西北管道公司 (NWPX) 首席执行官 Scott Montross 于 2019年 第三季度业绩-收益电话抄本

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Northwest Pipe Company (NASDAQ:NWPX) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

Northwest Pipe Company (NASDAQ:NWPX) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET

公司参与者

Scott Montross - Chief Executive Officer
Robin Gantt - Chief Financial Officer

  • Scott Montross - Chief Executive Officer
  • Robin Gantt - Chief Financial Officer

电话会议参与者

Brent Thielman - D.A. Davidson
David Wright - Henry Investment
Mike Morales - Walthausen & Company

  • Brent Thielman - D.A. Davidson
  • David Wright - Henry Investment
  • Mike Morales - Walthausen

会议主持员

Welcome and thank you for standing by. [Operator Instructions] Now I will turn the meeting over to Scott Montross, CEO of Northwest Pipe. You may begin.

Welcome and thank you for standing by. [Operator Instructions] Now I will turn the meeting over to Scott Montross, CEO of Northwest Pipe. You may begin.

Scott Montross

Scott Montross

Thank you, Donna. Good morning and welcome to Northwest Pipe’s conference call. My name is Scott Montross. I am President and CEO of the company. I am joined by Robin Gantt, our Chief Financial Officer.
As we begin, I would like to remind everyone that statements that we make in this call about our expectations for the future are forward-looking statements and actual results could differ materially. Please refer to our most recent SEC filing on Form 10-K for a discussion of risk factors that could cause actual results to differ materially from expectations.
I will now turn to Robin who will discuss our third quarter results.

Thank you, Donna. Good morning and welcome to Northwest Pipe’s conference call. My name is Scott Montross. I am President and CEO of the company. I am joined by Robin Gantt, our Chief Financial Officer.

As we begin, I would like to remind everyone that statements that we make in this call about our expectations for the future are forward-looking statements and actual results could differ materially. Please refer to our most recent SEC filing on Form 10-K for a discussion of risk factors that could cause actual results to differ materially from expectations.

I will now turn to Robin who will discuss our third quarter results.

Robin Gantt

Robin Gantt

Thank you, Scott. Our adjusted third quarter net income was $9.1 million or $0.93 per diluted share compared to an adjusted net income of $2.1 million or $0.21 per diluted share in the third quarter of 2018. Sales were $75.2 million in the third quarter of 2019 compared to $52.5 million in the third quarter of 2018. Gross profit as a percent of sales was 20.6% in the third quarter of 2019 compared to 9.9% in the third quarter of 2018. The sales increase was due to a significant increase in tons produced, partially offset by a decrease in selling prices per ton that occurred with a change in product mix.
Gross profit and gross profit as a percent of sales improved with the increases in production volumes. In addition, we received $300,000 in insurance proceeds, net of the expenses incurred in the third quarter related to the fire at our Saginaw facility. If we exclude the benefit of these net proceeds, our gross profit as a percent of sales would have been 20.2%, which is the best quarter since 2014. You will recall that we had additional cost of $3.2 million in the second quarter. So the net impact of the fire on gross margin through the end of September is about $2.9 million, which gives us a year-to-date gross margins of 16%. We will have additional costs in the fourth quarter, but we will also hopefully have additional insurance proceeds to offset the remaining cost.
Selling, general and administrative cost decreased to $4.9 million in the third quarter of 2019 from $5.3 million in the third quarter of 2018. This decrease was primarily due to nonrecurring costs in the third quarter of 2018 related to the acquisition of Ameron, which were partly offset by increased incentive compensation expense. Our adjusted net income excludes about $1.7 million after tax for our legal settlement we received related to pipe produced at our former tubular product facilities. We had an income tax rate of 19% in the third quarter of 2019 compared to a rate of 14.2% in the third quarter of 2018. Our 2019 rate was impacted by the estimated changes in the valuation allowance and by the issuance of final Section 965 regulations in June related to certain foreign tax credit aspects of the transition tax.
In the first 9 months of 2019, the company provided $21.4 million in cash from continuing operations. Depreciation and amortization were $9.5 million in the first 9 months of 2019 and $6 million in the first 9 months of 2018. Capital expenditures were $5.9 million in the first 9 months of 2019, which were for ongoing maintenance capital expenditures. We have planned about $11 million in total capital expenditures for 2019, most of which falls under maintenance capital spending and includes the replacement building and equipment in Saginaw.
Now I will turn it over to Scott for an update on our business.

