Northwest Pipe reports second quarter earnings

Northwest Pipe reports second quarter earnings

Portland, Oregon welded steel pipe manufacturer Northwest Pipe Co. announced second quarter 2005 sales increased 20 percent, driven in large by excellent performance from its Water Transmission Group. Net sales were $86.4 million for the second quarter 2005, an increase over the $69.6 million seen for the same period in 2004. Year-to-date net sales were reported as $165.2 million, an 18 percent increase from same period in 2004. Net income for the second quarter was reported as $3.4 million, or $0.49 per diluted share, compared to $3.0 million, or $0.45 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $6.0 million while year-to-date 2004 net income was $4.2 million. Northwest president and CEO Brian Dunham said, "Our second quarter results improved compared to both the same quarter last year and to the first quarter of 2005. Water Transmission Group generated record revenues and improved margins leading us to a strong overall quarter." Commenting on Northwest’s outlook, Mr. Dunham said, "While we do not expect to see significant changes in production until next year, we do expect steel costs to level out, leading to at least a partial recovery in margins in the fourth quarter." Northwest Pipe Company manufactures welded steel pipe in two business segments. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water transmission in the United States and Canada. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of construction, agricultural, energy, industrial and mechanical applications. The Company is headquartered in Portland, Oregon and operates nine manufacturing facilities across the United States and Mexico.