VANCOUVER – Vancouver’s Northwest Pipe Co. announced its earnings report for 2016 on Wednesday, revealing a loss of $9.3 million for the year.
The company said cheaper steel costs and increased competition led to a 27 percent drop in sales. Sales revenues fell from $173.2 million in 2015 to $149.4 million. Northwest Pipe Co. manufactures steel pipe systems for the transmission of water. It recently sold one of its facilities in Denver for close to $14 million, the earnings report said.
CEO Scott Montross said they expect things to pick up in 2017, even though sales have been slow to start the year.
“Despite a weaker first quarter, we expect improved bidding volumes for the full year 2017,” he said in a statement. “We also expect that the new administration’s focus on infrastructure spending will present substantial near- and longer-term opportunities.”
The yearly earnings report coincided with its fourth-quarter earnings report, which showed an uptick. Net income rose $5.8 million compared with its fourth quarter 2015. The company said sales prices rose in the fourth quarter, offsetting the lower sale volumes.