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谢谢你,斯科特。我们的调整后第三季度净收入为910万美元,合稀释后每股0.93美元,而2018年第三季度的调整后净收入为210万美元或合稀释后每股0.21美元。2019年第三季度的销售额为7520万美元,而上一季度为5250万美元。 2018年第三季度。毛利润占销售额的百分比在2019年第三季度为20.6%,而在2018年第三季度为9.9%。销售额的增长归因于产量的大幅增加,但被产品组合变化导致每吨销售价格下降。

毛利和毛利占销售额的百分比随着产量的增加而提高。此外,我们还获得了300,000美元的保险收益,其中扣除了第三季度与萨吉诺工厂发生火灾有关的费用。如果我们不考虑这些净收益的收益,我们的毛利润占销售额的百分比将为20.2%,这是自2014年以来最好的季度。您会记得,我们第二季度的额外成本为320万美元。因此,截至9月底,大火对毛利率的净影响约为290万美元,这使我们年初至今的毛利率为16%。我们在第四季度将有额外的费用,但也希望有更多的保险收益来抵消剩余的费用。

销售,一般和行政成本从2018年第三季度的530万美元降至2019年第三季度的490万美元。这一下降主要是由于2018年第三季度与收购Ameron有关的非经常性成本,部分原因是被增加的激励补偿费用所抵消。我们的调整后净收入不包括约170万美元的税款,这笔款项是与我们以前的管状产品生产厂生产的管道有关的法律结算所得。我们在2019年第三季度的所得税率为19%,而在2018年第三季度的所得税率为14.2%。我们的2019年税率受到估值备抵的估计变化以及最终965节的发行的影响6月的法规涉及某些外国税收抵免方面的过渡税。

在2019年的前9个月,该公司从持续运营中提供了2140万美元的现金。 2019年前9个月的折旧和摊销为950万美元,2018年前9个月为600万美元.2019年前9个月的资本支出为590万美元,用于持续的维护资本支出。我们计划在2019年的总资本支出约为1100万美元,其中大部分属于维护资本支出,其中包括萨吉诺的更新建筑物和设备。

现在,我将其交给Scott,以获取我们业务的最新信息。

Scott Montross

Scott Montross

As of September 30, 2019, our backlog remained at near-record levels, including confirmed orders backlog was $270 million compared to $276 million in the second quarter and $201 million in the third quarter of 2018. As we move into the slower bidding period of 2019, we expect our backlog to drift a bit lower and to end the year similar where we ended 2018 which by historical standards is very elevated levels. The fire-related rebuild of the Saginaw coating facility was completed earlier in October. We are currently processing customer orders, and we are back on normal coating schedule. The strong demand levels, elevated backlog and stable competitive landscape that we’ve experienced throughout 2019 have led to a third quarter that’s shown strong improvement in revenue and a significant improvement in gross profit and gross profit margin. We expect fourth quarter revenues to be only slightly lower as we move into the time of the year that can be affected by weather and holiday schedules. However, we expect margin levels to remain fairly stable.
As we stated in the previous earnings calls, we expect the next couple of quarters to have anomalies related to the timing of expenses and insurance reimbursements from the fire at the Saginaw coating plant. The following is a look at current and upcoming water transmission projects. Northwest Pipe was recently selected by Garney Construction to supply 14 miles of 54-inch engineered steel pipe for the new Cape Fear Public Utility Authority, Raw Water main in North Carolina. This project represents 5,000 tons of pipe with production expected to begin in late fourth quarter. In the Texas market, the SWIFT program has funded over $8 billion in projects over the last 6 years. SWIFT is expected to continue to fund major projects like the Houston project and Bois d’Arc lake project well into the future. The Houston surface water project is a major multiyear, multiagency program with a series of segments representing 90,000 tons of pipe. Northwest Pipe has been the successful bidder on multiple Houston segments, representing over 15,000 tons of pipe. The production of the individual segments, are in various stages from pre-manufacturing to ship complete. There are additional segments of the Houston project that will bid through 2020 that represent about 35,000 tons of pipe.
The Bois d’Arc lake project by the North Texas Municipal Water District has begun construction and represents approximately 60,000 tons of pipe. Northwest Pipe was a successful bidder on a portion of the Raw Water line for Bois d’Arc lake project in the fourth quarter of 2018, the segments that we were awarded represent approximately 25,000 tons of pipe which are currently in various stages of production. The finished water line, representing 22,000 tons for this project, bid in June of 2019 and was awarded to Northwest Pipe. We will begin production late this year. In the Western market, the California prop 1 $7.1 billion bond for water infrastructure has created the much-needed funding for projects within the state.

