On February, 25, Washington-headquartered pipe manufacturer Northwest Pipe Company (Northwest) announced its financial results for the year ended on December 31, 2008.
Accordingly, Northwest Pipe's revenue in 2008 was $439.7 million, compared to $382.8 million in 2007, while net income for 2008 was $32.3 million, compared to $20.8 million in 2007.
For the fourth quarter of 2008, the company reported $110.2 million in revenue, up from $98.2 million in the same period of the previous year. Net income in the fourth quarter of 2008 was $8.6 million, compared to net income of $5.6 million in the same quarter of 2007. The company reported backlog entering 2009 of approximately $190 million.
Commenting on the results, Northwest Pipe's CEO Brian Dunham said, "As we look ahead, we are focused on the impact of the recession and financial issues on our markets. Clearly, there is a strong correlation between our tubular products business outlook and general economic factors, including natural gas exploration, non-residential construction, agricultural spending, and highway spending. At this time, we are expecting decreases in all these areas. Our selling prices will also come down as our markets adjust to lower raw material costs. These issues will result in a pronounced impact in the first two quarters of 2009. We expect to see improving market conditions and results in the second half of the year."