Perma-Pipe Worldwide Holdings Inc. has reported a internet revenue attributable to frequent inventory of $3.3 million for the second quarter, up from a internet lack of $0.1 million for a similar interval a yr prior on larger gross sales volumes and higher margins.
The corporate’s internet gross sales reached $37.5 million for the quarter. For the primary half of 2024, internet gross sales totaled $71.8 million, up 11 p.c in comparison with the primary six months of 2023.
The backlog has additionally grown considerably, reaching $75.5 million on the finish of the second quarter, the corporate stated in a media launch.
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“This represents a ten p.c improve from the backlog on January 31, 2024. It ought to be famous that this backlog of $75.5 million excludes greater than $46 million of extra awards that have been secured subsequent to the tip of the quarter relating to 2 tasks within the MENA area, as introduced in a press launch issued on August 23, 2024. The mixture quantity of backlog on the finish of the second quarter plus the 2 extra venture awards may be very encouraging”, President and CEO David Mansfield.
“We’re happy with the extent of enterprise exercise we’re experiencing in varied markets on account of will increase in infrastructure spending, primarily attributable to Saudi Arabia, India, and the U.A.E. These are key drivers of our total enchancment in internet gross sales and margins within the second quarter and on a year-to-date foundation and for which we’re inspired by the energy of our monetary outcomes because it allows us to proceed to execute on strategic initiatives”, Mansfield stated.
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