Perma-Pipe Q2 net income jumps 222% to $3.3M on revenue of $37.5M; backlog $75.5M

Perma-Pipe International Holdings, Inc.

2024-Q2 EPS reported $0.59 revenue$71,834,000

Net sales Q2 $37.5M (+7% YoY); net income attributable to common stock $3.3M (+222% vs $1.0M).
Gross margin improved to 36% vs 27% last year; YTD net income $4.7M vs loss $0.1M.
Backlog $75.5M at July 31, +10% from Jan 31; additional $46M+ awards secured post-quarter in MENA region.
Management cites infrastructure spending in Saudi Arabia, India, UAE as key growth drivers.
Effective tax rate decreased to 23% (Q2) and 25% (YTD) due to recognizing US tax benefits.

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