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Tuesday, March 5, 2024
March 5, 2024

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Vancouver-based Northwest Pipe sees income drop from record high

By , Columbian staff writer

Vancouver-based Northwest Pipe Co.’s quarterly net income is down more than 40 percent since this time last year, according to the manufacturer’s third-quarter financial statement released Thursday.

The company saw $5.8 million in net income, 58 cents per diluted share, in its third quarter, compared with $10 million in the third quarter of 2022.

Net sales, meanwhile, came in at $118.7 million, down from $123 million in the third quarter last year. The company had a record year in 2022.

Northwest Pipe executives also announced Thursday that the company authorized up to $30 million in share repurchasing.

The company has seen reduced bidding activity, CEO Scott Montross said. And higher interest rates have affected the business.

Northwest Pipe trades on the Nasdaq as NWPX. Its stock closed Thursday at $28.25 per share, up from the $28.15 it closed at Wednesday.