On 19 March 2020, Northwest Pipe Company (NASDAQ: NWPX) stock observed trading -46.40% off 52-week high price. On the other end, the stock has been noted 9.04% away from low price over the last 52-weeks. The stock disclosed a move of -38.59% away from 50 day moving average and -32.29% away from 200 day moving average. Moving closer, we can see that shares have been trading -33.18% off 20-day moving average.

Northwest Pipe Company (NWPX) reported recently its financial results for the quarter and year ended December 31, 2019.

Fourth Quarter 2019 Results
Net sales increased 25.5% to $72.2M in the fourth quarter of 2019 from $57.5M in the fourth quarter of 2018Because of a 43% increase in tons produced, partially offset by a 12% decrease in selling price per ton. The increase in tons produced was Because of increased demand. The decrease in selling price per ton was Because of a change in product mix.

Gross profit increased 149.4% to $16.9M (23.4% of net sales) in the fourth quarter of 2019 from $6.8M (11.8% of net sales) in the fourth quarter of 2018. The increase in gross profit was primarily Because of increased production volume, as well as net insurance recoveries. During the fourth quarter of 2019, the Company recorded $1.3M of business interruption insurance proceeds net of incremental production costs resulting from the fire at the Company’s Saginaw facility.

Net income was $12.0M, or $1.22 per diluted share, in the fourth quarter of 2019, which included $0.1M in costs associated with our acquisition of Geneva. Net income in the fourth quarter of 2018 was $0.1M, or $0.02 per diluted share, which included charges associated with the acquisition of Ameron Water Transmission Group, LLC (“Ameron”) as well as other non-recurring items that totaled $2.4M, net of taxes. Not Including the one-time, non-recurring items identified in the Company’s Reconciliation of Non-GAAP Financial Measures, adjusted net income per diluted share was $1.23 in the fourth quarter of 2019 contrast to $0.27 in the fourth quarter of 2018.

Backlog represents the balance of remaining performance obligations under signed contracts (“Backlog”). Backlog was $199M as of December 31, 2019 contrast to $211M as of September 30, 2019 and $81M as of December 31, 2018. The Company also has projects for which it has been notified that it is the successful offerder, but a binding contract has not been executed (“Confirmed Orders”). Backlog including Confirmed Orders was $258M as of December 31, 2019 contrast to $270M as of September 30, 2019 and $252M as of December 31, 2018.

Full Year 2019 Results

Net sales increased 62.3% to $279.3M in 2019 from $172.1M in 2018. The increase in net sales was primarily Because of an 81% increase in tons produced, partially offset by a 10% decrease in selling price per ton. The increase in tons produced was Because of increased demand coupled with the purchased Ameron operations. The decrease in selling price per ton was Because of a change in product mix.

Gross profit increased 290.1% to $47.2M (16.9% of net sales) in 2019 from $12.1M (7.0% of net sales) in 2018. The increase in gross profit was primarily Because of increased production volume coupled with the addition of the Ameron operations. This increase was partially offset by unrecovered incremental production costs of $1.6M in 2019 resulting from the fire at our Saginaw facility. Any insurance recoveries associated with these costs will be recorded as they are received in future quarters as we work with our insurer to settle the remaining claim.

Net income was $27.9M, or $2.85 per diluted share, in 2019 which included $2.3M of other income ($1.7M net of taxes) related to a favorable legal settlement involving certain pipe produced at the Company’s former Houston, Texas and Bossier City, Louisiana facilities and $0.6M ($0.5M net of taxes) of acquisition costs. Net income was $20.3M, or $2.09 per diluted share in 2018 which included a $20.1M bargain purchase gain from the acquisition of Ameron as well as items identified in the Company’s Reconciliation of Non-GAAP Financial Measures table. Not Including the one-time, non-recurring items, adjusted net income per diluted share was $2.73 in 2019 contrast to adjusted net loss per diluted share of $0.18 in 2018.

The USA based company Northwest Pipe Company moved with change of -13.42% to $19.67 with the total traded volume of 107836 shares in recent session versus to an average volume of 70.6K. NWPX’s shares are at -41.51% for the quarter and driving a -20.72% return over the course of the past year and is now at -40.95% since this point in 2018.

 

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