NWPX Infrastructure, Inc. (NWPX) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 30 2025
0mins
Should l Buy NWPX?
Source: SeekingAlpha
Consolidated Net Sales $151.1 million, representing growth of 13.4% sequentially and 16% year-over-year. Reasons for growth include sustained demand across water transmission systems and precast segments.
Gross Margin 21.3%, expanded by 230 basis points sequentially. Reasons include strong customer demand, favorable project pricing, and consistent operational execution.
Earnings Per Share (EPS) $1.38 per share, up 35% versus the prior year period. Reasons include disciplined execution against strategic priorities and sustained demand.
Operating Cash Flow Over $21 million during the quarter. Reasons include collective efforts of the company and notable contributions from the WTS business.
Water Transmission Systems (WTS) Net Sales $103.9 million, a 20.9% increase year-over-year. Reasons include stronger-than-expected customer shipping requirements, project mix, and timing.
WTS Backlog $301 million at quarter end, up from $282 million a year ago. Reasons include elevated shipping activity and robust bidding activity.
Precast Segment Net Sales $47.2 million, a 6.6% year-over-year increase. Reasons include an 8% increase in average selling price due to pricing discipline, partially offset by a decline in shipment volumes.
Consolidated Gross Profit $32.2 million, representing a margin of 21.3%, up 50 basis points from 20.8% in the third quarter of 2024. Reasons include higher pricing due to changes in product mix and operational efficiency gains.
WTS Gross Profit $22.1 million with a margin of 21.3%, up approximately 190 basis points year-over-year. Reasons include strong customer demand, favorable project pricing, and operational execution.
Precast Gross Profit $10 million, down modestly from both second quarter and the third quarter of 2024. Reasons include mix shifts at Geneva and increased depreciation associated with new equipment investments.
Selling, General and Administrative (SG&A) Expenses $13.1 million, a 13.2% increase year-over-year. Reasons include higher compensation and benefits expense.
Interest Expense $0.8 million, down from $1.5 million in the third quarter of 2024. Reasons include a decrease in average daily borrowings.
Income Tax Expense $4.7 million, resulting in an effective income tax rate of 26%. Reasons include nondeductible permanent differences.
Net Cash Provided by Operating Activities $21 million, compared to $22.7 million in the third quarter of 2024. Reasons include changes in working capital, partially offset by increased profitability.
Capital Expenditures (CapEx) $7.8 million, compared to $6 million in the third quarter of 2024. Reasons include investments to support precast product spread and growth initiatives.
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Analyst Views on NWPX
Wall Street analysts forecast NWPX stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for NWPX is 70.00 USD with a low forecast of 70.00 USD and a high forecast of 70.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 70.830
Low
70.00
Averages
70.00
High
70.00
Current: 70.830
Low
70.00
Averages
70.00
High
70.00
About NWPX
NWPX Infrastructure, Inc., formerly Northwest Pipe Company, is a manufacturer of water-related infrastructure products. The Company is the manufacturer of engineered water transmission systems in North America and produces steel casing pipes, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings through its Engineered Steel Pressure Pipe segment. The Company provides solution-based products for a wide range of markets, including reinforced precast concrete products, lined precast sanitary sewer system components, water distribution and management equipment including pump lift stations, wastewater pretreatment and stormwater quality products through its Precast Infrastructure and Engineered Systems segment. The Company provides solutions-based products for a wide range of markets under the Northwest Pipe Company, Permalok, NWPX Geneva, and NWPX ParkUSA product lines. It operates 13 manufacturing facilities across North America.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
NWPX Infrastructure Promotes Four Key Executives
- Executive Promotions: NWPX Infrastructure announces the promotion of four executives, with Michael Wray elevated to Executive Vice President overseeing Water Transmission Systems and Precast Infrastructure, highlighting the company's commitment to internal talent and strategic growth.
- Expanded Operational Responsibilities: Eric Stokes is promoted to Senior Vice President, maintaining commercial and operational oversight of the Water Transmission Systems segment while adding management of the Permalok® steel casing pipe plant in St. Louis, enhancing competitiveness in the North American market.
- Driving Business Growth: Jesus Tanguish is promoted to Senior Vice President/General Manager of Precast, overseeing operations for both NWPX Geneva and NWPX Park, reflecting the company's ongoing efforts to improve operational performance and market share.
- Strategic Team Development: Justin Fraughton is promoted to Vice President and General Manager of NWPX Geneva, responsible for operations across three Utah facilities, demonstrating the company's strategy of strengthening team capabilities and scaling operations through internal promotions.
See More
NWPX Infrastructure Announces Key Executive Promotions
- Executive Promotions: NWPX Infrastructure announces the promotion of four key executives, with Michael Wray elevated to Executive Vice President overseeing Water Transmission Systems and Precast Infrastructure, highlighting the company's commitment to internal talent development.
