Northwest pipe posts quarter one earnings

Northwest pipe posts quarter one earnings

Oregon-based Northwest Pipe reported that a 15.4% year-on-year rise in first quarter 2005 sales helped the company post a net income of $2.6 million. Northwest’s $78.8 million in sales allowed the company to more than double its 2004 first quarter net income of $1.1 million. Water transmission products accounted for 18.3% of sales, while tubular products weighed in with 8.2%. Sales of the latter declined from $30.4 million in Q1 2004 to $22.4 million in Q1 2005. Commenting on his company’s outlook, Northwest president and CEO Brian W. Dunham said that he sees the water transmission market continuing to be strong throughout the rest of the year. Though demand for tubular products has not met expectations, Dunham remarked that Northwest experienced “sequential increases in revenues for the past four months.” He added that he further expects “to see this improving trend continue in the second and third quarters.”