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News / Business / Clark County Business

Reports positive for Northwest Pipe Company, Barrett Business Services

Northwest Pipe’s net sales up 37.7% year over year; Barrett revenues climb 6%

By Sarah Wolf, Columbian staff writer
Published: March 15, 2023, 5:29pm

Northwest Pipe Company’s net sales increased 37.7 percent year over year, the Vancouver company reported Wednesday.

Annual net sales were $457.7 million in 2022, up from $333.3 million in 2021. Gross profits increased 94 percent, compared with 2021. It brought in $85.9 million in 2022 and $44.3 million in 2021.

The manufacturing company reported its net income as $31.1 million in 2022, compared with $11.5 million in 2021.

In his company’s earning report, Scott Montross, president and chief executive of Northwest Pipe Company, said he expects the first quarter of 2023 to be challenging, as it was in 2022.

“Even with the record backlog, including confirmed orders in (engineered steel pressure pipe segment), there are customer driven delays affecting the production timing of near-term projects, as well as severe weather events that have led to unscheduled downtime time at various (engineered steel pressure pipe segment) facilities,” Montross said. “These weather events have also caused unscheduled downtime in our precast business, further suppressing the first quarter, which is already the seasonally slow time of year.”

Montross said business levels in the engineered steel pressure pipe space are expected to normalize, as they did in 2022. The precast business, however, may be moderately affected by the uncertainty in the residential housing market near term. It’s “still expected to have a solid year,” he said.

Its fourth-quarter sales increased 4.2 percent compared with the same quarter in 2021, rising from $102.5 million to $106.8 million. Gross profit increased from $13.6 million in that quarter to $21.9 million at the end of 2022. Net income also rose from $8 million in the last quarter of 2022, compared with $2.3 million during the same period in 2021.

Northwest Pipe Company’s stock, which is traded as NWPX on the Nasdaq, closed at $36.43 per share Wednesday. That’s down from Tuesday’s closing of $38.51 per share.

Barrett Business Services

Vancouver-based Barrett Business Services Inc. recently reported its revenues were up 6 percent to $270 million in its fourth quarter of 2022, compared with the same quarter the year before; it was $256.6 million then.

Gross billings in that quarter were $1.95 billion, up 8 percent compared with the previous year. The company’s net income rose to $11.5 million in the fourth quarter, compared with $10.6 million in 2021.

“We had a strong finish to a year that consistently exceeded expectations,” Gary Kramer, Barrett Business Services Inc. president and chief executive, said in the earnings report.

Kramer said the company saw positive results from sales efforts in the fourth quarter, with a larger portion of the worksite employee growth coming from new clients.

The business services company reported its revenues increased 10 percent in 2022 to $1.05 billion compared with $955.2 million in 2021. Over the year, billings increased 13 percent to $7.39 billion from $6.57 billion in 2021. These billing increases were due to an increase in the average number of worksite employees, as well as a higher average billing per worksite employee.

“Looking ahead to 2023, we are now launching our health benefits offering nationwide after our successful roll-out in select markets in the fourth quarter,” Kramer said. “This new product offering, paired with continued innovation in our sales and service delivery, brings exciting growth potential in the years ahead.”

Barrett Business Services Inc. trades on the Nasdaq as BBSI. Its stock closed Wednesday at $85.28 per share, down from $87.27 per share Tuesday.