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Note 19 - Segment Information
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

19.

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 separate financial information is available and for which operating results are regularly evaluated by the Company’s chief operating decision maker, its Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance. Management evaluates segment performance based on gross profit. The Company does not allocate selling, general, and administrative expenses, interest, other non-operating income or expense items, or taxes to segments.

 

The Company’s Engineered Steel Pressure Pipe segment (SPP) 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, SPP makes products for industrial plant piping systems and certain structural applications. SPP 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 (Precast) manufactures stormwater and wastewater technology products, high-quality precast and reinforced concrete products, including manholes, box culverts, vaults, and catch basins, pump lift stations, oil water separators, biofiltration, 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 following table disaggregates revenue as well as other financial information based on the Company’s reportable segments (in thousands):

 

   

Year Ended December 31,

  
   

2022

    

2021

    

2020

  

Net sales:

                        

Engineered Steel Pressure Pipe

   $ 307,572     $ 259,823     $ 241,690  

Precast Infrastructure and Engineered Systems

     150,093       73,490       44,217  

Total

   $ 457,665     $ 333,313     $ 285,907  
                         

Gross profit:

                        

Engineered Steel Pressure Pipe

   $ 44,473     $ 31,281     $ 44,293  

Precast Infrastructure and Engineered Systems

     41,382       12,973       6,226  

Total

   $ 85,855     $ 44,254     $ 50,519  
                         

Depreciation and amortization expense:

                        

Engineered Steel Pressure Pipe

   $ 9,789

 

   $ 9,524     $ 10,746  

Precast Infrastructure and Engineered Systems

     6,807

 

     3,738       3,407  
      16,596

 

     13,262       14,153  

Corporate

     507

 

     362       398  

Total

  

$

 17,103

 

   $ 13,624     $ 14,551  
                         

Capital expenditures:

                        

Engineered Steel Pressure Pipe

   $ 8,211     $ 7,538     $ 12,031  

Precast Infrastructure and Engineered Systems

     13,925       5,255       1,397  
      22,136       12,793       13,428  

Corporate

     693       469       585  

Total

   $ 22,829     $ 13,262     $ 14,013  

 

The following table disaggregates total assets based on the Company’s reportable segments (in thousands):

 

   

December 31,

  
   

2022

    

2021

  

Total assets:

                

Engineered Steel Pressure Pipe

   $ 307,924     $ 308,819  

Precast Infrastructure and Engineered Systems

     256,520       228,627  
      564,444       537,446  

Corporate

     36,896       10,233  

Total

   $ 601,340     $ 547,679