# NWPX Infrastructure, Inc.: Form 10-Q for the period ended Mar 31, 2024

- Company: [NWPX Infrastructure, Inc.](/companies/nwpx.md) (CIK 1001385)
- Form: 10-Q
- Filed: 2024-05-02
- Accepted by EDGAR: May 2, 2024, 16:05 ET
- Period: 2024-03-31
- Accession: 0001437749-24-014358
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1001385/000143774924014358/nwpx20240331_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1001385/000143774924014358/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-01-01 to 2024-03-31 | $113.2m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2024-01-01 to 2024-03-31 | $93.1m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2024-01-01 to 2024-03-31 | $20.1m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2024-01-01 to 2024-03-31 | $11.4m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-01-01 to 2024-03-31 | $8.7m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2024-01-01 to 2024-03-31 | $1.5m | us-gaap:InterestExpense |
| Income tax | 3 months, 2024-01-01 to 2024-03-31 | $2.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-01-01 to 2024-03-31 | $5.2m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-01-01 to 2024-03-31 | $0.52 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-01-01 to 2024-03-31 | $0.53 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-01-01 to 2024-03-31 | 10,045,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2024-01-01 to 2024-03-31 | −$26.1m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2024-01-01 to 2024-03-31 | $4.6m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 3 months, 2024-01-01 to 2024-03-31 | $3.9m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-03-31 | $4.3m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-03-31 | $296.7m | us-gaap:AssetsCurrent |
| Total assets | at 2024-03-31 | $621.3m | us-gaap:Assets |
| Current liabilities | at 2024-03-31 | $83.3m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-03-31 | $278.7m | us-gaap:Liabilities |
| Current portion of debt | at 2024-03-31 | $10.8m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-03-31 | $342.6m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 4,603 characters.

On November 2, 2023, we announced our authorization of a share repurchase program of up to $30 million of our outstanding common stock. The program does not commit to any particular timing or quantity of purchases, and the program may be suspended or discontinued at any time. Under the program, shares may be purchased in open market, including through plans adopted pursuant to Rule 10b5‑1 of the Exchange Act, or in privately negotiated transactions administered by our broker, D.A. Davidson Companies. At this time, we have elected to limit our share repurchase transactions to only those under the Rule 10b5‑1 trading plan we executed in November 2023, which we believe considers our liquidity, including availability of borrowings and covenant compliance under our Amended Credit Agreement, and other capital allocation priorities of the business. Our Rule 10b5‑1 trading plan designates up to $10 million for daily share repurchases with volumes that fluctuate with changes in the trading price of our common stock. We expect to consider share repurchase strategies beyond the current Rule 10b5‑1 trading plan at a future date.

The following table provides information relating to our repurchase of common stock during the three months ended March 31, 2024 pursuant to our share repurchase program.

| Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs |
| --- | ---: | ---: | ---: | ---: |
| January 1, 2024 to January 31, 2024 | 58,774 | $29.19 | 58,774 | $27,448,886 |
| February 1, 2024 to February 29, 2024 | 61,274 | 29.51 | 61,274 | 25,640,430 |
| March 1, 2024 to March 31, 2024 | 7,327 | 29.98 | 7,327 | 25,420,733 |
| Total | 127,375 | 29.39 | 127,375 |  |

### Item5. Other Information

None of our directors or officers adopted, modified, or terminated a Rule *10b5‑1* trading arrangement or a non-Rule *10b5‑1* trading arrangement during the *three* months ended *March 31, 2024*, as such terms are defined under Item *408*(a) of Regulation S‑K.

### Item6. Exhibits

(a) The exhibits filed as part of this 2024 Q1 Form 10‑Q are listed below:

| Exhibit Number | Description |
| ---: | --- |
| 10.1 | Form of Performance Share Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 3, 2024\* |
| 10.2 | Form of Restricted Stock Unit Agreement, incorporated by reference to the Company’s Current Report on Form 8‑K, as filed with the Securities and Exchange Commission on April 3, 2024\* |
| 10.3 | Change in Control Agreement dated April 1, 2020 between Northwest Pipe Company and Eric Stokes |
| 10.4 | Change in Control Agreement dated December 9, 2021 between Northwest Pipe Company and Michael Wray |
| 31.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Document |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

\* This exhibit constitutes a management contract or compensatory plan or arrangement.

### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 2, 2024

|  |  |
| --- | --- |
| NORTHWEST PIPE COMPANY |  |
| By: | /s/ Scott Montross |
|  | Scott Montross |
|  | Director, President, and Chief Executive Officer |
|  | (principal executive officer) |
| By: | /s/ Aaron Wilkins |
|  | Aaron Wilkins |
|  | Senior Vice President, Chief Financial Officer, and Corporate Secretary |
|  | (principal financial and accounting officer) |

28

Filed May 2, 2024.
Source: SEC EDGAR, the filing index for accession 0001437749-24-014358. Last ingested by Listed: Oct 30, 2026, 12:42 ET. No prices; not investment advice.