As of September 30, 2019, our backlog remained at near-record levels, including confirmed orders backlog was $270 million compared to $276 million in the second quarter and $201 million in the third quarter of 2018. As we move into the slower bidding period of 2019, we expect our backlog to drift a bit lower and to end the year similar where we ended 2018 which by historical standards is very elevated levels. The fire-related rebuild of the Saginaw coating facility was completed earlier in October. We are currently processing customer orders, and we are back on normal coating schedule. The strong demand levels, elevated backlog and stable competitive landscape that we’ve experienced throughout 2019 have led to a third quarter that’s shown strong improvement in revenue and a significant improvement in gross profit and gross profit margin. We expect fourth quarter revenues to be only slightly lower as we move into the time of the year that can be affected by weather and holiday schedules. However, we expect margin levels to remain fairly stable.

As we stated in the previous earnings calls, we expect the next couple of quarters to have anomalies related to the timing of expenses and insurance reimbursements from the fire at the Saginaw coating plant. The following is a look at current and upcoming water transmission projects. Northwest Pipe was recently selected by Garney Construction to supply 14 miles of 54-inch engineered steel pipe for the new Cape Fear Public Utility Authority, Raw Water main in North Carolina. This project represents 5,000 tons of pipe with production expected to begin in late fourth quarter. In the Texas market, the SWIFT program has funded over $8 billion in projects over the last 6 years. SWIFT is expected to continue to fund major projects like the Houston project and Bois d’Arc lake project well into the future. The Houston surface water project is a major multiyear, multiagency program with a series of segments representing 90,000 tons of pipe. Northwest Pipe has been the successful bidder on multiple Houston segments, representing over 15,000 tons of pipe. The production of the individual segments, are in various stages from pre-manufacturing to ship complete. There are additional segments of the Houston project that will bid through 2020 that represent about 35,000 tons of pipe.

The Bois d’Arc lake project by the North Texas Municipal Water District has begun construction and represents approximately 60,000 tons of pipe. Northwest Pipe was a successful bidder on a portion of the Raw Water line for Bois d’Arc lake project in the fourth quarter of 2018, the segments that we were awarded represent approximately 25,000 tons of pipe which are currently in various stages of production. The finished water line, representing 22,000 tons for this project, bid in June of 2019 and was awarded to Northwest Pipe. We will begin production late this year. In the Western market, the California prop 1 $7.1 billion bond for water infrastructure has created the much-needed funding for projects within the state.

According to the California Natural Resources Agency, 86% of those funds have been appropriate for various projects as of the 2017-2018 fiscal year. We expect requirements for these projects to stretch out over the next several years. The water reuse programs have generated new opportunities in the California market, on which we expect to see bidding activity continue for the next year, representing 8,000 tons. The PCCP rehabilitation program will result in about 10,000 tons annually over the next 2 to 3 years. The site’s reservoir is a water storage project that has received funding from prop one. It will involve over 30 miles of 144-inch pipeline. This project is projected to begin in 2024. In North Dakota, progress has slowed on the 140-mile 87,000 ton Red River Valley Water Supply Project, as it is competing for funding with an urgent flood diversion project, which appears to be taking priority. We are hopeful that bidding on this project will start sometime within the next year. Navajo-Gallup is a multi-phased major project underway in New Mexico. Northwest Pipe was selected to supply the most recent phase, which represents over 7,300 tons of pipe. Production is scheduled to start in mid-November.
Throughout 2019, we have seen a solid bidding year in terms of volume, a stable bidding environment and a backlog that continues to hover in near record territory. As a result, we have seen strong revenues and margins that have continued to improve as we have progressed through 2019. And because a substantial portion of the work currently bidding represents multiyear programs, we expect to see continued strength in the backlog for the near term, which should translate into continued positive business conditions beyond 2019. As we move forward, we will be focused on: one, improving performance of the business by focusing on margin over volume; two, driving cost reductions and efficiencies at all levels of the company; and three, finding strategic growth opportunities for our water infrastructure business.
At this time, we would be happy to answer any of your questions.

