Perma-Pipe International Holdings, Inc. has reported its financial results for the first quarter ended April 30, 2024. The company saw revenues of $34.3 million for the quarter, marking a 15% increase of $4.6 million compared to the same period last year. Net income attributable to common stock reached $1.4 million, a substantial increase of $2.5 million or 227% from a net loss of $(1.1) million in Q1 2023. President and CEO David Mansfield noted, “Our first quarter results demonstrate a strong start to the year, particularly noteworthy as historically our quietest period.”
Mr. Mansfield continued, “Although our backlog decreased to $63.1 million from $68.4 million at the end of January 2024, we have seen a $3.7 million increase compared to the same quarter last year. This reflects a strengthening demand for our services.” He emphasized, “We are pleased with the level of business activity across various markets, contributing to increased revenues and margins driven by infrastructure spending, particularly in Saudi Arabia, India, and the U.A.E.”
“With the robust performance in Q1, we are well-positioned to leverage this momentum and pursue strategic initiatives such as our expansion into Qatar slated for this fiscal year,” Mr. Mansfield concluded, highlighting ongoing participation in major development projects in the MENA region.
Financial Highlights for First Quarter Fiscal 2024:
- Net Sales: $34.3 million, up from $29.7 million in Q1 2023, driven by increased sales volumes in the Middle East and India.
- Gross Profit: $10.5 million, representing 31% of net sales, compared to $6.8 million (23% of net sales) in Q1 2023, primarily due to higher sales volumes in key markets.
- General and Administrative Expenses: Increased to $6.1 million from $5.5 million in Q1 2023, primarily due to higher professional service fees.
- Net Income (Loss) Attributable to Common Stock: $1.4 million, compared to $(1.1) million in Q1 2023, driven by increased sales activity and improved project execution.
About Perma-Pipe International Holdings, Inc.:
Perma-Pipe International Holdings, Inc. is a global leader in pre-insulated piping and leak detection systems for applications in oil and gas gathering, district heating and cooling, and other industries. With operations across fourteen locations in six countries, the company leverages its engineering and fabrication expertise to provide innovative piping solutions that ensure the safe and efficient transportation of various liquids.
