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Note 19 - Segment Information
 12 Months Ended
Dec. 31, 2024
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 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 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 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,

 
  

2024

  

2023

  

2022

 

Net sales:

            

Engineered Steel Pressure Pipe

 $337,945  $296,381  $307,572 

Precast Infrastructure and Engineered Systems

  154,603   147,974   150,093 

Total

 $492,548  $444,355  $457,665 
             

Cost of sales:

            

Engineered Steel Pressure Pipe (1)

 $275,341  $253,954  $263,099 

Precast Infrastructure and Engineered Systems (2)

  121,802   112,759   108,711 

Total

 $397,143  $366,713  $371,810 
             

Gross profit:

            

Engineered Steel Pressure Pipe

 $62,604  $42,427  $44,473 

Precast Infrastructure and Engineered Systems

  32,801   35,215   41,382 

Total

 $95,405  $77,642  $85,855 

 

 

(1)

Depreciation and amortization included in Cost of sales for the SPP segment for the years ended December 31, 2024, 2023, and 2022 was $13.2 million, $9.0 million, and $9.8 million, respectively.
   
 (2)Depreciation and amortization included in Cost of sales for the Precast segment for the years ended December 31, 2024, 2023, and 2022 was $5.1 million, $6.2 million, and $6.8 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.