Northwest Pipe Company’s net sales enhanced 37.7 % year more than year, the Vancouver organization reported Wednesday.
Annual net sales had been $457.7 million in 2022, up from $333.three million in 2021. Gross income enhanced 94 %, compared with 2021. It brought in $85.9 million in 2022 and $44.three million in 2021.
The manufacturing organization reported its net earnings as $31.1 million in 2022, compared with $11.five million in 2021.
In his company’s earning report, Scott Montross, president and chief executive of Northwest Pipe Corporation, mentioned he expects the 1st quarter of 2023 to be difficult, as it was in 2022.
“Even with the record backlog, like confirmed orders in (engineered steel stress pipe segment), there are buyer driven delays affecting the production timing of close to-term projects, as effectively as extreme climate events that have led to unscheduled downtime time at several (engineered steel stress pipe segment) facilities,” Montross mentioned. “These climate events have also brought on unscheduled downtime in our precast company, additional suppressing the 1st quarter, which is currently the seasonally slow time of year.”
Montross mentioned company levels in the engineered steel stress pipe space are anticipated to normalize, as they did in 2022. The precast company, even so, may well be moderately impacted by the uncertainty in the residential housing industry close to term. It is “still anticipated to have a strong year,” he mentioned.