Perma-Pipe revenues up as pandemic eases
NILES -- Perma-Pipe International Holdings Inc. reported second quarter revenues of $39.8 million, representing a 95% increase above the revenues of $20.4 million achieved in the same quarter last year.
"If we exclude the impact of COVID-19 related government assistance, pretax income from operations improved $7.5 million over the same quarter of 2020 and $9.2 million for the year-to-date versus the same period last year," said President and CEO David Mansfield.
The adverse business conditions arising as a result of the pandemic began to ease during the latter part of the first quarter and continued to ease through the second quarter, enabling Perma-Pipe to begin some delayed projects, he said.
Gross profit increased to $10.7 million, or 27% of net sales, in the current quarter from $2.4 million, or 12% of net sales, in the prior year quarter.
Perma-Pipe is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, as well as district heating and cooling systems.