Perma-Pipe(PPIH) - 2026 Q3 - Quarterly Results

Financial Performance - For the three months ended October 31, 2025, net sales were $61.1 million, an increase of $19.5 million, or 46.9%, compared to $41.6 million in the same quarter of the prior year[2] - Gross profit for the same quarter was $21.0 million, up $6.9 million from $14.1 million last year, reflecting higher activity levels[2] - Net income attributable to common stock for the third quarter was $6.3 million, an increase of $3.8 million, or 152.0%, compared to $2.5 million in the third quarter of fiscal 2024[2] - For the nine months ended October 31, 2025, net sales were $155.8 million, an increase of $42.4 million, or 37.4%, compared to $113.4 million in the prior-year period[3] - Year-to-date net income attributable to common stock was $12.1 million, an increase of $4.9 million, or 68.1%, compared to $7.2 million in the same period of fiscal 2024[3] Backlog and Awards - As of October 31, 2025, the backlog totaled $148.9 million, representing an increase of $10.8 million, or 7.8%, compared with $138.1 million reported as of January 31, 2025[4] - The company secured more than $5.0 million in awards scheduled for execution during the remainder of the year[7] Tax and Earnings - The effective tax rate for the third quarter was 27%, compared to 32% in the prior-year quarter, reflecting the impact of product mix in various tax jurisdictions[10] - The company generated GAAP diluted earnings per share of $0.77 for the quarter and $1.49 year-to-date[6] - Adjusted income before tax for the three months ended October 31, 2025, was $10,900 thousand, compared to $5,068 thousand for the same period in 2024, reflecting a year-over-year increase of 115.0%[25] - For the nine months ended October 31, 2025, adjusted income before tax rose to $23,195 thousand, up from $13,218 thousand in 2024, marking a growth of 75.3%[25] - The company reported a GAAP income before income tax of $10,900 thousand for the three months ended October 31, 2025, compared to $5,068 thousand in 2024, showing a significant improvement[25] Expenses and Liabilities - General and administrative expenses for the third quarter increased to $8.3 million from $7.3 million, primarily due to higher payroll and professional fees[9] - Current liabilities increased to $86,301 thousand as of October 31, 2025, compared to $54,063 thousand on January 31, 2025, indicating a rise of 59.7%[22] - Total liabilities increased to $116,997 thousand as of October 31, 2025, up from $82,136 thousand on January 31, 2025, representing a growth of 42.5%[22] Assets and Equity - Total assets increased to $216,985 thousand as of October 31, 2025, up from $165,241 thousand on January 31, 2025, representing a growth of 31.3%[22] - Stockholders' equity reached $85,753 thousand as of October 31, 2025, up from $72,138 thousand on January 31, 2025, an increase of 18.9%[22] - Long-term assets grew to $65,409 thousand as of October 31, 2025, compared to $56,439 thousand on January 31, 2025, reflecting an increase of 15.5%[22] - Non-controlling interests increased to $14,235 thousand as of October 31, 2025, from $10,967 thousand on January 31, 2025, a rise of 30.0%[22] One-time Charges - The adjustments for the nine months included a one-time charge of $2,018 thousand related to the acceleration of executive compensation[24]