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根据加州自然资源局的数据,截至2017-2018财年,这些资金中有86%已用于各种项目。我们预计这些项目的需求将在未来几年内持续增长。中水回用计划在加利福尼亚市场创造了新的机会,我们预计明年该市场将继续进行招标活动,代表8000吨。 PCCP的恢复计划将在未来2至3年内每年产生约10,000吨。该站点的水库是一个蓄水项目,已从道具一获得了资金。它将涉及30英里以上的144英寸管道。该项目计划于2024年开始。在北达科他州,140英里,87,000吨的红河谷供水项目的进度已经放缓,因为它正在与一个紧急的洪水转移项目竞争资金,该项目似乎已被优先考虑。我们希望该项目的招标将在明年的某个时候开始。 Navajo-Gallup是一个在新墨西哥州进行的多阶段主要项目。选择西北管道公司来供应最新的阶段,代表了超过7,300吨的管道。生产计划于11月中旬开始。

在整个2019年,我们见证了投标量强劲的一年,稳定的投标环境以及积压的订单量持续徘徊在创纪录的水平附近。结果,我们看到强劲的收入和利润率随着我们在2019年的进展而持续改善。由于目前正在招标的工作中有很大一部分都代表了多年期计划,因此我们预计近期的积压订单将继续保持增长势头。 ,这将转化为2019年以后持续良好的业务状况。随着我们的前进,我们将专注于:一是通过关注利润率来提高业务绩效;第二,推动公司各个层面的成本降低和效率提高;第三,为我们的水利基础设施业务寻找战略增长机会。

目前,我们很乐意回答您的任何问题。

问答环节

[Operator Instructions] Our first question comes from the line of Brent Thielman of D.A. Davidson.

[Operator Instructions] Our first question comes from the line of Brent Thielman of D.A. Davidson.

布伦特·蒂尔曼

Thanks. Good morning. Congratulations on a great quarter.

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谢谢。 早上好。一个伟大的季度祝贺。

Scott Montross

Scott Montross

Good morning, Brent. Thank you.

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早上好,布伦特。 谢谢。

布伦特·蒂尔曼

I guess first question obviously, I guess vast majority of the growth driven by volume. You mentioned kind of the decline in price per ton due to mix. Can you talk about the change in mix you are seeing where that might be headed or whether that’s changing? And then would that have any adverse impact on these margins despite how high they were in the quarter?

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我想显然第一个问题是,我想绝大多数的增长都是由销量驱动的。 您提到了由于混合造成的每吨价格下降。 您能否谈谈您所看到的混合趋势的变化或趋势是否正在变化? 那么,尽管该季度的利润率很高,这会对这些利润率产生不利影响吗?

Scott Montross

Scott Montross

Yes, I think when you look at the price that we report on the earnings call, it’s a matter of timing and the mix in specific months based on specifically the tons that come off of the spiral mills. So if you have a month that has really high tons without a lot of downstream processing, you can see a price that looks somewhat lower. Conversely, if you have a month that has relatively few tons processed on the spiral mill and a lot of downstream processing, you are going to see a price that’s significantly higher. We just happen to be in the phase now when we’re going through these projects like Bois d’Arc and Houston and a lot of other these projects, where we’re producing a lot of tons off of the spiral mill. And Brent, when you look at kind of pricing levels and what the effect is on pricing levels, we look at what we’ve booked year-over-year, and looking at 2018 versus 2019, the pricing levels are still moving up. I think the other thing that we are starting to see is the spread between the pipe price and the hot-rolled coil price is continuing to increase as that coil price moderates back toward normal levels. As everybody knows, when 232 was announced, it really had a huge driving-up effect on the coil price where hot-rolled coil was in the mid-$900 range. Now you are getting back down to relatively normal levels where it’s in the $500 a ton range. So that spread continues to increase between that hot-rolled coil price and the pipe selling price, which obviously has an additional positive impact on the market or on the margins. So, the prices that you are looking at when we report is the matter of the timing and mix that we are running in the facilities, but when you look at overall pricing we still see pricing moving up and we see the spread increasing between hot-rolled coil and pipe price.

是的,我认为,当您查看我们在收益电话会议上报告的价​​格时,这取决于时间和特定月份的混合情况,具体取决于螺旋磨机产生的吨数。因此,如果您一个月的吨数很高,而没有大量的下游处理,您会发现价格看起来更低。相反,如果您一个月在螺旋磨机上加工的吨数相对较少,而下游加工量很大,那么您会发现价格要高得多。我们正处于Bois d'Arc和Houston的这些项目以及许多其他这些项目的现阶段,在这些项目中,我们从螺旋磨机中生产了很多吨。布伦特(Brent),当您查看价格水平的种类以及对价格水平的影响时,我们会查看我们每年的预订量,并查看2018年与2019年之间的价格水平仍在上升。我认为,我们开始看到的另一件事是,管材价格和热轧卷材价格之间的价差继续增加,因为卷材价格回落至正常水平。众所周知,当232宣布时,它确实对卷材价格产生了巨大的推动作用,而热轧卷材的价格在900美元左右。现在您又回到了相对正常的水平,即每吨500美元。因此,在热轧卷价格和管道销售价格之间的价差继续增加,这显然对市场或利润率产生了额外的积极影响。因此,您在报告时查看的价格是我们在设施中运行的时间和混合的问题,但是当您查看整体价格时,我们仍然看到价格在上涨,并且我们发现热点之间的价差在增加,热轧卷和管价格。

布伦特·蒂尔曼

Okay. And Scott, did you burn through any legacy backlog associated with Ameron or the work they bid prior to when you did the deal or is that behind you now?

