Northwest Pipe's 2Q profit jumps to $5.6 million

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Vancouver-based Northwest Pipe Co. on Tuesday reported a second-quarter profit of $5.6 million, or 59 cents per diluted share. That compares with a profit of $3.6 million, or 38 cents per diluted share, for the April-to-June period in 2012.

The company, which manufactures steel pipe primarily for drinking water systems, reported second-quarter net sales of $116.7 million. That's down 10.9 percent from net sales of $131 million in the second quarter of 2012.

"Based on current market conditions, we believe the third quarter will be our weakest quarter in 2013," Scott Montross, president and CEO of Northwest Pipe, said in a news release. He said the company's water transmission segment "will have significantly lower net sales and gross profit as indicated by the relatively low backlog at the end of the second quarter."