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Note 11 - Segment Information
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

11.

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 (WTS) 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 (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):

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 

Net sales:

                

Water Transmission Systems

 $84,588  $89,523  $163,034  $169,530 

Precast Infrastructure and Engineered Systems

  48,594   39,982   86,263   73,190 

Total net sales

 $133,182  $129,505  $249,297  $242,720 
                 

Cost of sales:

                

Water Transmission Systems (1)

 $69,533  $72,542  $135,805  $138,307 

Precast Infrastructure and Engineered Systems (2)

  38,284   31,149   68,762   58,465 

Total cost of sales

 $107,817  $103,691  $204,567  $196,772 
                 

Gross profit:

                

Water Transmission Systems

 $15,055  $16,981  $27,229  $31,223 

Precast Infrastructure and Engineered Systems

  10,310   8,833   17,501   14,725 

Total gross profit

 $25,365  $25,814  $44,730  $45,948 

 

(1)

Depreciation and amortization included in Cost of sales for the WTS segment was $2.9 million and $5.4 million for the three and six months ended June 30, 2025, respectively and $3.0 million and $5.7 million for the three and six months ended June 30, 2024, respectively.
  
(2)Depreciation and amortization included in Cost of sales for the Precast segment was $0.8 million and $1.6 million for the three and six months ended June 30, 2025, respectively and $0.7 million and $1.2 million for the three and six months ended June 30, 2024, 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.