Northwest Pipe reports Q4 adjusted EPS 85c vs. 67c last year

Reports Q4 revenue $106.8M vs. $102.5M last year. "After a slow first quarter, our Engineered Steel Pressure Pipe business gained strength throughout 2022 resulting in a record annual revenue of $307.6M. We ended the year with a record backlog including confirmed orders of $372M due to the strong bidding that we experienced in the second half of the year which allowed our backlog to continue to improve in terms of both size and margin quality," said CEO Scott Montross. "Precast Infrastructure and Engineered Systems generated a record annual revenue of $150.1M and a strong gross margin of 27.6%, despite challenges related to the implementation of a new business system at our ParkUSA facilities. Our Precast order book ended 2022 at $64M in this segment of the business, down 14% from 3Q22 due to the current uncertainty in the residential housing market and the resulting impact primarily on our Geneva business. We expect that 1Q23 will be challenging, similar to what we saw in 1Q22…After the anticipated slow Q1, the SPP business levels are expected to normalize similar to what we experienced in 2022. The Precast segment is likely to be moderately affected by the uncertainty in the residential housing market near term but is still expected to have a solid year."