Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported its first quarter fiscal 2024 financial results today, highlighting significant growth. Revenues for the quarter ended April 30, 2024, reached $34.3 million, marking a 15% increase compared to the same period last year. Net income attributable to common stock was $1.4 million, a notable turnaround from a loss of $(1.1) million in Q1 2023.
President and CEO David Mansfield noted the strong start to the year, particularly citing increased revenues driven by heightened business activity in key markets like Saudi Arabia, India, and the U.A.E. Despite a slight decrease in backlog to $63.1 million from January 31, 2024, Mansfield emphasized an overall positive trend in demand for their services, setting a solid foundation for continued growth.
Looking ahead, Mansfield expressed confidence in leveraging their momentum to capitalize on strategic initiatives, including expansion into Qatar and further involvement in major development projects across the MENA region.
Perma-Pipe International Holdings, Inc., renowned for its pre-insulated piping and leak detection systems, operates globally with operations in fourteen locations across six countries, offering tailored solutions for diverse liquid transportation challenges.
