Welcome to our dedicated page for Perma Pipe news (Ticker: PPIH), a resource for investors and traders seeking the latest updates and insights on Perma Pipe stock.
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) generates a steady flow of news tied to its role as an engineered piping infrastructure manufacturer and global provider of pre-insulated piping and leak detection systems. News coverage on this page centers on how the company’s engineered piping solutions support oil and gas gathering, district heating and cooling, energy infrastructure, industrial facilities, AI / IT data center cooling, and environmental protection applications.
Investors and industry followers can use this PPIH news feed to track company announcements about financial performance, including quarterly and annual results, backlog trends, and commentary from management on activity in core markets such as North America and the Middle East. Perma-Pipe frequently reports on project awards and contract wins, including data center infrastructure projects, Saudi Aramco-related work, and new awards in regions like Qatar and the broader MENA region.
News items also highlight strategic developments, such as investments in new manufacturing facilities in MENA, technical and commercial approvals from major customers, leadership changes at the executive and board levels, and the company’s process to evaluate strategic alternatives with an external financial advisor. These updates provide context on how Perma-Pipe is pursuing geographic, market, and product expansion while managing risks related to energy prices, international operations, and project execution.
By following this page, readers can review Perma-Pipe’s press releases and related disclosures in one place, including updates on backlog, regional performance, and strategic initiatives that shape the company’s position in the engineered piping and leak detection markets.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured two significant projects in the MENA region, totaling over $46 million. These projects, part of major developments in the area, will utilize Perma-Pipe's coating capabilities and XTRU-THERM® insulation system. The system features a spray-applied polyurethane foam jacketed with high-density polyethylene casing.
Saleh Sagr, Sr. Vice President for Perma-Pipe's MENA region, emphasized that these awards align with the company's strategy to serve rapidly growing markets in the region. David Mansfield, President and CEO, highlighted the strategic importance of these projects in strengthening Perma-Pipe's position in the Middle East.
Perma-Pipe International Holdings, Inc. is a global leader in pre-insulated piping and leak detection systems for various applications, including oil and gas and district heating and cooling. The company operates in fifteen locations across six countries.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured $10 million in new contracts in Saudi Arabia, primarily for execution and delivery in the next quarter. These projects are part of major infrastructure developments in Riyadh, Madinah, and Mekkah, utilizing Perma-Pipe's fabrication, coating, and XTRU-THERM® insulation system. Some projects will be carried out at the company's new facility in Madinah, set to begin operations in August 2024.
The awards demonstrate customer confidence in Perma-Pipe's capabilities and align with the company's growth plans and Saudi Arabia's 2030 vision. Management views these developments as a reflection of strong leadership and high-level customer service, positioning Perma-Pipe for continued growth in the region.
Perma-Pipe International Holdings (NASDAQ: PPIH) reported its first quarter fiscal 2024 financial results, showing notable improvements. The company achieved net sales of $34.3 million, a 15% increase from the $29.7 million recorded in Q1 2023. Net income also rose significantly, hitting $1.4 million compared to a loss of $1.1 million in the same quarter last year. Gross profit surged to $10.5 million, representing 31% of net sales. Although the backlog decreased by $5.3 million from January 31, 2024, it showed a $3.7 million increase year-over-year.
CEO David Mansfield attributed the strong performance to increased infrastructure spending in regions like Saudi Arabia, India, and the UAE. The company plans to expand into Qatar within the fiscal year and leverage the growth momentum in the MENA region. General and administrative expenses rose by $0.6 million, while selling and net interest expenses remained consistent. The company's effective tax rate was 30%, a significant improvement from the previous year's -208%.
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