Perma-Pipe Q1 net income $1.4M, reversing $1.1M loss; revenue up 15%

Perma-Pipe International Holdings, Inc.

2024-Q1 EPS reported $0.18 revenue$34,321,000

Net sales $34.3M, up 15% YoY from $29.7M, driven by Middle East and India.
Net income attributable to common stock $1.4M vs $(1.1M) loss in Q1 2023.
Gross margin improved to 31% from 23%; income before taxes $2.6M vs $(0.4M).
Backlog $63.1M, down $5.3M from Jan 31 but up $3.7M vs prior-year quarter.
CEO cites strength in Saudi Arabia, India, UAE; Qatar expansion expected this fiscal year.

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