Why Are Engineered Pipe Services Provider Perma-Pipe's Shares Surging Today?
Portfolio Pulse from Shivani Kumaresan
Perma-Pipe International Holdings Inc (NASDAQ:PPIH) shares surged after reporting a 21% year-on-year increase in third-quarter FY23 sales to $45.7 million. The growth was primarily due to higher sales volume in Saudi Arabia. Gross profit rose 18.9% to $13.2 million, but the profit margin slightly contracted. Operating income increased by 33.1% to $6 million, and EPS improved to $0.24 from $0.21 last year. The company's backlog has grown each quarter this year, now at $73.1 million. PPIH shares jumped 14.90% to $8.00.
December 08, 2023 | 4:46 pm
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Perma-Pipe International Holdings Inc reported strong Q3 FY23 results with significant sales growth, increased profits, and a growing backlog, leading to a 14.90% surge in its stock price.
The positive earnings report showing substantial growth in sales and profits, along with a strong backlog, indicates a healthy financial state and promising future prospects for Perma-Pipe. This has likely led to increased investor confidence and demand for PPIH shares, resulting in the stock price surge.
CONFIDENCE 90
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RELEVANCE 100