New York, NY (1888PressRelease)
July 24, 2008 - Stockhouse reports that Northwest Pipe Company (NASDAQ: NWPX) today reported record sales, earnings and backlog for the second quarter of 2008. Sales in the second quarter ended June 30, 2008 were $112.1 million compared to $101.9 million in the same quarter of 2007. Net income in the quarter was $8.4 million, compared to $5.7 million in the second quarter of 2007. Per share earnings were $0.90 in the second quarter of 2008 compared to $0.61 per share in 2007.
Northwest has two main pipe product groups, water and tubular. Revenues for the Water Transmission Group were $74.9 million in the second quarter of 2008 compared to $73.0 million in 2007. The Tubular Products Group's sales were $37.2 million in the second quarter of 2008, compared to $28.9 million in the second quarter of 2007.
What is most interesting is that the company does not expect significant increases in steel or fuel costs over the next few months. Could this be a clue which foretells the stabilization in energy prices and inflation?
Time will tell, in the meantime Northwest is expecting strong demand without significant cost increases.
Investors should be watching this company closely as a bellwether for inflation as well as for investment consideration.
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