Perma-Pipe Q1 net sales rise 7.5% to $50.3 million; profit falls on project delays
Perma-Pipe reported first-quarter fiscal 2026 results for the quarter ended April 30, 2026. Net sales rose 7.5% to $50.3 million, but gross profit fell to $14.6 million from $16.7 million, and net income attributable to common stock fell to $1.8 million from $5.0 million, which management attributed partly to Middle East project delays and start-up costs. Management still expects revenue and net income growth for fiscal 2026 compared with fiscal 2025.
Key points
- Net sales were $50.3 million, up from $46.7 million a year earlier, driven by higher volumes in North America and MENA.
- Net income attributable to common stock was $1.8 million, versus $5.0 million; diluted EPS was $0.22, versus $0.61.
- Backlog reached $136.5 million at April 30, 2026, up about 12% from $121.6 million at January 31, 2026.
- Management said no projects have been cancelled and still expects revenue and net income growth for fiscal 2026.
The filing
Written by AI on Nov 9, 2026, 8:28 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 09, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.