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Note 12 - Segment Information
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

12.

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

    

Nine Months Ended

  
    September 30, 2025     September 30, 2025  
   

2025

    

2024

    

2025

    

2024

  

Net sales:

                                

Water Transmission Systems

   $ 103,866     $ 85,924     $ 266,900     $ 255,454  

Precast Infrastructure and Engineered Systems

     47,201       44,277       133,464       117,467  

Total net sales

   $ 151,067     $ 130,201     $ 400,364     $ 372,921  
                                 

Cost of sales:

                                

Water Transmission Systems (1)

   $ 81,750     $ 69,296     $ 217,555     $ 207,603  

Precast Infrastructure and Engineered Systems (2)

     37,167       33,886       105,929       92,351  

Total cost of sales

   $ 118,917     $ 103,182     $ 323,484     $ 299,954  
                                 

Gross profit:

                                

Water Transmission Systems

   $ 22,116     $ 16,628     $ 49,345     $ 47,851  

Precast Infrastructure and Engineered Systems

     10,034       10,391       27,535       25,116  

Total gross profit

   $ 32,150     $ 27,019     $ 76,880     $ 72,967  

 

(1)

 Depreciation and amortization included in Cost of sales for the WTS segment was $3.0 million and $8.4 million for the three and nine months ended September 30, 2025, respectively and $3.1 million and $8.8 million for the three and nine months ended September 30, 2024, respectively.
   
(2) Depreciation and amortization included in Cost of sales for the Precast segment was $1.1 million and $2.7 million for the three and nine months ended September 30, 2025, respectively and $0.9 million and $2.1 million for the three and nine months ended September 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.