Business
Perma-Pipe International Holdings, Inc. Announces its Third Quarter and Year-to-Date Fiscal 2022 Financial Results
The Company generated net sales of $37.9 million as compared to $35.2 million in the third quarter of 2021 Income before income taxes of $2.9 million versus
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":"\n\nThe Company generated net sales of $37.9 million as compared to $35.2 million in the third quarter of 2021\n\n\nIncome before income taxes of $2.9 million versus $1.5 million in the third quarter of 2021\n\n\nFully funded pension plan was terminated and a related non-cash pre-tax charge of $0.9 million was recorded\n\n\nBacklog of $47.0 million at October 31, 2022 compared to $39.3 million at January 31, 2022\n\n\n SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the third quarter ended October 31, 2022.\n\n“Revenues for the third quarter were $37.9 million, an increase of $2.7 million versus the same quarter last year. The resulting income from operations of $2.9 million was also an increase from the $1.5 million earned in the same quarter of 2021, despite a $0.9 million non-cash pre-tax charge in the current quarter resulting from a pension plan termination,\" noted President and CEO David Mansfield.\n\n“While maintaining overhead cost management, pre-tax earnings for the year to date increased versus last year with revenues remaining stable throughout the year. We continue to see strong oil and gas demand in Canada and our other North American operations also improved substantially due to increased activity in the district heating and cooling market. Despite revenues at similar levels, the returns from our operations in Egypt have improved as we venture into new products and services.\n\n\"Backlog has grown $7.7 million largely because of contracts in Saudi Arabia, where activity levels there and elsewhere in the Middle East have increased.\n\n“Year to date versus prior year both revenue and income from operations increased despite recognizing a non-cash pre-tax charge of $0.9 million for the termination of a pension plan, and after the cessation of government subsidies for COVID-19 received in the prior year. Excluding these non-recurring items year over year, pre-tax earnings increased by 45%,” concluded Mr. Mansfield.\n\nPerma-Pipe International Holdings, Inc.\n\nPerma-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...