The Company generated net sales of $46.7 million compared to $34.3 million in the first quarter of 2024
Income before income taxes of $7.4 million versus $2.6 million in the first quarter of 2024
Backlog of $131.1 million at April 30, 2025, compared to $63.1 million at April 30, 2024
Perma-Pipe International Holdings, Inc. announced financial results for the first quarter ended April 30, 2025.
“Sales for the first quarter were $46.7 million, resulting in an increase of $12.4 million, or 36.2%, compared to $34.3 million in the same quarter last year. Net income attributable to common stock of $5.0 million was an increase of $3.6 million, or 243%, compared to $1.4 million in the first quarter of the prior year,” noted President and CEO Saleh Sagr.
Backlog currently stands at $131.1 million, a decrease of $7.0 million, compared to $138.1 million at January 31, 2025. However, the Company has experienced a significant increase in backlog of $68.0 million, or 108%, compared to $63.1 million at April 30, 2024. We feel encouraged with the level of backlog we have obtained, which remains more than double the level of reported backlog at the end of the first quarter last year,” Mr. Sagr continued.
“Our first quarter results represent unprecedented performance on behalf of the Company as both sales and net income attributable to common stock are the highest levels of performance in the first quarter since transitioning from MFRI to Perma-Pipe in 2017. Additionally, net income attributable to common stock during the first quarter represents approximately 55% of the Company’s full year fiscal 2024 results,” noted President and CEO Saleh Sagr.
“We are pleased with the level of business activity we are experiencing in various markets, which contributed to the overall increase in sales and earnings during the first fiscal quarter. Additionally, we are very encouraged by the level of performance in both the Americas and MENA region, which produced comparable results in the first quarter,” Mr. Sagr commented.
“The strength of our first quarter results provides significant momentum heading into the remaining quarters of fiscal 2025. We feel well-positioned that the Company will continue to capitalize on this momentum and drive further participation in development plans in MENA and gain additional market share in the North America region,” Mr. Sagr concluded.
First Quarter Fiscal 2025 Results
Net sales were $46.7 million and $34.3 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $12.4 million, or 36%, was a result of increased sales volumes in the Middle East and in North America.
Gross profit was $16.7 million, or 36% of net sales, and $10.5 million, or 31% of net sales, in the three months ended April 30, 2025 and 2024, respectively. The increase of $6.2 million, was driven primarily by increased volume of activity and better margins due to product mix.
General and administrative expenses were $7.7 million and $6.1 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $1.6 million, was due to higher payroll expenses and professional fees in the quarter.
Selling expenses remained consistent and were $1.1 million and $1.2 million in the three months ended April 30, 2025 and 2024, respectively.
Net interest expense remained consistent and was $0.4 million and $0.5 million in the three months ended April 30, 2025 and 2024, respectively.
Other expense remained consistent and was less than $0.1 million in the three months ended April 30, 2025 and 2024, respectively.
The Company's ETR was 21% and 30% in the three months ended April 30, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions.
Net income attributable to common stock was $5.0 million and $1.4 million in the three months ended April 30, 2025 and 2024, respectively. The increase of $3.6 million, was mainly due to increased sales volumes and better project execution in the quarter.
