Northwest Pipe Company (NASDAQ:NWPX) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET
Company Participants
Scott Montross - President & Chief Executive Officer
Aaron Wilkins - Chief Financial Officer
Conference Call Participants
Brent Thielman - D.A. Davidson
Auguste Richard - Northland Capital Markets
David Wright - Henry Investment Trust
Operator
Greetings. Welcome to the Northwest Pipe Company First Quarter 2022 Earnings Call. [Operator Instructions] And please note that this conference is being recorded.
I would now like to turn the conference over to Scott Montross, CEO. Thank you, sir. You may begin.
Scott Montross
Good morning, and welcome to Northwest Pipe Company's First Quarter 2022 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, May 4, 2022, at approximately 4 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 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, 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 first quarter performance, and Aaron will walk you through our financials in greater detail.
Consolidated net sales were $109.3 million which included a $19.7 million contribution from our acquisition of ParkUSA.
Revenue from our steel pressure pipe segment increased 24.4% year-over-year to $74.7 million. The increase was primarily due to higher steel pricing that we saw throughout 2021, which drove higher project pricing. This was partially offset by decreased production volumes resulting from the very small bidding year that we saw in 2021 related to bidding delays that we experienced throughout the year. These delays put product bidding out into 2022, which is partially why we experienced such a significant amount of project bidding in the first quarter of 2022 leading to the substantial increase in our current backlog.
As of March 31, our backlog, including confirmed orders for the steel pressure pipe segment, was an all-time record of $341 million compared to our previous record of $290 million as of December 31, 2021. This compares to $210 million as of March 31, 2021. I'd also like to highlight that our record backlog includes a 63% increase in tons versus the fourth quarter of 2021.