Earnings

NWPX Infrastructure Posts Record Third-Quarter Sales

The Tip Desk · November 10, 2026 · 3 min read

Net sales reached $179.4 million, up 18.7% from a year earlier, as Water Transmission Systems sales hit a record $131.9 million.

NWPX Infrastructure, Inc. (NWPX), a manufacturer of water-related infrastructure products, reported record net sales of $179.4 million for the third quarter ended September 30, 2026, up 18.7% from $151.1 million a year earlier.

Gross profit rose 18.8% to a record $38.2 million, or 21.3% of net sales, from $32.2 million, or 21.3% of net sales, in the third quarter of 2025. Net income increased 35.0% to $18.2 million, or $1.86 a share, from $13.5 million, or $1.38 a share. The company said the quarter marked the highest net income in its history aside from the third quarter of 2018, which included a $21.9 million bargain purchase gain tied to the Ameron Water Transmission Group acquisition.

Water Transmission Systems led the results. Segment net sales reached a record $131.9 million, up 27.0% from $103.9 million a year earlier. The company attributed the increase to a 19% rise in selling price per ton from product mix and a 7% increase in tons produced from project timing.

WTS gross profit rose 23.4% to a record $27.3 million. The company said the margin decline reflected product mix.

Precast Infrastructure and Engineered Systems net sales were $47.5 million, up 0.6% from $47.2 million a year earlier. Acquisitions of Boughton’s Precast and Serpentix contributed $2.1 million, partially offsetting a 9% decrease in volume shipped at legacy Precast facilities. Precast gross profit increased 8.6% to $10.9 million, or 22.9% of Precast net sales, from $10.0 million, or 21.3% of Precast net sales, a year earlier. The company said the margin improvement was primarily due to changes in product mix.

WTS backlog stood at $264 million as of September 30, 2026, compared with $305 million as of June 30, 2026, after the company recognized $31.0 million in revenue associated with its NDA project during the quarter. Backlog including confirmed orders reached a record $435 million.

The Precast order book was $67 million as of September 30, 2026. Serpentix contributed $10 million to that order book, including $8 million of remaining performance obligations for which revenue is recognized over time.

On September 2, 2026, the company completed the acquisition of Serpentix Conveyor, LLC, a manufacturer of engineered conveyor systems used primarily in municipal wastewater treatment plants and industrial manufacturing facilities. The deal was NWPX’s second acquisition of 2026, following Boughton in February.

Cash provided by operating activities was $27.4 million in the third quarter, compared with $21.0 million a year earlier. Capital expenditures were $7.0 million. Outstanding revolving loan borrowings were $18.5 million as of September 30, with additional borrowing capacity of approximately $105 million under the revolving credit facility.

President and Chief Executive Officer Scott Montross said the company anticipates stronger fourth-quarter 2026 performance than both the fourth quarter of 2025 and the first quarter of 2026, despite typical holiday and weather-related disruptions. The company said it expects WTS backlog to remain elevated through year-end and the Precast business to remain steady.

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