Non-Correlating Stock Ideas
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Northwest Pipe: Addition By Subtraction, Street EPS Estimates Missing The Full Benefit


Northwest Pipe (NASDAQ:NWPX) is a manufacturer of large diameter water and line pipe. The company is based in Portland, Oregon with key manufacturing facilities located in Oregon, Kansas, West Virginia and Texas. NWPX operates in two segments: Water Transmission and Tubular Products. In Water Transmission, the company markets large diameter steel and concrete pipe used in municipal sized projects for water and sewage transmission. It is estimated to have greater than 50% share of this niche market with limited direct competitors, and its manufacturing capacity allows them to access almost any project in the country economically. The Tubular Products segment has just undergone a significant transformation. Two OCTG pipe mills in Houston, Texas, and Bossier City,...

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