NASDAQ$NWPX
Northwest Pipe Company · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Announced fourth quarter and full year 2021 financial results.
Northwest Pipe Company reported a 47.8% increase in net sales to $102.5 million for the fourth quarter of 2021, including $18.0 million from the acquisition of ParkUSA. Net income was $2.3 million, or $0.23 per diluted share, compared to $5.2 million, or $0.53 per diluted share, in the fourth quarter of 2020. The company ended the year with a record backlog including confirmed orders of $290 million.
- Net sales increased 47.8% to $102.5 million in the fourth quarter of 2021.
- Gross profit increased 9.8% to $13.6 million in the fourth quarter of 2021.
- Net income was $2.3 million, or $0.23 per diluted share, in the fourth quarter of 2021.
- Record order book of $51 million for the Precast Infrastructure and Engineered Systems segment.
Headline financials
Revenue & EPS history
Northwest Pipe · Revenue · Quarterly
$103M
Revenue by segment
Northwest Pipe · $31M total across 1 segment · Q4 2021
- Precast Infrastructure$31M—100.0%
Forward guidance
The significant number of project bidding delays experienced during 2021 resulted in one of the smallest tonnage water transmission bidding years. Water transmission margins are expected to remain muted in the first quarter of 2022 as the company works through older backlog, and anticipate margin expansion beginning in the second quarter of 2022. The precast concrete business was strong throughout 2021 producing a record level of revenue, strong gross profit, and a record order book of $51 million as of December 31, 2021.
Tailwinds
- Expect ParkUSA to be immediately accretive and to create organic growth opportunities throughout the Company.
- Ended the year with a record backlog including confirmed orders of $290 million, which is expected to continue to grow in size and quality due to very strong bidding experienced so far in the first quarter of 2022.
- Precast concrete business was strong throughout 2021 producing a record level of revenue, strong gross profit, and a record order book of $51 million as of December 31, 2021.
- Based on the current precast related market strength, we are entering 2022 with solid momentum and expect the precast business to remain strong for the near term.
- The business contributed $18 million in revenue to our fourth quarter results.
Headwinds
- Significant number of project bidding delays experienced during 2021.
- One of the smallest tonnage water transmission bidding years seen in a very long time.
- A volatile steel market with significant delivery disruptions and customer driven production delays of orders already in backlog, created downward pressure on margins.
- Water transmission margins to remain muted in the first quarter of 2022 as we work through older backlog.
- Acquisition-related fair value inventory charges reduced Precast gross profit by $2.3 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2021
+0.7%
Avg return
Earnings day
+3.3%
Avg return
5 days after
+5.4%
Avg return
30 days after
48%
31 / 64 earnings
Positive
+15.4%
Q3 2021
Best reaction
-19.5%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +14.3% | +29.5% | +37.1% | |
| Q4 2025 | +10.2% | +9.4% | +3.4% | |
| Q3 2025 | +1.6% | +14.4% | +5.3% | |
| Q1 2025 | -6.2% | -11.0% | -8.8% | |
| Q4 2024 | -10.7% | -13.9% | -13.5% | |
| Q3 2024 | -0.7% | +4.5% | +24.0% | |
| Q2 2024 | +1.6% | +4.4% | +17.7% | |
| Q1 2024 | +2.0% | +5.6% | +12.1% | |
| Q4 2023 | -0.8% | +13.6% | +16.6% | |
| Q3 2023 | +1.2% | -7.0% | -2.6% | |
| Q2 2023 | -2.0% | +0.1% | +2.1% | |
| Q1 2023 | -3.3% | -4.5% | +1.4% | |
| Q4 2022 | -19.5% | -18.1% | -24.5% | |
| Q3 2022 | -5.2% | -2.2% | +4.7% | |
| Q2 2022 | +7.9% | +11.2% | +13.3% | |
| Q1 2022 | +1.7% | +7.5% | +27.1% | |
| Q4 2021 | +1.0% | -3.1% | -7.1% | |
| Q3 2021 | +15.4% | +19.7% | +19.9% | |
| Q2 2021 | -1.1% | -4.5% | -8.7% | |
| Q1 2021 | -1.8% | -2.6% | -5.1% | |
| Q4 2020 | -5.7% | -3.4% | -4.1% | |
| Q3 2020 | -3.0% | -4.8% | +4.1% | |
| Q2 2020 | +6.5% | +10.9% | +8.2% | |
| Q1 2020 | +1.2% | -6.3% | +20.6% | |
| Q4 2019 | -2.6% | -8.5% | -34.7% | |
| Q3 2019 | +3.0% | +9.6% | +16.0% | |
| Q2 2019 | +2.2% | +11.5% | +13.4% | |
| Q1 2019 | +4.2% | +9.7% | +2.6% | |
| Q4 2018 | +0.7% | +1.8% | +6.4% | |
| Q3 2018 | +14.1% | +26.4% | +13.7% | |
| Q2 2018 | +1.0% | +0.1% | -6.2% | |
| Q1 2018 | -3.3% | +1.2% | +8.8% | |
| Q4 2017 | +2.0% | +5.8% | -4.4% | |
| Q3 2017 | -1.8% | -1.9% | +0.4% | |
| Q2 2017 | +3.1% | +7.0% | +21.5% | |
| Q1 2017 | +2.9% | +6.2% | +5.4% | |
| Q4 2016 | +4.5% | -1.6% | -17.6% | |
| Q3 2016 | +6.4% | +4.6% | +38.4% | |
| Q2 2016 | +7.0% | +8.2% | +3.9% | |
| Q1 2016 | -6.0% | — | — | |
| Q4 2015 | -15.4% | — | — | |
| Q3 2015 | +8.5% | — | — | |
| Q2 2015 | +7.6% | — | — | |
| Q1 2015 | -5.1% | — | — | |
| Q4 2014 | -4.5% | — | — | |
| Q3 2014 | -5.0% | — | — | |
| Q2 2014 | -0.7% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | -3.8% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q2 2013 | -5.5% | — | — | |
| Q1 2013 | -1.3% | — | — | |
| Q4 2012 | +11.9% | — | — | |
| Q3 2012 | -5.6% | — | — | |
| Q2 2012 | +5.8% | — | — | |
| Q1 2011 | -1.0% | — | — | |
| Q4 2009 | -1.0% | — | — | |
| Q3 2011 | -1.0% | — | — | |
| Q3 2010 | -1.0% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q1 2012 | -1.0% | — | — | |
| Q2 2010 | +7.4% | — | — | |
| Q2 2011 | +7.4% | — | — | |
| Q4 2010 | +7.4% | — | — |
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