Perma-Pipe Q1 net sales $31.2M (+28% YoY); backlog surges 50% to $59.2M

Perma-Pipe International Holdings, Inc.

2023-Q1 EPS reported -$0.11 revenue$31,222,000

Net sales $31.2M vs $24.4M Q1 2021; income from operations improved to $0.2M from -$0.9M.
Gross profit rose to $7.0M (23% of sales) from $4.5M (18%) on higher volumes and mix.
Backlog at April 30, 2022 was $59.2M, up 50% from $39.3M at Jan 31, 2022.
Net loss remained $0.9M, similar to prior year; effective tax rate volatile at -455.9%.
Increased activity in Canadian oil & gas and Saudi construction projects cited.

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