- Expanded Operational Responsibilities: Eric Stokes is promoted to Senior Vice President, maintaining his role in the Water Transmission Systems while also taking on management of the Permalok® steel casing pipe plant in St. Louis, enhancing the company's competitive edge.
- Driving Business Growth: Jesus Tanguish is promoted to Senior Vice President/General Manager of Precast, overseeing both NWPX Geneva and NWPX Park, reflecting the company's ongoing growth and optimization in the precast market.
- Leadership Evolution: Justin Fraughton is promoted to Vice President and General Manager of NWPX Geneva, responsible for the operations and commercial oversight of three Utah facilities, marking the company's continuous development in leadership and business expansion.
See More
NWPX Launches Curved Microtunneling Technology, Reducing Water Pipeline Project Costs
- Technological Innovation: NWPX Infrastructure has commercially deployed its Permalok® Radial Bending Joint technology in the South Hillsborough Pipeline project, enabling steel casing pipes to be installed along curved paths, enhancing maneuverability in complex site conditions for microtunneling applications.
- Project Scale: The project will deliver an additional 65 million gallons of water per day, utilizing 5,764 linear feet of Permalok® steel casing, significantly boosting Tampa Bay Water's supply capacity to meet growing water resource demands.
- Cost Efficiency: By reducing the jobsite footprint and the number of required shafts, the RBJ technology not only lowers overall project costs but also enhances precision in long-distance tunneling, optimizing resource allocation.
- Market Leadership: As the largest manufacturer of engineered water transmission systems in North America, NWPX Infrastructure further solidifies its leadership position in the water-related infrastructure market with this technology, demonstrating its commitment to innovation and quality.
See More
NWPX Launches Curved Trenchless Technology, Reducing Construction Costs
- Technological Innovation: NWPX Infrastructure has commercially deployed its Permalok® Radial Bending Joint technology in the South Hillsborough Pipeline project, enabling steel casing pipes to be installed along curved paths, which enhances maneuverability in microtunneling applications.
- Project Scale: This project will deliver an additional 65 million gallons of water per day, utilizing 5,764 linear feet of Permalok® steel casing, significantly enhancing regional water supply capacity to meet growing demand.
- Efficiency Improvement: By reducing the job site footprint and the number of required shafts, the RBJ technology not only streamlines the construction process but also lowers overall project costs, enhancing economic viability.
- Market Leadership: As the largest manufacturer of engineered water transmission systems in North America, NWPX Infrastructure further solidifies its leadership position in the water-related infrastructure market with this innovative technology, demonstrating its commitment to quality and innovation.
See More
NWPX Infrastructure Wins Manufacturer of the Year at UMA Awards
- Outstanding Performance: NWPX Geneva was awarded Manufacturer of the Year in the large company category at the UMA Annual Awards Gala, highlighting its exceptional performance in operational excellence, economic achievement, and workplace safety.
- Safety Record: The team maintained a strong safety record while increasing production across all three plants over the past year, demonstrating their commitment to driving operational efficiency and achieving tangible results.
- Environmental Stewardship: NWPX Geneva's efforts in environmental and community stewardship, including baselining greenhouse gas emissions and partnering with local organizations to address urgent community needs like food security and disaster relief, were recognized by the UMA.
- Industry Impact: The Utah Manufacturers Association, established in 1905 and representing over 1,200 manufacturing and service providers, focuses on workforce development and community outreach, and NWPX's award enhances its reputation and influence within the industry.
See More
NWPX Infrastructure Achieves UL 508A Certification, Streamlining Water Project Approvals
- Certification Advantage: NWPX Infrastructure has achieved UL 508A certification for its control panel systems, ensuring compliance with safety and quality standards, which enhances customer trust and strengthens market competitiveness.
- Accelerated Project Approvals: This certification is expected to simplify permitting and inspection processes for water, wastewater, and stormwater infrastructure projects, thereby shortening project timelines and increasing the company's market share in infrastructure automation.
- Product Compatibility: NWPX's automated control systems are compatible with SCADA, BMS, and remote telemetry, enabling standardized and scalable system deployment to meet the growing demand for automation.
- Market Positioning: As the largest manufacturer of engineered water transmission systems in North America, NWPX further solidifies its leadership in the water infrastructure market by offering UL-certified products, addressing the increasing infrastructure needs.
See More
NWPX Infrastructure Promotes Four Key Executives
- Executive Promotions: NWPX Infrastructure announces the promotion of four executives, with Michael Wray elevated to Executive Vice President overseeing Water Transmission Systems and Precast Infrastructure, highlighting the company's commitment to internal talent and strategic growth.
- Expanded Operational Responsibilities: Eric Stokes is promoted to Senior Vice President, maintaining commercial and operational oversight of the Water Transmission Systems segment while adding management of the Permalok® steel casing pipe plant in St. Louis, enhancing competitiveness in the North American market.
- Driving Business Growth: Jesus Tanguish is promoted to Senior Vice President/General Manager of Precast, overseeing operations for both NWPX Geneva and NWPX Park, reflecting the company's ongoing efforts to improve operational performance and market share.
