NWPX Infrastructure, Inc. Announces Third Quarter 2025 Financial Results

— Record net sales of $151.1 million, an increase of 16.0% year-over-year and record gross profit of $32.2 million, an increase of 19.0% year-over-year

— Record net sales of $103.9 million for the Water Transmission Systems segment (“WTS”), an increase of 20.9% year-over-year and record gross profit of $22.1 million for WTS, an increase of 33.0% year-over-year

— Net income of $13.5 million, or $1.38 per diluted share

— Backlog1 of $257million for WTS; backlog including confirmed orders2of $301million

— Order book3 of $55million for the Precast Infrastructure and Engineered Systems segment (“Precast”)

— Repurchased $15.8 million of common stock year-to-date through September 2025, representing 3.8% of the Company's shares outstanding

NWPX Infrastructure, Inc. (NASDAQ: NWPX) (the “Company”), a leading manufacturer of water-related infrastructure products, today announced its financial results for the third quarter ended September30, 2025. The Company will broadcast its third quarter 2025 earnings conference call on Thursday, October30, 2025 at 7:00 a.m. PT.

https://mma.prnewswire.com/media/2707667/NWPX_Infrastructure___Color_Logo.jpg

Management Commentary

“We delivered our strongest quarter in Company history, achieving consolidated revenue of $151.1million, up 13.4% compared to the previous quarter, and a gross margin of 21.3%, reflecting 230 basis points of sequential quarter margin expansion,” said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure, Inc. “Our enhanced profitability led to another quarter of strong operating cash flow generation totaling $21.0million. These results reflect the continued strength of our WTS and Precast businesses and the exceptional execution of our teams.”

Mr.Montross continued, “Our WTS business delivered record revenue of $103.9million and record gross profit of $22.1million, with gross margin expanding nearly 350 basis points over the prior quarter to 21.3%. These results were driven by stronger than anticipated customer shipping requirements and strong project pricing levels. Our backlog including confirmed orders remained above $300 million at quarter-end, despite the elevated shipping activity, positioning us well for continued strength throughout the fourth quarter. Our Precast business also continued to perform well with revenue only slightly below the record level achieved last quarter on relatively consistent margins. We have continued to see improving momentum in the non-residential portion of our Precast business, which should be a key driver for Precast margin improvement moving forward.”

Mr.Montross concluded, “As we look ahead into the fourth quarter and manage through the seasonally slower period impacted by weather and holidays, we anticipate WTS revenue and margins comparable to last year's levels, while Precast revenue and margins are expected to show a modest year-over-year improvement. In addition, we expect the fourth quarter to be the strongest project bidding period of 2025 which should result in backlog growth and enable us to enter 2026 from a position of strength. Our record third quarter 2025 results continue to demonstrate the resilience of our business model, the durability of our end markets, and the exceptional commitment of our employees who continue to drive performance across both segments.”

ThirdQuarter 2025 Financial Results

Consolidated

— Net sales increased 16.0% to $151.1 million from $130.2 million in the third quarter of 2024.

— Gross profit increased 19.0% to $32.2 million, or 21.3% of net sales, from $27.0 million, or 20.8% of net sales, in the third quarter of 2024.

— Net income was $13.5 million, or $1.38 per diluted share, compared to $10.3 million, or $1.02 per diluted share, in the third quarter of 2024. The third quarter of 2025 marked the highest net income in the Company's history aside from the third quarter of 2018 which included a $21.9 million bargain purchase gain associated with the acquisition of Ameron Water Transmission Group, LLC.4

Water Transmission Systems Segment (WTS)

— WTS net sales increased 20.9% to $103.9 million from $85.9 million in the third quarter of 2024 driven by a 14% increase in tons produced resulting from changes in project timing and a 6% increase in selling price per ton due to changes in product mix.

— WTS gross profit increased 33.0% to $22.1 million, or 21.3% of WTS net sales, from $16.6 million, or 19.4% of WTS net sales, in the third quarter of 2024 due to increased volume, including related operational efficiency gains, and changes in product mix.

