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Perma-Pipe announces 13.4% year-on-year increase in net sales for Q2

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In its second quarter and year-to-date financial results, piping and leak detection systems provider Perma-Pipe International announced net sales of $36.7 million (€33.2 million) for Q2, a 13.4% improvement over the prior year period.

Year-to-date, net sales were recorded at $60.9 million (€55.2 million), with income from operations before income taxes of $2.3 million (€2.08 million).

"The second quarter rebounded from the seasonally weak first quarter,” commented president and CEO David Mansfield. “Revenue was $12.4 million better than the first quarter of 2019 and income from operations before income taxes improved $4.7 million to $3.5 million.

"Despite flat revenues for the first six months of 2019 compared to the same period last year, notable improvements in our margins led to an increase of $3.1 million in income from operations before income taxes, from a loss of $0.8 million last year to $2.3 million for the year to date.

"Our backlog stands at $63.9 million, continuing at the strong levels previously achieved at the end of the same period in the prior year. It is encouraging to see the improving trend continuing to confirm our progress in returning the company to profitability.”