Perma-Pipe International Holdings, Inc. - PPIH STOCK NEWS

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured three projects in the Americas region with a combined value exceeding $4 million USD. The projects will be executed in the company's facilities in Canada and the U.S. Two of the awards are for anticorrosion coating services in the western Canadian oil and gas market, while the third is for double-containment, pre-insulated piping solutions for a pharmaceutical plant expansion in the northeast U.S.

Marc Huber, Sr. Vice President for Perma-Pipe's Americas region, highlighted the strong demand for their services in North America. David Mansfield, President and CEO, emphasized the strategic importance of these awards for the company's growth in the region. Perma-Pipe International Holdings, Inc. is a global leader in pre-insulated piping and leak detection systems, operating in fifteen locations across six countries.

Perma-Pipe International Holdings (NASDAQ: PPIH) reported strong financial results for Q2 2024 and year-to-date. Net sales reached $37.5 million for Q2 (up 7% YoY) and $71.8 million YTD (up 11% YoY). Net income attributable to common stock was $3.3 million for Q2 (up 222% YoY) and $4.7 million YTD (compared to a $0.1 million loss in 2023).

The company's backlog grew to $75.5 million, a 10% increase from January 31, 2024. Additionally, PPIH secured over $46 million in new project awards after Q2. Gross profit margins improved significantly, reaching 36% in Q2 2024 compared to 27% in Q2 2023. The company attributes its success to increased sales volumes, better margin performance, and growing infrastructure spending in key markets like Saudi Arabia, India, and the U.A.E.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured two significant projects in the MENA region, totaling over $46 million. These projects, part of major developments in the area, will utilize Perma-Pipe's coating capabilities and XTRU-THERM® insulation system. The system features a spray-applied polyurethane foam jacketed with high-density polyethylene casing.

Saleh Sagr, Sr. Vice President for Perma-Pipe's MENA region, emphasized that these awards align with the company's strategy to serve rapidly growing markets in the region. David Mansfield, President and CEO, highlighted the strategic importance of these projects in strengthening Perma-Pipe's position in the Middle East.

Perma-Pipe International Holdings, Inc. is a global leader in pre-insulated piping and leak detection systems for various applications, including oil and gas and district heating and cooling. The company operates in fifteen locations across six countries.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured $10 million in new contracts in Saudi Arabia, primarily for execution and delivery in the next quarter. These projects are part of major infrastructure developments in Riyadh, Madinah, and Mekkah, utilizing Perma-Pipe's fabrication, coating, and XTRU-THERM® insulation system. Some projects will be carried out at the company's new facility in Madinah, set to begin operations in August 2024.

The awards demonstrate customer confidence in Perma-Pipe's capabilities and align with the company's growth plans and Saudi Arabia's 2030 vision. Management views these developments as a reflection of strong leadership and high-level customer service, positioning Perma-Pipe for continued growth in the region.

Perma-Pipe International Holdings (NASDAQ: PPIH) reported its first quarter fiscal 2024 financial results, showing notable improvements. The company achieved net sales of $34.3 million, a 15% increase from the $29.7 million recorded in Q1 2023. Net income also rose significantly, hitting $1.4 million compared to a loss of $1.1 million in the same quarter last year. Gross profit surged to $10.5 million, representing 31% of net sales. Although the backlog decreased by $5.3 million from January 31, 2024, it showed a $3.7 million increase year-over-year.

CEO David Mansfield attributed the strong performance to increased infrastructure spending in regions like Saudi Arabia, India, and the UAE. The company plans to expand into Qatar within the fiscal year and leverage the growth momentum in the MENA region. General and administrative expenses rose by $0.6 million, while selling and net interest expenses remained consistent. The company's effective tax rate was 30%, a significant improvement from the previous year's -208%.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported strong financial results for the fourth quarter and fiscal year 2023. Net sales of $40.2 million for the quarter and $150.7 million for the year, with net income of $8.6 million for the quarter and $10.5 million for the year. Backlog stood at $68.4 million, showcasing significant growth. The company experienced increased sales volumes in Saudi Arabia, leading to improved gross margins. Strategic initiatives, including expansion into Qatar, are expected to further enhance market presence. The joint venture in Saudi Arabia exceeded expectations, contributing to overall growth in net sales and margins. Perma-Pipe remains well-positioned to capitalize on infrastructure spending trends in key markets.

PERMA-PIPE International Holdings, Inc (Nasdaq: PPIH) has been accepted into QatarEnergy’s Tawteen program, aiming to provide pre-insulated piping systems, custom fabrication, and 3-layer polyethylene coatings for QatarEnergy projects. This partnership is crucial as QatarEnergy expands its LNG production capacity, and Perma-Pipe will play a significant role in supporting the realization of Qatar National Vision 2030 and the growth and diversification of Qatar’s economy.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported net sales of $45.7 million in the third quarter of 2023, up from $37.9 million in the same period last year. Income before income taxes rose to $4.9 million from $2.9 million. The company's backlog stands at $73.1 million as of October 31, 2023. President and CEO David Mansfield highlighted the growth in revenues, income from operations, and backlog, as well as the success of the joint venture in Saudi Arabia and the establishment of new plants in Canada and Abu Dhabi. The Company's worldwide effective tax rate decreased from 40% to 31% due to changes in the mix of income and loss in various jurisdictions. Net income attributable to common stock increased to $1.9 million from $1.7 million.

Perma-Pipe International Holdings, Inc. appoints Matthew Lewicki as CFO, replacing D. Bryan Norwood who will retire on October 2, 2023. Lewicki has 20 years of finance and accounting experience. Norwood will transition to Vice President, Strategy until his retirement on March 31, 2024. The company aims to ensure a smooth transition and continue executing its strategic growth plans.