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好的。 斯科特(Scott),您是否已将与Ameron相关的任何遗留积压工作或他们在进行交易之前竞标的工作烧掉了,还是现在已经落后了?

Scott Montross

Scott Montross

There is still a little bit of that being done now that we are getting through. There is not a whole lot of that left. I think what we would say is we are starting to really get into the meat of the backlog now that we have seen that’s resulted from the bidding over the last year that we have been talking about in these calls, which ultimately has very solid margins in the backlog.

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现在,我们正在努力完成一些工作。 剩下的不多了。 我想我们要说的是,既然我们已经看到去年的招标是我们在这些电话会议中所讨论的结果,那么我们现在已经开始真正进入积压的领域了,最终在 积压。

布伦特·蒂尔曼

Okay. And it sounds like you will burn through more of this backlog into year end, can you talk about maybe how the schedules sort of look for bid schedules look for early 2020. I don’t know I know you don’t provide an outlook, but I guess, how kind of you are thinking about 2020 and how the market is shaping up for next year?

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好的。 听起来您会在年底积压更多的积压工作,您能否谈谈2020年初的招标时间表看起来如何。我不知道我不提供展望, 但我想,您对2020年的想法如何,以及明年的市场格局如何?

Scott Montross

Scott Montross

Yes. We look at – first looking at the fourth quarter, where we expect a little bit down because again, you move into a period of year that’s affected by the holiday schedules and can be affected by weather-related. But what we are seeing right now doesn’t have it down being very much. As we look out into 2019, we are seeing a year that looks pretty similar – excuse me into 2020 we are seeing a year that looks very similar to what we saw in 2019 as far as total demand with even maybe a little bit of upside potential as far as the demand is concerned. So I think what you will see is you are going to see a backlog that remains elevated by historical standards as we go through the year, but it’s going to fluctuate based on the bidding levels in the specific quarters because, as you know, you have got the first quarter is usually a little bit slower and then that grows in the second and third quarter. And what we are seeing this year is more of a growth in the late third quarter, early fourth quarter of 2020.
So we are expecting a pretty strong year in 2020 and expect those backlogs to remain historically relatively high levels. I think the interesting thing about the backlog is, is that when you look at it and look at year-end backlogs for the past 13 years, same for the last quarter of 2018, which was a relatively large backlog, which we are comparing the last quarter of ‘19 to. We only had like one quarter I believe that ended over $200 million, okay. So when you look at where we are now, for the last five quarters, we have had $200 plus million in backlog. And obviously, we are expecting the fourth quarter to be pretty high too which bodes well for going into 2020. So if you look at 2020, projecting out I think you are starting to see more of the same that we have recently seen in 2019.

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是。我们来看一下–首先看第四季度,我们预计会有所下降,因为同样地,您进入了受假期安排影响且可能受天气影响的一年。但是,我们现在所看到的并没有降低很多。当我们展望2019年时,我们看到的一年看起来非常相似–对不起,到2020年,我们看到的一年看起来与2019年非常相似,就总需求而言,甚至还有一点上升潜力就需求而言。因此,我认为您会看到的是,随着我们这一年的到来,积压的订单量仍将保持历史水平,但是它会根据特定季度的出价水平而波动,因为您知道,第一季度通常要慢一些,然后在第二和第三季度增长。我们今年看到的更多是2020年第三季度末,第四季度初的增长。

因此,我们预计2020年将是非常强劲的一年,并且预计这些积压订单将保持历史上相对较高的水平。我认为积压的有趣之处在于,当您查看过去13年的年终积压时,与2018年最后一个季度的积压情况相同,这是一个相对较大的积压,我们正在比较19年最后一个季度。我们只有四分之一的钱,我相信这结束了超过2亿美元,好吧。因此,当您查看我们现在的状况时,在过去五个季度中,我们有200多美元的积压订单。显然,我们预计第四季度也将非常高,这预示着进入2020年的好兆头。因此,如果您看一下2020年,我预计您会开始看到与我们最近在2019年看到的情况相同的更多信息。

布伦特·蒂尔曼

Okay. I will pass it on. Thank you.

www.

