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Note 19 - Segment Information
 12 Months Ended
Dec. 31, 2023
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 (SPP) 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, 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 (Precast) 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 following table disaggregates revenue as well as other financial information based on the Company’s reportable segments (in thousands):

 

  

Year Ended December 31,

 
  

2023

  

2022

  

2021

 

Net sales:

            

Engineered Steel Pressure Pipe

 $296,381  $307,572  $259,823 

Precast Infrastructure and Engineered Systems

  147,974   150,093   73,490 

Total

 $444,355  $457,665  $333,313 
             

Gross profit:

            

Engineered Steel Pressure Pipe

 $42,427  $44,473  $31,281 

Precast Infrastructure and Engineered Systems

  35,215   41,382   12,973 

Total

 $77,642  $85,855  $44,254 
             

Depreciation and amortization expense:

            

Engineered Steel Pressure Pipe

 $9,000  $9,789  $9,524 

Precast Infrastructure and Engineered Systems

  6,241   6,807   3,738 
   15,241   16,596   13,262 

Corporate

  565   507   362 

Total

 $15,806  $17,103  $13,624 
             

Capital expenditures:

            

Engineered Steel Pressure Pipe

 $11,154  $8,211  $7,538 

Precast Infrastructure and Engineered Systems

  6,503   13,925   5,255 
   17,657   22,136   12,793 

Corporate

  634   693   469 

Total

 $18,291  $22,829  $13,262 

 

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

 

  

December 31,

 
  

2023

  

2022

 

Total assets:

        

Engineered Steel Pressure Pipe

 $307,856  $307,924 

Precast Infrastructure and Engineered Systems

  255,904   256,520 
   563,760   564,444 

Corporate

  34,121   36,896 

Total

 $597,881  $601,340