- Strategic Team Development: Justin Fraughton is promoted to Vice President and General Manager of NWPX Geneva, responsible for operations across three Utah facilities, demonstrating the company's strategy of strengthening team capabilities and scaling operations through internal promotions.
See More
NWPX Infrastructure Announces Key Executive Promotions
- Executive Promotions: NWPX Infrastructure announces the promotion of four key executives, with Michael Wray elevated to Executive Vice President overseeing Water Transmission Systems and Precast Infrastructure, highlighting the company's commitment to internal talent development.
- Expanded Operational Responsibilities: Eric Stokes is promoted to Senior Vice President, maintaining his role in the Water Transmission Systems while also taking on management of the Permalok® steel casing pipe plant in St. Louis, enhancing the company's competitive edge.
- Driving Business Growth: Jesus Tanguish is promoted to Senior Vice President/General Manager of Precast, overseeing both NWPX Geneva and NWPX Park, reflecting the company's ongoing growth and optimization in the precast market.
- Leadership Evolution: Justin Fraughton is promoted to Vice President and General Manager of NWPX Geneva, responsible for the operations and commercial oversight of three Utah facilities, marking the company's continuous development in leadership and business expansion.
See More
NWPX Launches Curved Microtunneling Technology, Reducing Water Pipeline Project Costs
- Technological Innovation: NWPX Infrastructure has commercially deployed its Permalok® Radial Bending Joint technology in the South Hillsborough Pipeline project, enabling steel casing pipes to be installed along curved paths, enhancing maneuverability in complex site conditions for microtunneling applications.
- Project Scale: The project will deliver an additional 65 million gallons of water per day, utilizing 5,764 linear feet of Permalok® steel casing, significantly boosting Tampa Bay Water's supply capacity to meet growing water resource demands.
- Cost Efficiency: By reducing the jobsite footprint and the number of required shafts, the RBJ technology not only lowers overall project costs but also enhances precision in long-distance tunneling, optimizing resource allocation.
- Market Leadership: As the largest manufacturer of engineered water transmission systems in North America, NWPX Infrastructure further solidifies its leadership position in the water-related infrastructure market with this technology, demonstrating its commitment to innovation and quality.
See More
NWPX Launches Curved Trenchless Technology, Reducing Construction Costs
- Technological Innovation: NWPX Infrastructure has commercially deployed its Permalok® Radial Bending Joint technology in the South Hillsborough Pipeline project, enabling steel casing pipes to be installed along curved paths, which enhances maneuverability in microtunneling applications.
- Project Scale: This project will deliver an additional 65 million gallons of water per day, utilizing 5,764 linear feet of Permalok® steel casing, significantly enhancing regional water supply capacity to meet growing demand.
- Efficiency Improvement: By reducing the job site footprint and the number of required shafts, the RBJ technology not only streamlines the construction process but also lowers overall project costs, enhancing economic viability.
- Market Leadership: As the largest manufacturer of engineered water transmission systems in North America, NWPX Infrastructure further solidifies its leadership position in the water-related infrastructure market with this innovative technology, demonstrating its commitment to quality and innovation.
See More
NWPX Infrastructure Wins Manufacturer of the Year at UMA Awards
- Outstanding Performance: NWPX Geneva was awarded Manufacturer of the Year in the large company category at the UMA Annual Awards Gala, highlighting its exceptional performance in operational excellence, economic achievement, and workplace safety.
- Safety Record: The team maintained a strong safety record while increasing production across all three plants over the past year, demonstrating their commitment to driving operational efficiency and achieving tangible results.
- Environmental Stewardship: NWPX Geneva's efforts in environmental and community stewardship, including baselining greenhouse gas emissions and partnering with local organizations to address urgent community needs like food security and disaster relief, were recognized by the UMA.
- Industry Impact: The Utah Manufacturers Association, established in 1905 and representing over 1,200 manufacturing and service providers, focuses on workforce development and community outreach, and NWPX's award enhances its reputation and influence within the industry.
See More
NWPX Infrastructure Achieves UL 508A Certification, Streamlining Water Project Approvals
- Certification Advantage: NWPX Infrastructure has achieved UL 508A certification for its control panel systems, ensuring compliance with safety and quality standards, which enhances customer trust and strengthens market competitiveness.
- Accelerated Project Approvals: This certification is expected to simplify permitting and inspection processes for water, wastewater, and stormwater infrastructure projects, thereby shortening project timelines and increasing the company's market share in infrastructure automation.
- Product Compatibility: NWPX's automated control systems are compatible with SCADA, BMS, and remote telemetry, enabling standardized and scalable system deployment to meet the growing demand for automation.
- Market Positioning: As the largest manufacturer of engineered water transmission systems in North America, NWPX further solidifies its leadership in the water infrastructure market by offering UL-certified products, addressing the increasing infrastructure needs.
See More
