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

Perma-Pipe International Holdings reported Q2 2021 net sales of $39.8 million, a 95% increase from the previous year. Net income rose to $3.4 million, up from $0.3 million in Q2 2020, driven by recovery from the COVID-19 pandemic and new product lines in the U.A.E. Gross profit improved to $10.7 million, representing 27% of net sales. Year-to-date net sales reached $64.2 million, a 49% increase. Backlog increased to $53.2 million as of July 31, 2021. Although operating conditions are improving, challenges remain due to ongoing pandemic effects.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has announced the appointment of Grant Dewbre as Chief Operating Officer and Saleh Sagr as Senior Vice President for the MENA region. Grant, who has over 30 years of experience, aims to enhance operations globally, leveraging his expertise from MENA. Saleh, with over 15 years of experience, will expand Perma-Pipe’s presence and capabilities in the MENA region. Both leaders are expected to positively impact the company’s growth trajectory and operational efficiency moving forward.

Perma-Pipe International Holdings (NASDAQ: PPIH) reported first quarter 2021 revenue of $24.4 million, up 7% from $22.7 million in the prior year. The pre-tax loss improved to ($0.7 million) from ($2.7 million) in Q1 2020. The increase in revenue is attributed to higher sales in the U.A.E. and projects in Saudi Arabia. Gross profit also rose to $4.5 million, representing 18% of net sales. Backlog increased by $6.3 million to $58.9 million, signaling recovery and project activity growth.

Perma-Pipe International Holdings (Nasdaq: PPIH) has secured a contract valued at over $4.5 million for a district heating and cooling network project in Eastern Canada. This project will implement Perma-Pipe's Multi-Therm® high temperature pre-insulated pipe system, featuring a galvanized and insulated steel carrier pipe within an insulated steel outer pipe protected by a fiberglass-reinforced jacket. Execution will commence in Q2 2021 at the Lebanon, Tennessee facility. The award reinforces Perma-Pipe's leadership in engineered piping solutions for healthcare infrastructure.

Perma-Pipe International Holdings (NASDAQ: PPIH) has completed a sale and leaseback deal with Nash88, LLC, generating $8.7 million in net proceeds. The transaction involves land and buildings in Lebanon, Tennessee, used for coating and fabricating district heating and cooling piping systems. Perma-Pipe will lease the facility for an initial fifteen years with an optional twenty-year extension. President and CEO David Mansfield stated the funds will be reinvested into growth opportunities amidst uncertain market conditions.

Perma-Pipe International Holdings (NASDAQ: PPIH) reported a challenging financial year and fourth quarter ended January 31, 2021. Fourth-quarter revenue was $21.3 million, down $11 million from last year, with a net loss of $2.5 million compared to a net income of $1.5 million in 2019. Fiscal year revenue fell to $84.7 million, a decrease of $42.9 million year-over-year, resulting in a net loss of $7.6 million. The declines were attributed to the COVID-19 pandemic and reduced capital spending in the oil and gas sector. However, an increase in backlog to $52.6 million suggests potential recovery in project execution.

Perma-Pipe International Holdings (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe Middle East FZC, has secured a contract valued over $5 million from Saipem S.p.A. for double joint welding, coating, and thermal insulation for a 36-inch pipeline in the Middle East. The project will utilize Perma-Pipe's POLY-THERM® insulation system and is set to commence in Q1 2021 at their Fujairah facility. This collaboration highlights the strong relationship between Perma-Pipe and Saipem, demonstrating trust in Perma-Pipe's technical capabilities and innovative solutions.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured a contract from LLOG Exploration Offshore to supply over five miles of subsea insulation in the Gulf of Mexico's Dome Patrol Field. This contract includes engineering support, pipe coating, and insulation supply, utilizing the FLOW–THERM™ thermal insulation product, effective at temperatures up to 226 °F (108 °C). The project highlights Perma-Pipe's commitment to its customers in the Gulf of Mexico and will be executed at their New Iberia, Louisiana facility, with delivery anticipated in June 2021.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe India Pvt. Ltd. (PPIL), has secured a $6.7 million contract with JSIW Infrastructure Pvt. Ltd. to apply a thermal insulation system on a 74 km crude oil pipeline for HPCL Rajasthan Refinery Ltd. The project, utilizing TRACE-THERM™ insulation, is set to commence in Q1 2021 at PPIL's facility in Gujarat. The pipeline will support a new refinery and petrochemical complex in Rajasthan. Executives expressed optimism about the project, highlighting the company's commitment to quality solutions.