Northwest Pipe Co. reports $16.2 million profit for 2012

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Vancouver-based Northwest Pipe Co. on Friday reported solid financial results for 2012, posting a profit of $16.2 million, or $1.72 per share. That compares with a profit of $12.7 million in 2011, or $1.35 per share for 2011.

The company, which manufactures steel pipe primarily for drinking water systems, said it experienced record net sales, with $524.5 million in 2012. That compares with $511.7 million in net sales in 2011.

The company's water transmission segment was particularly strong, driven by Northwest Pipe's Lake Texoma project in Texas, "the largest project in our history," Scott Montross, the company's president and CEO, said in a news release.