Northwest Pipe Company (NASDAQ:NWPX) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET

Company Participants

Scott Montross - President & Chief Executive Officer

Aaron Wilkins - Chief Financial Officer

Conference Call Participants

David Wright - Henry Investment Trust

Operator

Good morning. Welcome to Northwest Pipe Company First Quarter 2023 Earnings Call. All participants will be in 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 of Northwest Pipe Company. Please go ahead.

Scott Montross

Good morning, and welcome to Northwest Pipe Company's first quarter 2023 earnings conference call. My name is Scott Montross, and I am the 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, May 3, 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 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 first quarter performance and outlook. Aaron will then walk you through our financials in greater detail. Our first quarter results came in slightly better than our expectations. We generated revenue of $99.1 million, a decline of 9.4% compared to the prior year quarter.

Revenue from our steel pressure pipe segment totaled $63.5 million, reflecting a decrease of 14.9% over the prior year quarter, mainly due to anticipated customer-driven delays, which affected the production timing of our projects in backlog, in addition to severe weather events, which led to unscheduled downtime at multiple of our facilities in the first quarter. This resulted in relatively flat production volume year-over-year. That said, we ended the quarter with a strong backlog, including confirmed orders near record territory at $370 million, which was down marginally from our all-time highest $372 million at year-end and up from $341 million as of March 31, 2022.