Perma-Pipe International Reports Strong Q2 Earnings Amid Growth and New Financing
Perma-Pipe International (NASDAQ:PPIH) reported a strong second-quarter performance with net sales rising 24% year over year to $59.6 million, driven by increased volumes in its Middle East/North Africa and North American operations. Net income attributable to common stock rose significantly to $2.5 million or $0.31 per diluted share from $0.9 million a year ago. The results included a $3.9 million write-off of an uncollectible receivable, partially offset by a $1.6 million tax benefit. The company's backlog increased to $142.3 million following new orders worth $67.8 million in the quarter, with 40%–50% expected to convert into revenue during Q3. Perma-Pipe is expanding production capacity through its Ohio and Qatar facilities while securing about 80% of its annual bookings target for leak detection services. A new JPMorgan facility has provided $90 million in initial commitments, with up to an additional $50 million available, supporting larger projects and a pipeline exceeding $900 million. The financing also supports expansion opportunities across water, energy, and infrastructure sectors.
Topics: backlog financial_results financing net_income new_facilities sales_growth