Northwest Pipe (NWPX) Tops Q4 EPS by 6c, Revenues Miss
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Northwest Pipe (NASDAQ: NWPX) reported Q4 EPS of $0.57, $0.06 better than the analyst estimate of $0.51. Revenue for the quarter came in at $69.4 million versus the consensus estimate of $70.5 million.
"Despite 2020 being extremely challenging due to the many difficulties created by COVID-19, we were able to put together a solid year," said Scott Montross, President and CEO of the Company. "Our steel pressure pipe market was affected by bidding delays, and as a result it was smaller than the near record year we had in 2019. However, our strategy to grow in the precast concrete market that started with the acquisition of Geneva Pipe and Precast Company helped offset some of the decline in our legacy business. As we expected, fourth quarter revenues and gross margins were down sequentially as pandemic-related delays pushed project bidding into 2021 and the precast concrete business was in the seasonally slow time of the year. Our steel pressure pipe backlog moderated down to $221 million, which is still very high by historical standards and represents the tenth straight quarter in excess of $200 million."
Mr. Montross continued, "We expect the first quarter to be challenging due to volatility and delivery disruptions in the steel market, extreme weather conditions in various parts of the country, as well as the period specific effects of bidding delays in the steel pressure pipe business. However, we are currently seeing a strong 2021 bidding calendar for the steel pressure pipe business as well as a precast concrete order book that is strong even during the seasonally slow time of the year. As a result, we expect market conditions to stabilize as we move through the early part of 2021."
For earnings history and earnings-related data on Northwest Pipe (NWPX) click here.
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