# NWPX Infrastructure, Inc.: Form 10-Q for the period ended Sep 30, 2024

- Company: [NWPX Infrastructure, Inc.](/companies/nwpx.md) (CIK 1001385)
- Form: 10-Q
- Filed: 2024-10-31
- Accepted by EDGAR: Oct 31, 2024, 16:06 ET
- Period: 2024-09-30
- Accession: 0001437749-24-032788
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1001385/000143774924032788/nwpx20240930_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1001385/000143774924032788/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-09-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-07-01 to 2024-09-30 | $130.2m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Revenue | 9 months, 2024-01-01 to 2024-09-30 | $372.9m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2024-07-01 to 2024-09-30 | $103.2m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 9 months, 2024-01-01 to 2024-09-30 | $300.0m | us-gaap:CostOfGoodsAndServicesSold |
| Gross profit | 3 months, 2024-07-01 to 2024-09-30 | $27.0m | us-gaap:GrossProfit |
| Gross profit | 9 months, 2024-01-01 to 2024-09-30 | $73.0m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2024-07-01 to 2024-09-30 | $11.6m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2024-01-01 to 2024-09-30 | $35.2m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-07-01 to 2024-09-30 | $15.4m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2024-01-01 to 2024-09-30 | $37.7m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2024-07-01 to 2024-09-30 | $1.5m | us-gaap:InterestExpense |
| Interest expense | 9 months, 2024-01-01 to 2024-09-30 | $4.7m | us-gaap:InterestExpense |
| Income tax | 3 months, 2024-07-01 to 2024-09-30 | $3.7m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2024-01-01 to 2024-09-30 | $8.6m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-07-01 to 2024-09-30 | $10.3m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2024-01-01 to 2024-09-30 | $24.1m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-07-01 to 2024-09-30 | $1.02 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2024-01-01 to 2024-09-30 | $2.40 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-07-01 to 2024-09-30 | $1.03 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2024-01-01 to 2024-09-30 | $2.43 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-07-01 to 2024-09-30 | 10,055,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2024-01-01 to 2024-09-30 | 10,040,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2024-01-01 to 2024-09-30 | $18.9m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2024-01-01 to 2024-09-30 | $16.6m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 9 months, 2024-01-01 to 2024-09-30 | $4.4m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-09-30 | $5.7m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-09-30 | $293.7m | us-gaap:AssetsCurrent |
| Total assets | at 2024-09-30 | $617.2m | us-gaap:Assets |
| Current liabilities | at 2024-09-30 | $91.8m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-09-30 | $254.8m | us-gaap:Liabilities |
| Current portion of debt | at 2024-09-30 | $10.8m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-09-30 | $362.4m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 4,236 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.

Pursuant to our share repurchase program, no repurchases of our common stock were made during the three months ended September 30, 2024, and $24.9 million of the share repurchase authorization remained available for repurchases as of September 30, 2024.

### Item5. Other Information

During the *three* months ended *September 30, 2024,* none of our directors or officers adopted, modified, or terminated a Rule *10b5‑1* trading arrangement or a non-Rule *10b5‑1* trading arrangement, as such terms are defined under Item *408*(a) of Regulation S‑K, except as follows:

On *August 19, 2024,* Aaron Wilkins, our Senior Vice President, Chief Financial Officer, and Corporate Secretary, adopted a Rule *10b5‑1* trading arrangement for the sale of shares of our common stock, which is intended to satisfy the affirmative defense conditions of Rule *10b5‑1*(c) under the Exchange Act. Mr. Wilkins’ Rule *10b5‑1* trading arrangement provides for the potential sale of up to 2,500 shares of our common stock between *November 18, 2024* and *April 30, 2025,* so long as the market price of our common stock is higher than certain minimum threshold prices specified in Mr. Wilkins’ Rule *10b5‑1* trading arrangement.

### Item6. Exhibits

(a) The exhibits filed as part of this 2024 Q3 Form 10‑Q are listed below:

| Exhibit Number | Description |
| ---: | --- |
| 10.1 | Term loan agreement dated October 28, 2024 by and between Wells Fargo Equipment Finance, Inc. and Geneva Pipe and Precast Company |
| 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) |

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### 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: October 31, 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) |

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Filed Oct 31, 2024.
Source: SEC EDGAR, the filing index for accession 0001437749-24-032788. Last ingested by Listed: Oct 30, 2026, 12:42 ET. No prices; not investment advice.