Northwest Pipe reports rise in first-quarter sales over prior year

Northwest Pipe Co. sales increased nearly 88 percent in the first quarter compared to the same three-month period last year, the Vancouver-based company announced Wednesday.

The welded steel pipe maker reported $62.6 million in sales for the quarter that ended March 31. In the first quarter last year, it reported $33.4 million in sales.

The acquired Ameron operations contributed $11.8 million of the quarterly sales increase. Northwest Pipe announced last August that it paid $38.3 million for Ameron Water Transmission, which provides water and wastewater pipe products.

Northwest Pipe’s first quarter profit was $2.2 million, or 22 cents per diluted share compared to a loss in the first quarter of 2018 of $2 million, or 20 cents per diluted share.

“With our strong backlog and solid market conditions, we expect continuing strength in revenue and improving gross margins as we progress through 2019,” Scott Montross, president and CEO said in a news release. “However, the next couple of quarters could have anomalies related to the timing of expenses and insurance coverage from the fire at the Saginaw coatings building.”

The company’s stock closed at $23.82 on Friday on Nasdaq, down 15 cents.