Perma-Pipe International Holdings, Inc. Announces Third Quarter Financial Results
-
The Company generated net sales of
for the quarter and$41.6 million year-to-date$113.4 million -
Income before income taxes of
for the quarter and$5.1 million year-to-date$13.2 million -
Backlog of
at October 31, 2024, compared to$114.2 million at January 31, 2024$68.5 million
"Net sales for the third quarter were
“Backlog in the third quarter shows considerable growth and now stands at
“Our third quarter and fiscal 2024 year-to-date results continue to reflect exceptional performance, which has remained consistent throughout the year. It is worth noting that our net income attributable to common stock for the nine months ended October 31, 2024, represents the highest level of earnings on a year-to-date basis since transitioning from MFRI to Perma-Pipe,” said Mr.
“We are pleased with the level of business activity we have experienced and continue to see, as supported by the significant rise in backlog and share price. The increases in infrastructure spending in
Third Quarter Fiscal 2024 Results
Net sales were
Gross profit was
General and administrative expenses were
Selling expenses were
Net interest expense remained consistent and was
Other expense was
The Company's ETR was
Net income attributable to common stock was
Fiscal 2024 Year-to-Date Results
Net sales were
Gross profit was
General and administrative expenses were
Selling expenses were
Net interest expense was
Other expense was
The Company's ETR was
Net income attributable to common stock was
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in six countries.
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the
Additional information regarding the Company's financial results for the three months ended October 31, 2024, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2024, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(In thousands, except per share data) |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended October 31, |
Nine Months Ended October 31, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
Net sales | $ |
41,563 |
|
$ |
45,690 |
|
$ |
113,397 |
|
$ |
110,489 |
|
Gross profit |
|
14,086 |
|
|
13,184 |
|
|
38,077 |
|
|
29,424 |
|
Total operating expenses |
|
8,500 |
|
|
7,145 |
|
|
23,214 |
|
|
20,618 |
|
Income from operations |
|
5,586 |
|
|
6,039 |
|
|
14,863 |
|
|
8,806 |
|
Interest expense |
|
468 |
|
|
640 |
|
|
1,489 |
|
|
1,788 |
|
Other expense |
|
(50 |
) |
|
(502 |
) |
|
(156 |
) |
|
(350 |
) |
Income before income taxes |
|
5,068 |
|
|
4,897 |
|
|
13,218 |
|
|
6,668 |
|
Income tax expense |
|
1,615 |
|
|
1,533 |
|
|
3,692 |
|
|
3,257 |
|
Net income | $ |
3,453 |
|
$ |
3,364 |
|
$ |
9,526 |
|
$ |
3,411 |
|
Less: Net income attributable to non-controlling interest |
|
962 |
|
|
1,429 |
|
|
2,303 |
|
|
1,577 |
|
Net income attributable to common stock | $ |
2,491 |
|
$ |
1,935 |
|
$ |
7,223 |
|
$ |
1,834 |
|
Earnings per share attributable to common stock | ||||||||||||
Basic | $ |
0.31 |
|
$ |
0.24 |
|
$ |
0.91 |
|
$ |
0.23 |
|
Diluted | $ |
0.31 |
|
$ |
0.24 |
|
$ |
0.90 |
|
$ |
0.23 |
|
Note: Earnings per share calculations could be impacted by rounding. |
||||||||||||
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(In thousands) |
||||
(Unaudited) |
||||
October 31, 2024 | January 31, 2024 | |||
ASSETS | ||||
Current assets | $ |
104,405 |
$ |
98,818 |
Long-term assets |
|
56,344 |
|
56,893 |
Total assets | $ |
160,749 |
$ |
155,711 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | $ |
53,794 |
$ |
57,742 |
Long-term liabilities |
|
26,792 |
|
25,991 |
Total liabilities |
|
80,586 |
|
83,733 |
Non-controlling interests |
|
8,952 |
|
6,266 |
Stockholders' equity |
|
71,211 |
|
65,712 |
Total liabilities and equity | $ |
160,749 |
$ |
155,711 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223777874/en/
Perma-Pipe International Holdings, Inc.
David
Perma-Pipe Investor Relations
(847) 929-1200
investor@permapipe.com
Source: Perma-Pipe International Holdings, Inc.