好的。 我会继续下去。 谢谢。

Scott Montross

Scott Montross

Thank you.

www.

谢谢。

Robin Gantt

Robin Gantt

Thank you, Brent.

www.

谢谢你,布伦特。

会议主持员

The next question comes from David Wright of Henry Investment. Your line is open.

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下一个问题来自Henry Investment的David Wright。 您的线路是开放的。

David Wright

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戴维·赖特(David Wright)

Alright, okay. Good morning.

www.

好吧好吧 早上好。

Scott Montross

Scott Montross

Good morning, David.

www.

大卫,早上好。

David Wright

www.

戴维·赖特(David Wright)

So you made $10 million on $75 million in revenue.

www.

因此,您以7500万美元的收入赚了1000万美元。

Scott Montross

Scott Montross

Yes.

www.

是。

David Wright

www.

戴维·赖特(David Wright)

That’s a great quarter.

www.

那是一个很棒的季度。

Scott Montross

Scott Montross

Thank you.

www.

谢谢。

David Wright

www.

戴维·赖特(David Wright)

Congratulations. Couple of questions. In your remarks, Scott, here for the three goals, number one was sort of trying to continue to drive margins higher. I think in the past you’ve sort of said, well, 18%, 20% is kind of historical peak and we would like to get back to it and you did this quarter, do you think you can get up into the low 20s?

www.

恭喜你 几个问题。 在您的发言中,斯科特(Scott)在谈到这三个目标时,排名第一的是试图继续提高利润率。 我认为您过去曾说过,好吧,分别是18%,20%是历史峰值,我们想回到这一峰值,您在本季度所做的工作,您认为您可以上升到20岁以下的低谷吗??

Scott Montross

Scott Montross

Well, I think one of the things that we have continued to work on, David is cost reductions through our lean manufacturing programs and taking the hours it does or it takes to do a specific job down, which I think should lend itself to improvement in those margins that we have seen historically. Now we get really careful about saying how high the margin is going to go. But I think that based on cost reductions that the team is working on here that certainly, you should start seeing that or you should continue to see that show up in the margin levels as we move forward. As long as we have a relatively stable market condition, which it appears that we have for a prolonged period of time here going forward.

www.

好吧,我认为我们继续努力的事情之一,戴维(David)是通过精益生产计划降低成本,并花费其工作时间或完成特定工作所需的时间,我认为这应该有助于改善 我们历史上看到的那些利润。 现在,我们非常谨慎地说出保证金将要走多高。 但是我认为,基于团队正在努力进行的成本降低,可以肯定的是,您应该开始看到这种情况,或者您应该继续看到随着我们的前进,这种情况会出现在利润率水平上。 只要我们有一个相对稳定的市场状况,就可以看出我们在这里有很长一段时间。

David Wright

www.

戴维·赖特(David Wright)

Okay. And on the Cape Fear contract, are you going to produce that in West Virginia?

www.

好的。 而按照Cape Cape Fear合同,您打算在西弗吉尼亚州生产该合同吗?

Scott Montross

Scott Montross

We would likely produce that in West Virginia, yes.

是的,我们可能会在西弗吉尼亚州生产该产品。

David Wright

www.

戴维·赖特(David Wright)

That’s kind of a new geography for you, yes?

www.

这对您来说是一种新的地理位置,是吗?

Scott Montross

Scott Montross

Well, we have had jobs in the east down in North Carolina. It’s a little bit of a new geography for us. I think that the owner and the contractors recognize the importance of having a study product like steel in that kind of project. So I think that maybe a little bit of new ground for us and hopefully that kind of thing continues as we go into the future. So I think the team has done a really good job promoting the steel pressure pipe advantages in all regions of the country. And I think we are making a little headway in some of the different regions now than maybe what we were making previously.

www.

好吧,我们在北卡罗来纳州的东部有工作。 对我们来说,这是一个新的地理区域。 我认为所有者和承包商都意识到在这种项目中拥有像钢铁这样的研究产品的重要性。 因此,我认为这可能为我们带来一些新突破,并希望随着我们进入未来,这种事情会继续下去。 因此,我认为该团队在提升全国各地压力钢管的优势方面做得非常出色。 而且我认为我们现在在一些不同地区取得了一些进展,比以前可能取得的进展更大。

David Wright

www.

戴维·赖特(David Wright)

Okay, great. Thanks very much.

