Perma-Pipe Q2 sales $37M, ops income $2.8M; backlog rises to $58M

Perma-Pipe International Holdings, Inc.

2023-Q2 EPS reported $0.12 revenue$68,225,000

Net sales $37.0M in Q2 2022 vs $39.8M in Q2 2021, down 7% due to project timing.
Income from operations $2.8M vs $4.3M; net income reduced by 62% effective tax rate.
Backlog surged to $58.0M at July 31, 2022 from $39.3M at Jan 31, 2022 (+48%).
CEO cites cyclical timing; full-year revenue outlook positive; Canadian oil & gas recovery continuing.
Year-to-date revenues and gross profit marginally up; excluding COVID subsidies and sale-leaseback, ops income +7%.

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