Northwest Pipe Company (NASDAQ:NWPX) Restatement Size Weighs on Them

Northwest Pipe Company (NASDAQ:NWPX) continues to work under the weight of the restatements they made for the third quarters of 2009 and 2010.

Jefferies said, "NWPX has recently filed financial statements for 3Q09 to 3Q10, and restated prior years' results. Its accounting may be resolved but we are concerned over the sizes of some restatements and the number of them, and their implications for future results."

EPS estimate was increased for full year 2010 to $0.16 from $0.15. Revenue estimate for full year 2010 from was increased from $304 million to $401.2 million. For full year 2012 the revenue estimate was established at $486.3 million, and EPS at $0.68.

Northwest Pipe closed Wednesday at $21.98, gaining $0.50, or 2.33 percent. Jefferies has a price target on them of $22, raising it from $17.

Northwest Pipe (NASDAQ:NWPX) Restatements of Concern to Jefferies

Northwest Pipe Company (NASDAQ:NWPX) filed its financial statements for the third quarter of 2009 and 2010, and Jefferies, after seeing some of the restatements, were worried over the size of them, and maintain their "Hold" rating on the company for now.

Jefferies stated, "NWPX has recently filed financial statements for 3Q09 to 3Q10, and restated prior years' results. Its accounting may be resolved but we are concerned over the sizes of some restatements and the number of them, and their implications for future results."

EPS for full year 2010 was increased from $0.15 to $0.16, and for full year 2011 it was released at $0.68.

Northwest was trading at $21.45, falling $0.21, or 0.97 percent at 11:45 AM EST. Jefferies increased their price target on them from $17 to $22.