Aaron Wilkins
CFO at Northwest Pipe Company
The increase was primarily due to a $1,600,000 increase in incentive compensation, as well as increases in wages and employee benefits. For the full year 2025, we continue to estimate our consolidated selling, general and administrative expenses to be in the range of 47,000,000 to 50,000,000 Depreciation and amortization expense in the first quarter of twenty twenty five was $4,400,000 consistent with the year ago quarter. For the full year, we continue to expect depreciation and amortization expense to be approximately 18,000,000 to 20,000,000 Interest expense decreased to $600,000 from $1,500,000 in the first quarter of twenty twenty four, due primarily to a decrease in average daily borrowings. For the full year 2025, we continue to expect interest expense of approximately $3,000,000 Our first quarter income tax expense was $1,000,000 resulting in an effective income tax rate of 19.8%, primarily for tax windfalls recognized upon the vesting of equity awards, providing the discrete adjustment in the quarter from statutory rates. This compares to $2,000,000 of tax expense in the prior year, or an effective income tax rate of 27.5%, which was impacted by non deductible permanent differences.