— WTS backlog was $257 million as of September 30, 2025 compared to $298 million as of June 30, 2025 and $231 million as of September 30, 2024. Backlog including confirmed orders was $301 million as of September 30, 2025 compared to $348 million as of June 30, 2025 and $282 million as of September 30, 2024.

Precast Infrastructure and Engineered Systems Segment (Precast)

— Precast net sales increased 6.6% to $47.2 million from $44.3 million in the third quarter of 2024 driven by an 8% increase in selling prices due to changes in product mix, partially offset by a 2% decrease in volume shipped.

— Precast gross profit decreased 3.4% to $10.0 million, or 21.3% of Precast net sales, from $10.4 million, or 23.5% of Precast net sales, in the third quarter of 2024 primarily due to changes in product mix.

— Precast order book was $55 million as of September 30, 2025 compared to $56 million as of June 30, 2025 and $57 million as of September 30, 2024.

Balance Sheet, Cash Flow, and Capital Allocation

— As of September 30, 2025, the Company had $27.6 million of outstanding revolving loan borrowings and additional borrowing capacity of approximately $96 million under the revolving credit facility.

— Net cash provided by operating activities was $21.0 million in the third quarter of 2025 compared to $22.7 million in the third quarter of 2024 primarily due to a $5.6 million decrease in cash from changes in working capital, partially offset by a $3.8 million increase in net income adjusted for noncash items.

— Capital expenditures were $7.8 million in the third quarter of 2025 compared to $6.0 million in the third quarter of 2024.

— The Company repurchased approximately 186,000 shares of its common stock at an average price of $42.90 per share for a total of $8.0 million during the third quarter of 2025, and subsequent to quarter end, through October 28, 2025, the Company repurchased approximately 25,000 additional shares at an average price of $51.95 per share for a total purchase price of $1.3 million pursuant to a Rule 10b5-1 trading plan.

1NWPX Infrastructure, Inc. defines “backlog” as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.2NWPX Infrastructure, Inc. defines “confirmed orders” as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.3NWPX Infrastructure, Inc. defines “order book” as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.4In the third quarter of 2018 the Company reported net income of $27.8million, or $2.86 per diluted share which, amongst other non-recurring items, included a bargain purchase gain of $21.9million associated with our acquisition of Ameron Water Transmission Group, LLC. Without this non-cash item and other non-recurring items reported for that quarter, the adjusted net income reconciled to $2.1million, or $0.21 per share. See reconciliation of Non-GAAP Financial Measures in our Form8-K filed on November8, 2018 for additional information.

Conference Call Details

A conference call and simultaneous webcast to discuss the Company's thirdquarter 2025financial results will be held on Thursday, October30, 2025, at 7:00a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpipe.comand will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, November13, 2025, by dialing 1-844-512-2921 in the U.S. or 1-412-317-6671 internationally and entering the replay access code: 13756400.

About NWPX Infrastructure, Inc.

Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products and lined precast sanitary sewer system components, which are manufactured under the NWPX Geneva brand, as well as water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products through the NWPX Park brand. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America. For more information, please visit www.nwpx.com.

Forward-Looking Statements

Statements in this press release by Scott Montross contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, product quality assurance failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular with Canada and Mexico) and duties imposed on imports and exports and the related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including the various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key system, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form10-K for the year ended December31, 2024 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

Non-GAAP Financial Measures

The Company is presenting backlog including confirmed orders. This non-GAAP financial measure is provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. This should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For more information, visit www.nwpx.com.

Contact: Aaron Wilkins Chief Financial Officer NWPX Infrastructure, Inc. investors@nwpx.com

