Northwest Pipe Company (NASDAQ:NWPX) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET
Company Participants
Scott Montross - President and CEO
Aaron Wilkins - Chief Financial Officer
Conference Call Participants
Brent Thielman - D.A. Davidson
Julio Romero - Sidoti & Company
Ted Jackson - Northern Securities
David Wright - Henry Investment Trust
Operator
Hello. And welcome to the Northwest Pipe Company First Quarter 2024 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions]
As a reminder, this conference is being recorded. It’s now my pleasure to turn the call over to Scott Montross, CEO of Northwest Pipe Company. Please go ahead.
Scott Montross
Good morning. And welcome to Northwest Pipe Company’s first quarter 2024 earnings conference call. My name is Scott Montross and I’m 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 1, 2024 at approximately 4 p.m. Eastern Time. This call is being webcast and it is available for replay.
As we begin, I would 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, 2023, 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 for 2024. Aaron will then walk you through our financials in greater detail.
Our first quarter results were mixed, with Steel Pressure Pipe business surpassing our expectations, while Precast came in softer than anticipated. On the whole, our net sales of $113.2 million increased 14.2% year-over-year on solid profitability levels and representing the strongest revenue first quarter we have ever had.
First quarter revenue from our SPP segment totaled $80 million, an increase of 25.9% year-over-year, the highest first quarter ever reported in company history for this segment. Our performance primarily reflected higher production levels due to changes in project timing related to strong pipeline of bidding opportunities in early-to-mid first quarter and the improved bidding environment we’ve experienced to-date following the relatively small bidding year we had in 2023.