NWPX Infrastructure, Inc. Segments Disclosure
| 18. | SEGMENT INFORMATION: |
The operating segments reported below are based on the nature of the products sold and the manufacturing process used by the Company and are the segments of the Company for which discrete financial information is available and for which operating results are regularly evaluated by the Company’s CODM, its Chief Executive Officer.
The Company’s Water Transmission Systems segment manufactures large-diameter, high-pressure steel pipeline systems for use in water infrastructure applications, which are primarily related to drinking water systems. These products are also used for hydroelectric power systems, wastewater systems, seismic resiliency, and other applications. In addition, WTS makes products for industrial plant piping systems and certain structural applications. WTS has manufacturing facilities located in Portland, Oregon; Adelanto and Tracy, California; Parkersburg, West Virginia; Saginaw, Texas; St. Louis, Missouri; and San Luis Río Colorado, Mexico.
The Company’s Precast Infrastructure and Engineered Systems segment manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including reinforced concrete pipe, manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration units, and other environmental and engineered solutions. Precast has manufacturing facilities located in Dallas, Houston, and San Antonio, Texas; and Orem, Salt Lake City, and St. George, Utah.
The CODM uses gross profit to assess performance of each segment by comparing actual gross profit results to historical results and previously forecasted financial information, and to determine allocation of operating and capital resources. The Company does not allocate selling, general, and administrative expenses, interest, other non-operating income or expense items, or taxes to segments, and there are no intersegment revenues. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.
The following table summarizes net sales, cost of sales, and gross profit based on the Company’s reportable segments (in thousands):
| Year Ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Net sales: | ||||||||||||
| Water Transmission Systems | $ | 350,879 | $ | 337,945 | $ | 296,381 | ||||||
| Precast Infrastructure and Engineered Systems | 175,124 | 154,603 | 147,974 | |||||||||
| Total net sales | $ | 526,003 | $ | 492,548 | $ | 444,355 | ||||||
| Cost of sales: | ||||||||||||
| Water Transmission Systems (1) | $ | 283,738 | $ | 275,341 | $ | 253,954 | ||||||
| Precast Infrastructure and Engineered Systems (2) | 138,628 | 121,802 | 112,759 | |||||||||
| Total cost of sales | $ | 422,366 | $ | 397,143 | $ | 366,713 | ||||||
| Gross profit: | ||||||||||||
| Water Transmission Systems | $ | 67,141 | $ | 62,604 | $ | 42,427 | ||||||
| Precast Infrastructure and Engineered Systems | 36,496 | 32,801 | 35,215 | |||||||||
| Total gross profit | $ | 103,637 | $ | 95,405 | $ | 77,642 | ||||||
| (1) | Depreciation and amortization included in Cost of sales for the WTS segment for the years ended December 31, 2025, 2024, and 2023 was $11.4 million, $11.9 million, and $9.0 million, respectively. | |
| (2) | Depreciation and amortization included in Cost of sales for the Precast segment for the years ended December 31, 2025, 2024, and 2023 was $7.5 million, $6.6 million, and $6.2 million, respectively. |
The Company’s total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the CODM.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2016 | Mar 9, 2017 | |
| 2015 | Mar 4, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.