Northwest Pipe Reports 2010 Results
03/23/2011 - Northwest Pipe Company reported a net loss of $1.4 million on sales of $386.8 million for the year ended December 31, 2010.
Northwest Pipe Company reported a net loss of $1.4 million on sales of $386.8 million for the year ended December 31, 2010.
The $1.4 million net loss ($0.15 per diluted share) compares to a net loss of $7.3 million ($0.79 per diluted share) for 2009. Sales of $386.8 million compare to sales of $278.7 million for 2009.
The company’s Water Transmission Group increased its sales to $221.3 million in 2010 from $210.4 million in 2009. The increase reflects increased sales volume partially offset by a decrease in selling prices. The Water Transmission Group’s gross profit increased to $20.7 million in 2010 from $16.1 million in 2009 due to increased volume, which lowered unit costs as compared to 2009.
The company’s Tubular Products Group increased sales to $165.5 million in 2010 from $68.3 million in 2009. The increase reflects a significant increase in sales volume partially offset by a small decline in selling prices. The Group’s gross profit increased to $12.3 million in 2010 from a loss of $4.4 million in 2009, as a significant increase in volume, particularly for energy products, improved the recovery of fixed costs resulting in improved gross margin.
As of December 31, 2010 the company's backlog of orders was $258 million compared to $222 million as of December 31, 2009.
"We expect Water Transmission sales to remain stable in 2011 as compared to 2010," said Richard Roman, President and CEO of the company, looking ahead. "We expect Tubular Products sales in 2011 will be significantly stronger than 2010 primarily due to the additional capacity brought into production in Bossier City over the course of 2010."
The company noted that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2010
Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of products including energy, construction, agriculture, industrial and traffic signpost systems. The company is headquartered in Vancouver, Wash., and has ten manufacturing facilities across the United States and Mexico.
