Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023 | 5 |
| Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 | 7 |
| Notes to Condensed Consolidated Financial Statements | 8 |
| Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 21 |
| Item3. Quantitative and Qualitative Disclosures About Market Risk | 27 |
| Item4. Controls and Procedures | 28 |
| PARTII- OTHER INFORMATION | |
| Item1. Legal Proceedings | 28 |
| Item1A. Risk Factors | 28 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 29 |
| Item5. Other Information | 29 |
| Item6. Exhibits | 30 |
| Signatures | 31 |
Part****I–** FINANCIAL INFORMATION**
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $130,201 | $118,722 | $372,921 | $334,191 |
| Cost of sales | 103,182 | 99,428 | 299,954 | 275,839 |
| Gross profit | 27,019 | 19,294 | 72,967 | 58,352 |
| Selling, general, and administrative expense | 11,581 | 10,237 | 35,220 | 33,119 |
| Operating income | 15,438 | 9,057 | 37,747 | 25,233 |
| Other expense | (66) | (61) | (287) | (224) |
| Interest expense | (1,452) | (1,162) | (4,749) | (3,722) |
| Income before income taxes | 13,920 | 7,834 | 32,711 | 21,287 |
| Income tax expense | 3,667 | 2,016 | 8,601 | 5,659 |
| Net income | $10,253 | $5,818 | $24,110 | $15,628 |
| Net income per share: | ||||
| Basic | $1.03 | $0.58 | $2.43 | $1.57 |
| Diluted | $1.02 | $0.58 | $2.40 | $1.55 |
| Shares used in per share calculations: | ||||
| Basic | 9,919 | 10,014 | 9,915 | 9,985 |
| Diluted | 10,055 | 10,107 | 10,040 | 10,088 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $10,253 | $5,818 | $24,110 | $15,628 |
| Other comprehensive loss, net of tax: | ||||
| Pension liability adjustment | 23 | 29 | 67 | 88 |
| Unrealized gain (loss) on foreign currency forward contracts designated as cash flow hedges | - | 3 | 13 | (98) |
| Unrealized loss on interest rate swaps designated as cash flow hedges | (261) | (59) | (276) | (152) |
| Other comprehensive loss, net of tax | (238) | (27) | (196) | (162) |
| Comprehensive income | $10,015 | $5,791 | $23,914 | $15,466 |
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