Northwest Pipe Company (NASDAQ:NWPX) Q3 2024 Earnings Conference Call October 31, 2024 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
Julio Romero - Sidoti & Company
Ted Jackson - Northland Securities
David Wright - Henry Investment Trust
Operator
Greetings and welcome to the Northwest Pipe Company Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this call is being recorded.
It is now my pleasure to introduce your host, Scott Montross, CEO. Thank you. You may begin.
Scott Montross
Good morning, and welcome to Northwest Pipe Company's Third Quarter 2024 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 October 30, 2024 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 the statements made on this call regarding our expectations for the future are forward-looking statements and actual results could differ materially from expectations. Please refer to our most recent Form 10-K 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 third quarter performance and outlook for 2024. Aaron will then walk you through our financials in greater detail. Once again, we delivered strong third quarter results achieving new quarterly records in several key financial metrics. Our performance was driven by growth on the residential side of our precast business, as well as ongoing strength in our steel pressure pipe business.
Our consolidated net sales increased 9.7% year-over-year to $130.2 million, outpacing our strong second quarter and reflecting the highest quarterly revenue ever reported by the company. And the $27 million of gross profit generated in the third quarter was also a quarterly record. In addition our focus on effective working capital management helped drive another quarter of strong cash flow generation.