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

Perma-Pipe International Holdings (Nasdaq: PPIH) has secured approval from the Saudi Arabia General Authority for Competition for a joint venture with Gulf Insulation Group. This venture will focus on providing pre-insulated piping systems, coatings, and leak detection services across Saudi Arabia, Kuwait, and Bahrain. Perma-Pipe will hold a 60% stake, with the Gulf Insulation Group owning the remaining 40%. The establishment of this joint venture is expected to occur within the next few weeks, expanding Perma-Pipe's operational footprint in the Middle East.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured a contract exceeding $9 million for the Winterfell Project in the Gulf of Mexico, awarded by Beacon Offshore Energy LLC. This project will utilize Perma-Pipe's FLOW-THERM® subsea wet insulation at a water depth of approximately 5,800 feet, with execution scheduled at their Iberia, Louisiana facility in late 2023 and completion by year-end. The company aims to meet Beacon's expectations, hoping for future collaboration. Perma-Pipe operates in 13 locations across six countries, providing innovative piping solutions for various industries.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has formed a joint venture with Gulf Insulation Group in Saudi Arabia to provide advanced piping systems and services. This venture will support Saudi Vision 2030, focusing on economic diversification and improved public services. Perma-Pipe will maintain a 60% control over the joint venture, pending approval from Saudi authorities. The collaboration aims to offer enhanced products and services across Saudi Arabia, Kuwait, and Bahrain, leveraging Gulf Insulation Group's strong regional presence.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced the Board's authorization of a $965 thousand share repurchase program, set to commence within the next year. The buyback will be conducted through open market and private transactions, contingent upon market conditions. This program aims to enhance shareholder value and potentially boost earnings per share. The company, a leader in pre-insulated piping and leak detection systems, operates across thirteen sites in six countries.

Perma-Pipe International Holdings reported net sales of $37.9 million for Q3 2022, up from $35.2 million in Q3 2021. The company achieved income before taxes of $2.9 million, a significant increase from $1.5 million a year prior, despite a $0.9 million non-cash charge due to pension plan termination. Backlog reached $47.0 million as of October 31, 2022, compared to $39.3 million at the start of the year. The company noted strong demand in North America and improved operational returns in Egypt, positioning it well for future growth.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced a $14 million contract for the King Salman Park Project in Saudi Arabia, expected to be executed in Q4 2022. This project aligns with Saudi Arabia's Vision 2030 and will utilize Perma-Pipe’s pre-insulated pipes and the XTRU-THERM® insulation system. Key executives expressed confidence in the company’s market position and commitment to Saudi Arabia’s infrastructure development.

Perma-Pipe International Holdings, Inc. (PPIH) reported second-quarter net sales of $37.0 million, down from $39.8 million a year ago. Income from operations decreased to $2.8 million compared to $4.3 million in the same quarter of 2021. The company's backlog improved to $58.0 million from $39.3 million in January 2022, with expectations of revenue growth in the second half of the year. While year-to-date revenues showed a slight increase, rising interest costs and higher effective tax rates impacted net income.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced the cancellation of 239,168 shares of treasury stock, representing all shares held as of July 26, 2022. This action follows a $3.0 million stock repurchase program authorized by the Board on October 4, 2021. Currently, $965,000 remains available for future purchases under this program. The strategic move is aimed at managing capital and enhancing shareholder value.

Perma-Pipe International Holdings (NASDAQ: PPIH) announced the retirement of Wayne Bosch as Vice President and Chief Human Resources Officer on July 3, 2022, after eight years of service. He was instrumental in the company’s strategy and growth. Jill Curry has been appointed as his successor, bringing extensive experience in human resources and mergers from her previous roles at Baker Hughes and Wellbore Integrity Solutions. This transition is expected to support the ongoing development and transformation of PPIH’s global operations.