Business
Perma-Pipe International Holdings, Inc. Announces First Quarter Fiscal 2024 Financial Results
The Company generated net sales of $34.3 million as compared to $29.7 million in the first quarter of 2023 Income (loss) before income taxes of $2.6 million
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nThe Company generated net sales of $34.3 million as compared to $29.7 million in the first quarter of 2023\n\n\n\nIncome (loss) before income taxes of $2.6 million versus $(0.4) million in the first quarter of 2023\n\n\n\nBacklog of $63.1 million at April 30, 2024\n\n\n\n SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2024.\n\n\n“Revenues for the first quarter were $34.3 million, an increase of $4.6 million or 15%, as compared to the same quarter last year, and net income attributable to common stock of $1.4 million was an increase of $2.5 million or 227%, as compared to a net loss of $(1.1) million in the same quarter of 2023. Our first quarter results demonstrate a strong start to the year. This is particularly encouraging given that the first quarter has always been the quietest period for the Company,\" noted President and CEO David Mansfield.\n\n\n\"Backlog currently stands at $63.1 million, which reflects a decrease of $5.3 million, as compared to $68.4 million at January 31, 2024. However, we have experienced an increase in backlog of $3.7 million, when compared to the same quarter in 2023. We believe the improvement over the first fiscal quarter of the prior year reflects a strengthening in demand for our services,\" Mr. Mansfield continued.\n\n\n\"We are pleased with the level of business activity we are experiencing in various markets, which contributed to an overall increase in revenues and margins during the first fiscal quarter. This was driven by continual increases in infrastructure spending, which was primarily attributable to Saudi Arabia, India, and the U.A.E,\" noted Mr. Mansfield.\n\n\n\"Given the strength of our first fiscal quarter results, we feel well-positioned to be able to capitalize on this momentum and continue to execute on various strategic initiatives, such as the Company's expansion into Qatar which is expected during this fiscal year, and further participation in the significant development plans in the MENA region,\" concluded Mr. Mansfield.\n\n\nFirst Quarter Fiscal 2024 Results\n\n\nNet sales were $34.3 million and $29.7 million in the three months ended April 30, 2024 and 2023, respectively. The increase of $4.6 million, or 15%, was a result of increased sales volumes in the ...