Northwest Pipe Company Stock Earnings Reports

NWPX reported a strong start to 2026 with consolidated Q1 net sales up 19% y/y to $138.3M, record consolidated gross profit of $26.7M (19.3% margin, +260 bps y/y), and record diluted EPS of $1.08. Free cash flow for the quarter was $25.7M, driving a raised full-year free cash flow outlook to $50–56M. Water Transmission Systems (WTS) delivered a record Q1 with revenue of $93.5M (+19% y/y), gross profit up 42% and backlog rising to a record $430M (from $346M at year-end). Management disclosed a significant government-related, NDA-protected WTS project (~$50M scope for the current phase) that is largely scheduled for production in late Q2–Q4 and may have additional future phases. Precast revenue hit a Q1 record of $44.8M (+19% y/y) with improving margins (20.9%) driven by higher selling prices, product mix and nonresidential demand (notably data centers). The company completed the Boughton Precast acquisition (Colorado) and repurchased ~$2.2M of stock in Q1. Balance sheet: cash $14.3M, debt $10.7M, net cash ~$3.5M; no outstanding credit facility borrowings. 2026 guidance highlights: SG&A $53–55M, D&A ~$20–22M, CapEx $20–24M (including ~$6M for precast expansion). Management emphasized priorities: safety, margin over volume, targeted M&A to accelerate precast expansion, cost efficiencies, and returning capital when M&A is limited. Overall outlook: management expects 2026 to be a potential record year driven by strong WTS bidding/backlog and continued precast momentum.