Perma-Pipe delivered higher second-quarter sales and earnings, but the roughly flat market reaction (+1.5%) suggests investors viewed the update as broadly in line rather than a clear upside surprise. Results included a $3.9 million uncollectible receivables charge, partly offset by a $1.6 million tax benefit.
- Net sales increased 24% year over year to $59.6 million.
- Net income attributable to common stock rose to $2.5 million, or approximately $0.31 per diluted share, versus $0.9 million, or $0.10 per share, in the prior-year quarter.
- Backlog reached $142.3 million at quarter-end, up from $121.6 million at the end of fiscal 2025.
- The quarter included a $3.9 million charge tied to an uncollectible accounts receivable balance; a related $1.6 million tax benefit partially offset the impact.
- The Ohio facility became operational and ramped production, while the Qatar facility also ramped production to support North American and MENA growth.
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