Perma-Pipe International Holdings, Inc.
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $255.4M
- Price
- $31.17
- % Change (Daily % change from the live per-ticker quote feed.)
- -1.70%
- Volume
- 69.8K
About
Perma-Pipe International Holdings, Inc., along with its subsidiaries, specializes in the engineering, design, manufacturing, and sale of specialized piping and leak detection solutions. Its product portfolio includes jacketed district heating and cooling pipeline systems, facilitating energy distribution from centralized power plants to diverse destinations. The company also provides primary and secondary containment piping systems, crucial for the secure transport of chemicals, hazardous liquids, and petroleum products. Additionally, Perma-Pipe undertakes the coating and insulation of oil and gas gathering and transmission pipelines. They offer liquid and powder-based anti-corrosion coatings for both the exterior and interior surfaces of steel pipes, including complex components like bends, reducers, tees, and various spools/fittings, which are utilized in pipelines for conveying oil and gas products as well as potable water. Maintaining a global presence, the company operates across the United States, Canada, the Middle East, Europe, India, and other international markets. Incorporated in 1993, the entity was formerly known as MFRI, Inc. before adopting the name Perma-Pipe International Holdings, Inc. in March 2017. Its corporate headquarters are situated in Niles, Illinois.
Quick stats
Shares outstanding8.2M
Computed float7.7M
Float / shares93.4%
Key info
SectorIndustrials
IndustryIndustrial - Machinery
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0000914122
Websitehttps://www.permapipe.com
AI Summary
AI-generated1/13
majorbullishearnings
Perma-Pipe International Holdings, Inc. Announces Second Quarter Fiscal 2026 Financial Results
Perma-Pipe delivered strong fiscal Q2 2026 results, with net sales up 24.4% year-over-year to $59.6 million and diluted EPS more than tripling to $0.31 from $0.10. Net income of $2.5 million absorbed a $3.9 million uncollectible-receivable charge and was helped by a $1.6 million discrete tax benefit that cut the effective tax rate to roughly 16%.
Backlog grew to $142.3 million on more than $67 million of new Q2 awards, while the company ramped its new Ohio facility, is expanding in Qatar, and signed an MOU for a Jordan joint venture tied to a large government-backed water-security program.
Subsequent to quarter-end, Perma-Pipe replaced its prior JPMorgan facility with a new global credit agreement carrying roughly $90 million of commitments — a $75 million revolver plus a $14 million term loan — with access to up to $50 million more, and repaid its Alberta plant mortgage in full.
Offsets worth watching: gross margin slipped to 29.2% from 30.1% on materials, logistics, and Ohio ramp costs, and six-month operating income fell to $8.9 million from $11.1 million.
Red flags
- $3.9 million uncollectible account receivable charge from a specific customer; forward-looking factors flag collection risk on a Middle East project receivable
- gross margin contracted to 29.2% from 30.1% on higher materials/logistics costs and Ohio start-up drag
- six-month net income ($4.3M vs $5.8M) and operating income ($8.9M vs $11.1M) both down year-over-year despite Q2 growth
- EPS growth partially flattered by a $1.6 million discrete tax benefit and a 16% effective rate vs 54% a year ago
- total debt rose to $36.1 million from $32.5 million since fiscal year-end