Northwest Pipe registers net loss in first quarter

Vancouver, Washington-based Northwest Pipe Company has announced that in the first quarter this year it reported a net loss of $9.9 million, compared to a net profit of $9.5 million in the corresponding quarter of the previous year. The company's sales revenues in the given quarter amounted to $82.64 million, falling 23 percent year on year.
 
In the first quarter, Northwest Pipe sold 39,000 mt of tubular products, increasing by 41 percent compared to the first quarter of 2013.
 
"Our first quarter was significantly affected by a series of charges related to our recent acquisitions, divestitures and scheduled downtime. We believe the second quarter of 2014 will improve. We will start production on the Integrated Pipeline Project in the second quarter, and expect production will run through the fourth quarter of 2014," said Scott Montross, president and chief executive officer of Northwest Pipe.
 
As SteelOrbis previously reported, at the end of March this year Northwest Pipe sold all of its oil country tubular goods (OCTG) assets to Centric Pipe, LLC, an affiliate of Dallas-based OCTG supplier SB International, Inc., for $42.7 million.