Northwest Pipe Company (NASDAQ:NWPX) Q3 2022 Earnings Conference Call November 9, 2022 10:00 AM ET
Company Participants
Scott Montross - President and CEO
Aaron Wilkins - CFO
Conference Call Participants
Brent Thielman - D.A. Davidson
David Wright - Henry Investment Trust
Operator
Greetings. Welcome to Northwest Pipe Company's Third Quarter 2022 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.
At this time, I will now turn the conference over to Scott Montross, CEO. Mr. Montross, you may now begin.
Scott Montross
Good morning, and welcome to Northwest Pipe Company's third quarter 2022 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, November 8, 2022, at approximately 4:00 p.m. Eastern Time.
This call is being webcast, and it is available for replay. As we 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, 2021 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 third quarter performance. Aaron will then walk you through our financials in greater detail. Consolidated net sales were $123 million, which included a $20.5 million contribution from ParkUSA.
The revenue from our steel pressure pipe segment increased 20.5% year-over-year to a very strong $83.7 million. The increase was primarily due to higher production volumes and higher price levels on projects that we have in backlog, given the elevated material costs that we experienced late last year and early in 2022.
Compared to the prior quarter, steel pressure pipe revenue increased 8.6% and which exceeded our expectations given the less-than-expected impact from the flooding events that occurred at two of our main steel pressure pipe plants at the beginning of the third quarter.
Our steel pressure pipe sales continue to benefit from the stronger bidding environment we've been experiencing in 2022 as compared to last year. And as a result, our backlog has remained in or near record territory throughout 2022.