Or

Addo Investor Relations nwpx@addo.com

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Net sales:Water Transmission Systems $ 103,866 $ 85,924 $ 266,900 $ 255,454Precast Infrastructure and Engineered Systems 47,201 44,277 133,464 117,467Total net sales 151,067 130,201 400,364 372,921Cost of sales:Water Transmission Systems 81,750 69,296 217,555 207,603Precast Infrastructure and Engineered Systems 37,167 33,886 105,929 92,351Total cost of sales 118,917 103,182 323,484 299,954Gross profit:Water Transmission Systems 22,116 16,628 49,345 47,851Precast Infrastructure and Engineered Systems 10,034 10,391 27,535 25,116Total gross profit 32,150 27,019 76,880 72,967Selling, general, and administrative expense 13,113 11,581 39,038 35,220Operating income 19,037 15,438 37,842 37,747Other income (expense) (3) (66) 25 (287)Interest expense (788) (1,452) (2,186) (4,749)Income before income taxes 18,246 13,920 35,681 32,711Income tax expense 4,741 3,667 9,149 8,601Net income $ 13,505 $ 10,253 $ 26,532 $ 24,110Net income per share:Basic $ 1.40 $ 1.03 $ 2.70 $ 2.43Diluted $ 1.38 $ 1.02 $ 2.66 $ 2.40Shares used in per share calculations:Basic 9,678 9,919 9,830 9,915Diluted 9,813 10,055 9,966 10,040NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands) September 30, 2025 December 31, 2024AssetsCurrent assets:Cash and cash equivalents $ 2,671 $ 5,007Trade and other receivables, net 98,134 66,946Contract assets 96,882 103,422Inventories 74,521 79,770Prepaid expenses and other 2,693 7,343Total current assets 274,901 262,488Property and equipment, net 155,933 150,456Operating lease right-of-use assets 88,332 87,747Goodwill 55,504 55,504Intangible assets, net 24,016 27,041Other assets 6,547 6,417Total assets $ 605,233 $ 589,653Liabilities and Stockholders' EquityCurrent liabilities:Current portion of long-term debt $ 2,994 $ 2,994Accounts payable 28,052 27,783Accrued liabilities 32,265 28,172Contract liabilities 8,308 11,197Current portion of operating lease liabilities 4,769 4,987Total current liabilities 76,388 75,133Borrowings on line of credit 27,633 24,677Long-term debt 9,231 11,476Operating lease liabilities 87,401 85,744Deferred income taxes 8,421 8,297Other long-term liabilities 9,807 10,323Total liabilities 218,881 215,650Stockholders' equity:Common stock 96 99Additional paid-in-capital 114,246 128,407Retained earnings 272,863 246,331Accumulated other comprehensive loss (853) (834)Total stockholders' equity 386,352 374,003Total liabilities and stockholders' equity $ 605,233 $ 589,653NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) Nine Months Ended September 30, 2025 2024Cash flows from operating activities:Net income $ 26,532 $ 24,110Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and finance lease amortization 11,517 11,255Amortization of intangible assets 3,025 3,024Noncash operating lease expense 4,632 4,474Deferred income taxes 113 (70)Share-based compensation expense 3,924 3,836Other, net 1,504 539Changes in operating assets and liabilities:Trade and other receivables (32,200) (32,267)Contract assets, net 3,652 6,980Inventories 5,249 6,252Prepaid expenses and other assets 4,331 6,358Accounts payable (785) (10,517)Accrued and other liabilities 3,533 (1,278)Operating lease liabilities (3,777) (3,768)Net cash provided by operating activities 31,250 18,928Cash flows from investing activities:Purchases of property and equipment (14,964) (16,609)Other investing activities 31 62Net cash used in investing activities (14,933) (16,547)Cash flows from financing activities:Borrowings on line of credit 132,957 142,883Repayments on line of credit (130,001) (136,664)Repurchase of common stock (15,701) (4,429)Tax withholdings related to net share settlements of equity awards (2,313) (1,449)Payments on other debt (2,250) -Payments on finance lease liabilities (1,199) (1,067)Other financing activities (146) -Net cash used in financing activities (18,653) (726)Change in cash and cash equivalents (2,336) 1,655Cash and cash equivalents, beginning of period 5,007 4,068Cash and cash equivalents, end of period $ 2,671 $ 5,723

https://edge.prnewswire.com/c/img/favicon.png?sn=SF10438&sd=2025-10-29

View original content to download multimedia:https://www.prnewswire.com/news-releases/nwpx-infrastructure-inc-announces-third-quarter-2025-financial-results-302598863.html

SOURCE NWPX Infrastructure, Inc.

https://rt.newswire.ca/rt.gif?NewsItemId=SF10438&Transmission_Id=202510291615PR_NEWS_USPR_____SF10438&DateId=20251029