Welcome to our dedicated page for Profire Energy news (Ticker: PFIE), a resource for investors and traders seeking the latest updates and insights on Profire Energy stock.
Profire Energy, Inc. (NASDAQ: PFIE) is a leading oilfield technology company based in Lindon, Utah, with additional offices in Houston, Texas, and Edmonton, Alberta, Canada. Profire Energy is dedicated to enhancing the efficiency, safety, and reliability of industrial combustion appliances used in the oil and gas industry. The company specializes in burner-management systems (BMS), which are critical for the safe and efficient operation of natural-draft fire tube vessels.
Profire Energy’s products are designed to help energy production companies comply with stringent EPA standards, ensure employee safety, and improve operational margins. Their BMS solutions have become a staple in the industry, contributing significantly to the overall safety and efficiency of oil and gas operations.
In addition to BMS, Profire Energy offers a range of complementary oilfield products, addressing various needs within the energy sector. The company operates primarily in the United States and Canada, with the majority of its revenue generated from the U.S. market.
Recent achievements highlight Profire Energy’s sustained momentum and growth. The company reported its best six-month revenue and net income in its history for the second quarter of 2023. Total revenues equaled $14.4 million, with a gross profit of $7.4 million, reflecting a year-over-year increase driven by ongoing customer demand and diversification efforts. Notably, the company achieved the highest quarterly net income and EBITDA in its history.
Profire Energy’s strategic focus includes a strong emphasis on diversification, particularly within the renewable natural gas sector. The company has completed multiple installations for various industries, including food and beverage, industrials, and landfill customers, which are part of their broader Critical Energy Infrastructure segment.
Financially, Profire Energy remains robust. For the third quarter of 2023, the company reported revenues of $14.8 million, a gross profit of $7.5 million, and operating expenses of $4.9 million. The net income for the quarter was $2.0 million, demonstrating consistent performance and growth. The company's balance sheet remains strong, with cash and liquid investments totaling $20.0 million at the end of 2023, and the company continues to operate debt-free.
Profire Energy’s forward-looking strategy includes further diversification of its revenue streams and the implementation of tax planning strategies that have significantly benefited the company’s financial performance. The company’s commitment to delivering long-term value to shareholders is evident in its plans for share repurchases and strategic investments in growth opportunities.
For more information about Profire Energy’s products and services, please visit their website at www.profireenergy.com.
Profire Energy (NASDAQ: PFIE) reported its highest quarterly revenue of $17.2 million for Q3 2024, up from $14.9 million in Q3 2023. The company achieved a gross profit of $8.3 million with a 48.2% margin, and net income of $2.2 million ($0.04 per diluted share). EBITDA reached $3.1 million, with cash and investments totaling $16.9 million and no debt. The company has agreed to be acquired by CECO Environmental for $2.55 per share, with the transaction expected to close in Q1 2025.
CECO Environmental Corp has announced a definitive agreement to acquire Profire Energy in an all-cash transaction valued at $125 million. The deal offers $2.55 per share, representing a 46.5% premium over Profire's closing price on October 25, 2024. Profire, a leader in burner management technology and combustion control systems, estimates 2024 sales exceeding $60 million with adjusted EBITDA margins of approximately 20%. The acquisition aims to expand CECO's leadership in niche energy and industrial markets, leveraging Profire's installed base of nearly 100,000 burner management systems. The transaction is expected to close in Q1 2025, subject to customary conditions.
Profire Energy (NASDAQ: PFIE) reported strong financial results for Q2 2024, with revenue reaching $15.2 million, the second-highest quarterly revenue in company history. Gross profit increased to $7.9 million, with a gross margin of 51.8%. Net income was $2.1 million, or $0.04 per diluted share. The company's diversification efforts contributed 15% of total revenue for the quarter.
Key highlights include:
- Cash and investments of $18.4 million with no debt
- EBITDA of $3.0 million
- Total operating expenses of $5.3 million
- Strong outlook for energy derived from hydrocarbon production
The company remains optimistic about its future prospects and ability to deliver long-term shareholder value.
Profire Energy (NASDAQ: PFIE) has scheduled its second quarter 2024 earnings call for Thursday, August 8, 2024, at 8:30 a.m. ET. The company, which provides solutions for enhancing industrial combustion appliances' efficiency, safety, and reliability, will discuss financial results for the quarter ended June 30, 2024. The call will be hosted by Co-CEO and CFO Ryan Oviatt and Co-CEO Cameron Tidball.
Investors can join via toll-free number 1-800-225-9448 or international number 1-203-518-9708 (Conference ID: PROFIRE). A webcast will be available live and for replay. A replay of the call will be accessible until August 22, 2024, using specific dial-in numbers.
Profire Energy (NASDAQ: PFIE) has announced a $2 million share buyback program approved by its Board of Directors. This initiative, which runs until June 30, 2025, aims to return capital to shareholders by repurchasing common stock at Management's discretion, dependent on market conditions and the company's financial performance. Co-CEO and CFO Ryan Oviatt highlighted the company's strong financial position and positive business outlook as reasons for the buyback. Co-CEO Cameron Tidball emphasized the balanced capital allocation strategy, including the buyback, accretive acquisitions, and strategic growth initiatives.
Profire Energy, Inc. reported financial results for the first quarter of 2024, showcasing revenue of $13.6 million, gross profit of $6.8 million, net income of $1.4 million, generated EBITDA of $2.0 million, and cash and investments of $16.2 million with no debt. The company highlighted revenue diversification efforts and a strong balance sheet.
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