好,太棒了。 非常感谢。

Scott Montross

Scott Montross

Thank you.

谢谢。

Robin Gantt

Robin Gantt

Thank you, David.

谢谢大卫。

会议主持员

The next question comes from Brent Thielman of D.A. Davidson.

下一个问题来自D.A.的Brent Thielman。 戴维森

布伦特·蒂尔曼

Hey, thanks for taking the follow-up. Hey, again phenomenal margins, you guys talked for a while this is kind of the threshold you want to get to, Scott, the sort of 20% plus or where you think the business should be operating at notwithstanding some seasonality you are going to see in the business here and there quarter-to-quarter. Is this the new base we can kind of think about going forward?

嘿,谢谢您的跟进。 嘿,再次是惊人的利润率,你们聊了一会儿,斯科特,这是您想要达到的门槛,大约20%以上,或者尽管您会遇到一些季节性因素,但您认为企业应该在什么地方运营 在这里和那里的每个季度都有业务。 这是我们可以考虑的新基础吗?

Scott Montross

Scott Montross

Well, we have talked about these for a period of time as you have mentioned, Brent. And we think those are the kind of margins in a stable market condition with stable demand levels that are I guess what we would call good demand levels. Those are the kind of margin levels that we think we should see. Again that doesn’t stop variations from quarter-to-quarter. You can see one-off things hit quarters like the fourth quarter could be impacted by for example a lot of insurance recovery, which could show things being significantly higher. But I think when you look at natural margins that are produced from the business. Those are the kind of numbers that we like to think that we are going to keep going forward and we are going to expect going forward.

好吧,正如您所提到的,我们已经讨论了一段时间,布伦特。 我们认为,这是在市场稳定,需求水平稳定的情况下的利润率,我认为这就是所谓的良好需求水平。 这些就是我们认为应该看到的保证金水平。 同样,这并不能阻止季度之间的差异。 您会看到,诸如第四季度这样的季度性坏事可能会受到大量保险回收的影响,这可能表明情况要高得多。 但是我认为,当您查看业务产生的自然利润时。 这些数字是我们希望认为我们将继续前进并希望继续前进的数字。

布伦特·蒂尔曼

Okay. And just real quick on your thoughts on cash flow into year end?

好的。 您对到年底的现金流量的想法真的很快速吗?

Robin Gantt

Robin Gantt

Well, basically, we see it continuing. We have been able to maintain fairly even sales volume over the year and so working capital has grown a little bit, but at an even pace. And so clearly, we have been able to stay at. We did have borrowings at the beginning of the year and we paid that down. And so we have been able to maintain fairly debt-free for the year. So, we see that continuing. Anything with timing could cause us to be in a position of any 1 day of being borrowing, but with what the activity we are seeing right now, we should maintain our balance sheet pretty much where we are today.

好吧,基本上,我们看到它还在继续。 在过去的一年中,我们能够保持相当的销售量,因此营运资金有所增长,但增长速度均匀。 因此,很明显,我们能够坚持下去。 年初我们确实有借款,并且我们还清了借款。 因此,我们已经能够在这一年中保持基本无债务。 因此,我们认为这种情况仍在继续。 任何有时间安排的事情都可能使我们处于借贷的任何一天的位置,但是鉴于我们目前所看到的活动,我们应该将资产负债表维持在目前的水平。

布伦特·蒂尔曼

Okay, great. Congrats again. Thank you.

好,太棒了。 再次恭喜你。 谢谢。

Scott Montross

Scott Montross

Thanks, Brent.

谢谢,布伦特

会议主持员

Thank you, Brent. [Operator Instructions] Our next question comes from the line of Mike Morales of Walthausen & Company. Your line is open.

谢谢你,布伦特。 [操作员说明]我们的下一个问题来自Walthausen&Company的Mike Morales。 您的线路是开放的。

Mike Morales

迈克·莫拉莱斯

Hi, good morning guys. Congratulations on the strong quarter.

嗨,大家早上好。 恭喜季度强劲。

Scott Montross

Scott Montross

Good morning, Mike. Thank you.

早上好,迈克。 谢谢。

Mike Morales

迈克·莫拉莱斯

Touching on the third point of your priorities looking forward the strategic growth opportunities, can you just give us a little bit of color on as you see the landscape today, what the margin profile of the potential M&A you are looking at is relative to the corporate average now and then what you are seeing from a multiple perspective out there?

谈及您的优先事项的第三点,展望战略增长机会,您能不能给我们一些色彩,就像您看到当今的形势一样,您正在考虑的潜在并购的边际利润与企业有关 时不时地从多个角度来看,您所看到的是什么?

