Northwest Pipe records record revenues after 2010 loss
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Vancouver, Washington-based steel pipe manufacturer Northwest Pipe Company reported Friday it full-year 2011 financial results. The company returned to profitability in 2011 with $12.7 million net income after suffering a $5.4 million loss in 2010. The improved earnings stemmed from a 32.3 percent increase in sales for the year to $511.7 million compared to $386.8 million for the full year 2010. Net sales in 2011 were the highest ever for Northwest Pipe Company, exceeding the previous high of $451.4 million in 2008.
Tubular product sales increased 44.9 percent to $239.8 million in 2011, with the most significant increase in volume from energy pipe. Tons sold increased 29 percent to 202,000, and average selling prices improved 14 percent. Tubular Products gross profit increased to $16.0 million (6.7 percent of segment net sales) in 2011 from $10.3 million (6.2 percent of segment net sales) in 2010. Net Water Transmission sales increased 22.9 percent to $271.9 million in 2011 from $221.3 million in 2010. The increase in sales was due to a 19 percent increase in average selling prices and a 3 percent increase in volume.
As of December 31, 2011, the backlog of orders was approximately $175 million as compared to $258 million at December 31, 2010. As of March 31, 2012, the backlog of orders was approximately $198 million. The backlog includes confirmed orders, including the balance of projects in process, and projects for which the company has been notified that they have been the successful bidder even though a binding agreement has not been executed.