Northwest Pipe Company (NWPX) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $5.83 million, or $ 0.60 a share in the quarter, against a net loss of $13.69 million, or $1.43 a share in the last year period. Revenue during the quarter dropped 14.01 percent to $39.18 million from $45.56 million in the previous year period. Gross margin for the quarter period stood at positive 5.75 percent as compared to a negative 25.05 percent for the previous year period. Operating margin for the quarter period stood at positive 12.30 percent as compared to a negative 36.25 percent for the previous year period.
Operating income for the quarter was $4.82 million, compared with an operating loss of $16.52 million in the previous year period.
"We have continued to see improvement in the bidding environment in most of our regional markets. However, one of our major markets has been much slower to show improvement. As a result, first quarter revenues and margins will be lower versus the fourth quarter," said Scott Montross, president and chief executive officer of the Company. "Our focus on margin over volume as well as the closure of the Denver facility will result in backlog levels that are leaner than we have seen traditionally. However, the overall booked margins on projects awarded later in 2016 and to this point in 2017 are significantly improved from a year ago. Despite a weaker first quarter; we expect improved bidding volumes for the full year 2017. We also expect that the new administrations focus on infrastructure spending will present substantial near and longer term opportunities."
Working capital remains almost stableWorking capital of Northwest Pipe Company remained almost stable for the quarter at $93.62 million, when compared with the previous year period. Current ratio was at 6.05 as on Dec. 31, 2016, up from 5.34 on Dec. 31, 2015. Debt comes down
Northwest Pipe Company has recorded a decline in total debt over the last one year. It stood at $0.93 million as on Dec. 31, 2016, down 12.38 percent or $0.13 million from $1.06 million on Dec. 31, 2015. Total debt was 0.38 percent of total assets as on Dec. 31, 2016, compared with 0.41 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
