NWPX earnings analysis
What we found in NWPX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
NWPX Infrastructure reported a strong Q1 2026 with revenues of $138.3 million, up 19.1% year-over-year, and earnings per share of $1.08, significantly exceeding consensus estimates of $0.56. Management emphasized robust demand across segments, particularly within Water Transmission Systems, which led to record backlog levels, anticipating continued growth despite economic headwinds.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 19.1%
- Net sales for Q1 2026 reached $138.3 million, up from $116.1 million in Q1 2025.
- Record EPS of $1.08
- Earnings per share significantly increased from $0.39 in Q1 2025, showcasing robust profitability.
- Increase in Backlog
- Backlog grew to $373 million, reflecting strong demand and bidding activity.
- Improved Gross Margin
- Gross profit margin improved to 19.3% in Q1 2026, up from 16.7% in the prior year.
- Strong Operating Income
- Operating income surged to $12.7 million, compared to $5.6 million in Q1 2025.
- Substantial Operating Cash Flow
- Net cash from operating activities rose to $29.3 million, up from $4.8 million a year prior.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Supply Chain Vulnerabilities
- Potential disruptions in the supply chain, particularly related to steel procurement, present risks as steel costs influence revenue.
- Economic Uncertainty
- Ongoing geopolitical tensions and economic volatility could impact construction demand and costs.
- Project Funding Delays
- Delays in federal infrastructure funding could postpone key projects, affecting the future revenue outlook.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.08
- Gross margin
- 19.3%
- Operating margin
- 9.2%
- Segment
- Water Transmission Systems
- Segment
- Precast Infrastructure and Engineered Systems
What they said about what is next.
Management indicated increased confidence in 2026 growth driven by strong demand and backlog.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- NWPX Infrastructure (formerly Northwest Pipe Company) presents a modestly improved 2025 operating performance with revenue up to about $526.0M (sum of quarterly results) and free cash flow improving to approximately…
- 10-Q · August 8, 2025
- NWPX reported Q2 net sales of $133.18M (up $3.68M or +2.8% YoY) and diluted EPS of $0.91 (up $0.05 YoY), beating consensus. Gross profit slipped modestly to $25.37M (gross margin ~19.06%), while operating income was…
- 10-K · February 27, 2025
- Northwest Pipe Company remains the largest manufacturer of engineered steel water pipeline systems in North America, strategically positioned to capitalize on increased infrastructure spending driven by aging water…
- 10-K · March 5, 2024
- Northwest Pipe (NWPX) positions itself as the largest manufacturer of engineered steel water pipeline systems in North America and is expanding its precast/engineered systems capabilities through acquisitions (ParkUSA…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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