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Perma-Pipe International Holdings Inc. (PPIH-4.52%) submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports net sales of $41.6 million for the quarter, a decrease from $45.7 million in the same period of the previous year. The decline is attributed to the timing of project execution.
Gross profit for the quarter was $14.1 million, representing 34% of net sales, up from $13.2 million or 29% of net sales in the prior year. The increase is due to improved margins from product mix.
General and administrative expenses rose to $7.3 million from $5.7 million, driven by higher payroll expenses and professional fees.
Selling expenses decreased to $1.2 million from $1.5 million, primarily due to reduced payroll expenses.
Interest expense remained stable at $0.5 million, compared to $0.6 million in the previous year.
Other expenses decreased to $0.1 million from $0.5 million, mainly due to exchange rate fluctuations.
The company reported a net income attributable to common stock of $2.5 million, up from $1.9 million in the same quarter last year.
For the nine months ended October 31, 2024, net sales were $113.4 million, an increase from $110.5 million in the previous year, driven by higher sales volumes in the Middle East.
The company reported a gross profit of $38.1 million for the nine-month period, up from $29.4 million, due to better margins.
General and administrative expenses for the nine months increased to $19.5 million from $16.4 million, while selling expenses decreased to $3.8 million from $4.2 million.
Interest expense for the nine-month period was $1.5 million, down from $1.8 million, due to declining interest rates on certain variable rate debt.
Net income attributable to common stock for the nine months was $7.2 million, up from $1.8 million in the previous year.
The filing also discusses liquidity, with cash and cash equivalents totaling $13.3 million as of October 31, 2024, compared to $5.8 million on January 31, 2024. The company had $3.5 million of borrowing capacity under its North American credit facility and $8.3 million under foreign credit arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Perma-Pipe International Holdings Inc. quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.