Northwest Pipe reports Q2 EPS 61 vs 31c. last year » 16:5108/0408/04/20
Reports Q2 revenue…
Reports Q2 revenue $70.0M, consensus $73.55M. Backlog was approximately $159Mas of June 30, 2020 compared to $170M as of March 31, 2020 and $180M as of June 30, 2019. "Our SLRC Mexico facility was ordered to be shut-down by the Mexican authorities in early April due to COVID-19 and was idle for the majority of the second quarter, which had an overall adverse impact on our revenue and gross profit," said Scott Montross, President and CEO of Northwest Pipe Company. "As of June 1st, we received authorization to resume partial operations at SLRC and are working toward normal production levels. We are pleased to now be operating all of our production facilities through the pandemic. Although second quarter revenue in our legacy business was lower year-over-year due to the shut-down of the SLRC facility and changes in job timing, bidding activity has remained strong, which resulted in an improved backlog and strong precast order book. Due to the complex nature of the impact of COVID-19 on the economy, it is difficult to make forward-looking projections on our revenue and margins though we firmly believe the structure of our business remains solid.
|Over a month ago|
Northwest Pipe authorized to re-open plant operations in Mexico » 17:1006/0806/08/20
Northwest Pipe has…
Northwest Pipe has received official notification from the Sonoran State and Mexican Federal authorities that it has authorized a phased re-opening of the water infrastructure manufacturing facility in San Luis Rio Colorado, Mexico. As of May 30, the SLRC facility has been authorized to operate at 30% capacity providing the company continues to implement recommended COVID-19 safety protocols. Given the protocols in place are proving to be effective, the company expects the facility will receive authorization to return to full production in a phased re-opening during the next two months.
|Over a quarter ago|
Northwest Pipe ordered to temporarily close plant operations in Mexico » 16:1604/0704/07/20
Northwest Pipe announced…
Northwest Pipe announced it has been ordered to close its water infrastructure manufacturing facility in San Luis Rio Colorada, Mexico, through April 30 as a result of mandates made by Mexican authorities that companies that do not carry out essential activities must suspend business operations in order to combat and eradicate the existence and transmission of coronavirus disease 2019. A United States government agency is administering the construction of a major water infrastructure project that relies on steel pressure pipe being produced at the SLRC plant. The company is currently working with that agency to make appeals to State and Federal authorities in Mexico to ensure they consider the importance of this project. The company's goal is to convince the Mexican authorities that the company's manufacturing is essential. "The safety of all our employees has always been our first priority. We are also very aware of our responsibility to provide critical water transmission systems and are disappointed in the Mexican government's stance on the essential nature of our business," said Scott Montross, President and CEO of Northwest Pipe Company. "We hope that our efforts to convey the critical role that our SLRC facility plays will become apparent to the Mexican government and look forward to re-opening the facility as soon as possible. In the meantime, we are fortunate to have other production locations that can be deployed as necessary to satisfy future orders while production is disrupted at SLRC. The company intends to continue to operate our plants in the United States that are producing critical water infrastructure products."
Fly Intel: After Hours Movers » 19:1203/0203/02/20
GNMK, OMER, WIFI, ATSG, IPI, CFMS, LVGO, AMRC, NWPX, TMDX, TLRY, FOE, GSM, ZGNX, PTCT, MAXR, EHTH, GSKY, V, H
UP AFTER EARNINGS:…
UP AFTER EARNINGS: GenMark Diagnostics (GNMK) up 22.5%... Omeros (OMER) up 17.0%... Boingo Wireless (WIFI) up 13.6%... Air Transport (ATSG) up 11.1%... Intrepid Potash (IPI) up 9.3%... Conformis (CFMS) up 6.5%... Livongo (LVGO) up 4.9%... Ameresco (AMRC) up 2.7%... Northwest Pipe Company (NWPX) up 2.4%. DOWN AFTER EARNINGS: TransMedics (TMDX) down 13.1%... Tilray (TLRY) down 10.9%... Ferro Corp (FOE) down 8.5%... Ferroglobe (GSM) down 5.9%... Zogenix (ZGNX) down 5.0%... PTC Therapeutics (PTCT) down 4.8%... Maxar Technologies (MAXR) down 4.1%... eHealth (EHTH) down 3.2%... GreenSky (GSKY) down 2.2%. ALSO LOWER: Visa (V) down 1.5% after cutting Q2 guidance... Hyatt (H) down 1.5% after withdrawing guidance. Movers as of 18:45ET.
Northwest Pipe reports Q4 EPS $1.23, consensus 98c » 16:2103/0203/02/20
Reports Q4 revenue…
Reports Q4 revenue $72.2M, consensus $72M. We concluded 2019 with a backlog that was at a year-end record of $258 million. The strong market conditions, focus on margin over volume, and cost reduction activity lead to a fourth quarter that had the highest gross margin since 2013 and a full year that had revenue and gross profit that were close to historical highs," said Scott Montross, President and CEO of the Company. "Our acquisition of Geneva Pipe and Precast opens avenues for growth by significantly expanding the available market and by adding innovative products that are expected to provide organic growth opportunities. For the legacy Northwest Pipe business, we expect the first quarter to be affected by weather delays and jobs that are slow getting started. Revenue is projected to be in line with the first quarter of 2019 with gross margins that are four to five percentage points higher. The new Geneva plants are expected to add several million dollars in revenue
Northwest Pipe to hold a conference call » 09:2502/0702/07/20
Management holds a…
Northwest Pipe to hold a conference call » 04:5502/0702/07/20
Management holds a…
Northwest Pipe to hold a conference call » 16:1202/0402/04/20
Management holds a…
Northwest Pipe announces acquisition of Geneva Pipe Company » 09:0102/0302/03/20
Northwest Pipe Company…
Northwest Pipe Company has acquired Geneva Pipe Company, a concrete pipe and precast concrete products manufacturer based in Utah. The transaction closed on January 31, 2020, and was funded with cash on hand and debt. This acquisition expands Northwest Pipe Company's water infrastructure product capabilities by adding additional reinforced concrete pipe capacity and a full line of precast concrete products including storm drains and manholes, catch basins, vaults, and curb inlets as well as innovative products that extend the life of concrete pipe and manholes for sewer applications. Geneva, previously a privately held company, has around 140 employees and had revenues of approximately $43M in 2019. Jefferies LLC advised Northwest Pipe Company. Operations will continue with their current management and workforce at Geneva's three Utah manufacturing facilities located in Salt Lake City, Orem, and St. George. Founded in Orem in 1956, the company has been an integral part of infrastructure development in Utah and the Intermountain West.
Northwest Pipe selected to supply pipe for North Carolina project » 16:1710/2910/29/19
Northwest Pipe Company…
Northwest Pipe Company was recently selected by Garney Construction to supply pipe for a new raw water main for the Cape Fear Public Utility Authority that will traverse portions of Bladen County, Columbus County, and Brunswick County in North Carolina. Northwest Pipe Company will manufacture approximately 14 miles of 54-inch cement mortar lined and polyurethane coated engineered steel pipe for the transmission of raw water from the Kings Bluff Raw Water Pump Station along the Cape Fear River in Bladen County to the Lower Cape Fear Water and Sewer Authority ground reservoir located near the City of Northwest in Brunswick County. The new transmission line will parallel an existing line that is aging and not able to meet the community's growing demand for raw water. The Company will manufacture over 5,000 tons of pipe for this project. Garney Construction plans to begin installation in January 2020 and is expected to reach completion by December 2022.