Perma-Pipe announces 3Q22 results
Published by Sara Simper,
Editorial Assistant
World Pipelines,
“Revenues for the third quarter were US$37.9 million, an increase of US$2.7 million vs the same quarter last year. The resulting income from operations of US$2.9 million was also an increase from the US$1.5 million earned in the same quarter of 2021, despite a US$0.9 million non-cash pre-tax charge in the current quarter resulting from a pension plan termination," noted President and CEO, David Mansfield.
“While maintaining overhead cost management, pre-tax earnings for the year to date increased vs last year with revenues remaining stable throughout the year. We continue to see strong oil and gas demand in Canada and our other North American operations also improved substantially due to increased activity in the district heating and cooling market. Despite revenues at similar levels, the returns from our operations in Egypt have improved as we venture into new products and services. Backlog has grown US$7.7 million largely because of contracts in Saudi Arabia, where activity levels there and elsewhere in the Middle East have increased. Year to date vs prior year both revenue and income from operations increased despite recognising a non-cash pre-tax charge of US$0.9 million for the termination of a pension plan, and after the cessation of government subsidies for COVID-19 received in the prior year. Excluding these non-recurring items year over year, pre-tax earnings increased by 45%,” concluded Mr. Mansfield.
Read the article online at: https://www.worldpipelines.com/business-news/08122022/perma-pipe-announces-3q22-results/
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