Perma-Pipe(US:PPIH)2024-06-13 12:31Financial Performance - Revenues for Q1 2024 were $34.3 million, an increase of $4.6 million or 15% compared to Q1 2023[2] - Net income attributable to common stock was $1.4 million, an increase of $2.5 million or 227% compared to a net loss of $(1.1) million in Q1 2023[2] - Gross profit for Q1 2024 was $10.5 million, or 31% of net sales, compared to $6.8 million, or 23% of net sales in Q1 2023[8] - Income (loss) before income taxes was $2.6 million in Q1 2024 compared to a loss of $(0.4) million in Q1 2023[6] - The effective tax rate for Q1 2024 was 30%, a significant improvement from (208%) in Q1 2023[11] - Earnings per share attributable to common stock for Q1 2024 were $0.18, compared to $(0.14) in Q1 2023[17] Backlog and Assets - Backlog as of April 30, 2024, was $63.1 million, a decrease of $5.3 million from $68.4 million at January 31, 2024, but an increase of $3.7 million compared to Q1 2023[3] - Total assets as of April 30, 2024, were $157.2 million, compared to $155.7 million at January 31, 2024[19] Expenses - General and administrative expenses increased by $0.6 million or 11% to $6.1 million in Q1 2024 due to higher professional service fees[8] Expansion Plans - The company plans to expand into Qatar during the fiscal year and participate in significant development plans in the MENA region[5]