Perma Pipe - PPIH STOCK NEWS

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.

Perma-Pipe International Holdings, Inc. opens new pipe insulating facility in Canada, increasing production capacity and expanding market reach in Eastern Canada.

Perma-Pipe International Holdings appoints Chuck Heaton as Vice President of Human Resources, focusing on key core competencies to support global business growth.

Perma-Pipe International Holdings, Inc. reports Q2 2023 financial results with net sales of $35.1 million, a decrease of $1.9 million compared to Q2 2022. Backlog stands at $63.9 million.