Business
Perma-Pipe International Holdings, Inc. Announces Fourth Quarter and Fiscal 2023 Financial Results
The Company generated net sales of $40.2 million for the quarter and $150.7 million for the year Income before income taxes of $3.2 million for the quarter
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nThe Company generated net sales of $40.2 million for the quarter and $150.7 million for the year\n\n\n\nIncome before income taxes of $3.2 million for the quarter and $9.9 million for the year\n\n\n\nNet income of $8.6 million for the quarter and $10.5 million for the year\n\n\n\nBacklog of $68.4 million at January 31, 2024, compared to $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 2023 fiscal year ended January 31, 2024.\n\n\n\"Net sales for the fourth quarter were $40.2 million, an increase of $3.8 million as compared to the same quarter last year, and net income of $8.6 million was an increase of $5.4 million compared to $3.2 million in the same quarter of 2022. For the year ended January 31, 2024, net sales of $150.7 million represents an increase of $8.1 million or 6%, as compared to net sales of $142.6 million in the prior year. The resulting net income of $10.5 million was an increase of $4.6 million or 78%, as compared to net income of $5.9 million in the prior year. This was the result of increased net sales during the year, along with a favorable tax benefit of $5.9 million due to a partial release of a valuation allowance attributable to net operating loss carryforwards, partially offset by a one-time charge of $0.7 million relating to a litigation matter that arose relating to certain projects that were executed between 2007 and 2011,\" noted President and CEO David Mansfield.\n\n\n\"Backlog has shown considerable growth and now stands at $68.4 million, resulting in a 78% increase, as compared to $38.5 million in the prior year,\" Mr. Mansfield continued.\n\n\n\"We continue to experience growth in business activity in various markets during the year, exemplified by the overall growth in net sales. This was driven by increases in infrastructure spending in Saudi Arabia, India, and the U.A.E. These trends in infrastructure spending remain in line with 2030 initiatives. The recently formed joint venture exceeded expectations during the year, further contributing to the growth in both net sales and margins. We are pleased with the success of the joint venture thus far and are encouraged with the level of performance we are experiencing,\" noted Mr. Mansfield.\n\n\n\"We also ...