Northwest Pipe Company (NASDAQ:NWPX) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET
Company Participants
Scott Montross - President and Chief Executive Officer
Aaron Wilkins - Chief Financial Officer
Conference Call Participants
Julio Romero - Sidoti & Company, LLC
Jean Ramirez - D.A. Davidson & Co.
Operator
Good day, and welcome to the Northwest Pipe Company Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Scott Montross, President and CEO. Please go ahead.
Scott Montross
Good morning, and welcome to Northwest Pipe Company's second quarter 2023 earnings conference call. My name is Scott Montross, and I am President and CEO of the company. I'm joined today by Aaron Wilkins, our Chief Financial Officer.
By now, all of you should have access to our earnings press release, which was issued yesterday, August 2, 2023, at approximately 4:00 p.m. Eastern Time. This call is being webcast, and it is available for replay.
As I begin, I'd like to remind everyone that the statements made on this call regarding our expectations for the future are forward-looking statements and actual results could differ materially. Please refer to our most recent Form 10-K for the year ended December 31, 2022, and in our other SEC filings for a discussion of such risk factors that could cause actual results to differ materially from our expectations. We undertake no obligation to update any forward-looking statements.
Thank you all for joining us today. I'll begin with a review of our second quarter performance and outlook, and Aaron will then walk you through our financials in greater detail.
We ended the year with a strong backlog, positioning us well for a solid 2023 despite the slow first quarter. Our second quarter results came in relatively in line with our expectations, with revenues of $116.4 million improving 17.4% over the first quarter and declining by only 1.8% compared to the prior year quarter.
Revenue from our SPP segment rebounded to $77.3 million following a slow first quarter, which was up slightly from the prior year quarter due to higher selling prices, which were partially offset by a decrease in tons produced resulting primarily from changes in product mix.
The SPP backlog, including confirmed order, was $343 million at June 30, which remains strong by historical standards. This reflected a decline in our backlog from the near-record $370 million we saw at March 31, 2023, though it was up from $338 million as of June 30, 2022. While bidding activity is projected to be lower in 2023 versus last year's level, we are currently awaiting the potential award of multiple projects that have recently bid and that could stabilize the near-term backlog.