VANCOUVER, WA -- (Marketwired) -- 05/06/13 -- Northwest Pipe Company (NASDAQ: NWPX)
•Net sales were $140.6 million, down 1.1% from first quarter 2012 •Operating income was $14.8 million, up 61.5% •Net income was $9.5 million, or $1.00 per diluted share, up 100%
Northwest Pipe Company (NASDAQ: NWPX) today announced its first quarter 2013 financial results. The Company will broadcast its first quarter 2013 earnings conference call on Tuesday, May 7, 2013, at 8:00 am PDT.
First Quarter 2013 Results
Net sales for the quarter ended March 31, 2013 decreased 1.1% to $140.6 million compared to $142.2 million in the quarter ended March 31, 2012. Gross profit was $21.2 million (15.1% of net sales) in the first quarter of 2013, an increase from $16.5 million (11.6% of net sales) in the first quarter of 2012. Net income for the first quarter of 2013 was $9.5 million or $1.00 per diluted share compared to $4.7 million or $0.50 per diluted share for the first quarter of 2012.
Water Transmission sales increased by 34.5% to $78.6 million in the first quarter of 2013 from $58.4 million in the first quarter of 2012. The increase in net sales was due to a 53% increase in tons produced, offset by a 12% decrease in the average selling price per ton. Water Transmission gross profit increased to $19.9 million (25.3% of segment net sales) in the first quarter of 2013 from $9.7 million (16.6% of segment net sales) in the same period of 2012. The 25.3% gross profit as a percent of segment net sales is a quarterly record for the Company.
Tubular Products sales decreased 26.0% to $62.0 million in the first quarter of 2013 from $83.7 million in the first quarter of 2012, driven by a 9% decrease in average selling price per ton and a 19% decrease in tons sold from 66,600 tons in the first quarter of 2012 to 53,900 tons in the first quarter of 2013. Tubular Products gross profit decreased by 80.4% to $1.3 million (2.2% of segment net sales) in the first quarter of 2013 from $6.8 million (8.1% of segment net sales) in the first quarter of 2012.
As of March 31, 2013, the backlog of orders in the Water Transmission segment was approximately $136 million compared to a backlog of orders of $161 million as of March 31, 2012. The backlog contains confirmed orders, including the balance of projects in process, and projects for which the Company has been notified that we are the successful bidder even though a binding agreement has not been executed.
"Based on current market conditions, we believe the first quarter will be our strongest quarter in 2013. The Water Transmission segment had a record quarter for gross profit as a percentage of net sales. The first quarter net sales and gross profit were driven by a number of large projects, including Lake Texoma, the largest project in Company history," said Scott Montross, President and Chief Executive Officer of the Company. "As expected, Tubular Products net sales and margins were significantly lower compared to the first quarter of 2012 as we experience continued high levels of imports and a falling rig count. In the second quarter of 2013, we anticipate that Water Transmission will have lower net sales, gross profit and gross profit as a percentage of sales compared with the first quarter of 2013. In Tubular Products we expect to see gross profit levels that are near breakeven as high levels of imports continue to negatively impact segment earnings for the near term."
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