Perma-Pipe(US:PPIH)2024-09-11 13:19Financial Performance - The company reported net sales of $37.5 million for the second quarter, an increase of $2.4 million or 7% compared to the same quarter last year[2]. - Net income attributable to common stock for the second quarter was $3.3 million, representing an increase of $2.3 million or 222% compared to $1.0 million in Q2 2023[2]. - Year-to-date net sales reached $71.8 million, an increase of $7.0 million or 11% compared to $64.8 million for the same period in 2023[8]. - The gross profit for the second quarter was $13.5 million, or 36% of net sales, compared to $9.5 million, or 27% of net sales in Q2 2023[6]. Backlog and Awards - The backlog increased to $75.5 million as of July 31, 2024, a 10% increase from $68.5 million at January 31, 2024[3]. - The company secured over $46 million in additional awards for two projects in the MENA region after the end of the quarter[3]. Expenses and Tax - General and administrative expenses for the second quarter were $6.0 million, an increase of $0.7 million due to higher payroll expenses and professional service fees[6]. - The effective tax rate (ETR) improved to 23% in Q2 2024 from 45% in Q2 2023, reflecting the recognition of tax benefits on losses in the U.S.[7]. Assets and Equity - Total assets increased to $159.2 million as of July 31, 2024, compared to $155.7 million at January 31, 2024[13]. - Stockholders' equity rose to $68.6 million as of July 31, 2024, up from $65.7 million at January 31, 2024[13].