Perma-Pipe(US:PPIH)2025-06-13 13:13Financial Performance - Net sales for the first quarter of fiscal 2025 were $46.7 million, an increase of $12.4 million, or 36%, compared to $34.3 million in the same quarter last year[2] - Net income attributable to common stock was $5.0 million, representing an increase of $3.6 million, or 243%, compared to $1.4 million in the first quarter of the prior year[2] - Gross profit for the first quarter was $16.7 million, or 36% of net sales, compared to $10.5 million, or 31% of net sales, in the same period last year[9] - Income before income taxes was $7.4 million, compared to $2.6 million in the first quarter of 2024[7] - The company reported earnings per share attributable to common stock of $0.62 for the first quarter, compared to $0.18 in the same quarter of 2024[17] - The first quarter results represent the highest levels of performance since the transition from MFRI to Perma-Pipe in 2017, with net income for the quarter being approximately 55% of the full year fiscal 2024 results[4] Backlog and Market Outlook - The backlog as of April 30, 2025, was $131.1 million, a decrease of $7.0 million from $138.1 million at January 31, 2025, but an increase of $68.0 million, or 108%, compared to $63.1 million at April 30, 2024[3] - The company is optimistic about continued growth in the MENA region and gaining additional market share in North America[6] Expenses and Tax Rate - General and administrative expenses increased to $7.7 million from $6.1 million in the same quarter last year, primarily due to higher payroll expenses and professional fees[10] - The effective tax rate (ETR) was 21% for the first quarter of 2025, down from 30% in the same period last year[12]