Scott Montross

Scott Montross

Yes. What I would say is the margin profile that we look – the things that we are looking at. And as we have mentioned, Mike, when we talked to you before we have been on this M&A track for many, many years and continue to look at various things that fit. When we look at the margin profile, we look at things that have EBITDA margins that are similar or better than what we have in this period of time. And the other thing that we look at is a situation with cash flow. Ultimately, we have done a lot and I think Brent asked the question just recently about the cash flow, we have done a lot to work on cash flow with reducing the amount of days sales outstanding, with working on getting progress payments on some jobs and things like that to really improve the cash flow of the existing business. So we are looking at something that has margin levels that are at least just good, if not better, with a better cash flow profile and likely something that is a little bit more OpEx related that you see quicker turns and have a lot more I guess bats on as you go through the market in a specific year. And something that we can take and we can because of our skill sets mold into the company and be successful at doing it. So those are really the things that we look at.

是。我要说的是我们所关注的利润率概况–我们正在关注的事物。正如我们已经提到的,迈克,在我们进行并购工作很多年之前,我们一直在与您交谈时,并会继续研究各种合适的事物。当我们查看保证金概况时,我们会看到EBITDA利润率与我们这段时期相似或更好的事物。我们要看的另一件事是现金流状况。最终,我们做了很多事情,我认为Brent最近才问了有关现金流的问题,我们做了很多工作来减少现金流,减少未付的销售天数,并为某些工作获得进度付款,这样的事情才能真正改善现有业务的现金流。因此,我们正在寻找一种利润率水平至少不错的东西,如果不是更好的话,其现金流状况会更好,并且可能与OpEx相关的东西更多一些,从而使您看到更快的转向并拥有更多的利润在特定年份进入市场时会继续前进。由于我们的技能,我们可以采取并可以采取的措施使公司成功并成功。这些就是我们真正要看的东西。

Mike Morales

迈克·莫拉莱斯

And as far as the multiples that you are seeing out there, Scott?

至于您所看到的倍数,斯科特?

Scott Montross

Scott Montross

No. Right now, it depends on the size of what you look at, but the multiples are still relatively heavy. We see anywhere from probably 7.5x up to in some cases 9x. When you look at some of the bigger technology companies that quite frankly are out of our reach at this current time, you see multiples that are significantly higher. You can see 12x, 13x, 15x, but stuff that we are looking looks like more like 7.5x to probably 8.5x.

否。目前,这取决于您所看的内容的大小,但是倍数仍然相对较大。 我们看到的范围可能是7.5倍,有时甚至是9倍。 坦率地说,当您看到一些目前不在我们范围内的大型技术公司时,您会发现其倍数更高。 您可以看到12倍,13倍,15倍,但是我们正在寻找的东西看起来更像是7.5倍到8.5倍。

Mike Morales

迈克·莫拉莱斯

That’s very helpful, Scott. Thank you for the color and keep up with the work.

斯科特,这非常有帮助。 谢谢您的颜色,并赶上工作。

Scott Montross

Scott Montross

Thanks Mike.

谢谢迈克。

Robin Gantt

Robin Gantt

Thanks Mike.

谢谢迈克。

会议主持员

Thank you, Mike. At this time, speakers, we no longer have any questions in queue. [Operator Instructions] At this time, we still do not have any questions in queue.

谢谢你,迈克。 发言人,我们目前不在排队的任何问题。 [操作员说明]目前,我们仍然没有任何问题要排队。

Scott Montross

Scott Montross

Okay. Well, we thank everybody for listening in on the call. Obviously, we are starting to get back to the business levels and the profitability levels that we have been working for, for a long time. We think we continue to have some work to do on those things, with continuing to improve those and to grow the business. So we look forward to our next call, which will be in...

好的。 好吧,我们感谢大家在电话会议上的收听。 显然,我们已经恢复了很长一段时间以来一直在努力的业务水平和盈利水平。 我们认为我们将继续在这些事情上做一些工作,并继续进行改进和发展业务。 因此,我们期待着下一个电话会议,它将在...

Robin Gantt

Robin Gantt

March.

游行。

Scott Montross

Scott Montross

March of next year. So thank you very much everyone.

明年三月。 非常感谢大家。

会议主持员

Thank you, speakers. And that concludes today’s conference call. Thank you all for participating. You may now disconnect.

谢谢各位发言者。 今天的电话会议到此结束。 谢谢大家的参与。 您现在可以断开连接。

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