Overview

• US water infrastructure maker's Q1 net sales rose 19% yr/yr, gross profit up 38%

• Q1 net income more than doubled from prior year

• Company repurchased $2.2 mln of common stock in Q1

Outlook

• Company expects record revenue and profitability for 2026

• Company cites strong bidding activity and a significant new project in Water Transmission Systems

• Company sees sustained demand and operational improvements in Precast segment

Result Drivers

• WTS VOLUME AND MIX - WTS segment revenue rose on higher production volumes and a modest increase in selling price per ton, with gross profit boosted by operational efficiency and favorable product mix

• PRECAST PRICING AND VOLUME - Precast segment revenue and profit grew on higher selling prices from product mix and increased shipment volume

• RECORD BACKLOGS - Record WTS backlog and strong Precast order book reflect sustained demand and increased project activity

Company press release: ID:nPn5JGWhma

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$138.25 mln	$125.10 mln (2 Analysts)
Q1 Net Income		$10.53 mln
Q1 Gross Profit		$26.67 mln
Q1 Operating Income		$12.66 mln
Q1 Pretax Profit		$12.54 mln

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• The average consensus recommendation for the iron & steel peer group is "buy."

• Wall Street's median 12-month price target for NWPX Infrastructure Inc is $84.00, about 3.3% below its April 28 closing price of $86.86

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 16 three months ago

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