Business
Perma-Pipe International Holdings, Inc. Announces Fourth Quarter and Fiscal 2022 Financial Results
The Company generated net sales of $36.4 million for the quarter and $142.6 million for the year Income before income taxes of $4.1 million for the quarter
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nThe Company generated net sales of $36.4 million for the quarter and $142.6 million for the year\n\n\n\nIncome before income taxes of $4.1 million for the quarter and $9.6 million for the year\n\n\n\nNet income of $3.2 million for the quarter and $5.9 million for the year\n\n\n\nBacklog of $38.5 million at January 31, 2023\n\n\n\n SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the fourth quarter and 2022 fiscal year ended January 31, 2023.\n\n\n\"Revenues for the fourth quarter were $36.4 million, $2.7 million below the same quarter last year, and net income of $3.2 million was an increase of $0.2 million compared to the same quarter of 2021. For the year ended January 31, 2023, revenues of $142.6 million were $4.0 million higher than the prior year. The resulting net income of $5.9 million was $0.1 million lower than the prior year. This decrease occurs after a non-cash charge of $0.9 million for the termination of a pension plan in 2022,\" noted President and CEO David Mansfield.\n\n\n“While revenue for the year increased only 3%, pre-tax income before the pension plan charge increased by 25% after improved margins were achieved,” Mr. Mansfield continued.\n\n\n\"We continued to see growth in business activity in our markets during 2022. A buoyant oil and gas market in Canada that began in 2021 continued through last year as did increased infrastructure spending in Saudi Arabia. We expect these markets to continue to remain strong. In addition, our new product offerings in Egypt and the U.A.E. resulted in improved margins during 2022, and we will continue to pursue more opportunities in these markets,” noted Mr. Mansfield.\n\n\n\"We have been executing our strategic plans, as demonstrated by the recent approval of our joint venture with Gulf Insulation Group (GIG) and the relocation of our U.A.E. operations to a new plant in Abu Dhabi. The joint venture with GIG will better position us to participate in the Saudi Arabian development plans, and the relocation to Abu Dhabi brings us closer to our customers in the oil and gas industry and provides us with a more efficient, state of the art facility,” Mr. Mansfield concluded.\n\n\nFourth Quarter Fiscal 2022 Results\n\n\nNet sales were $36.4 million and $39.1 million in the three months ended January...