PERMA-PIPE INTERNATIONAL HOLDINGS, INC. Reports Net Income of $1.02 Million for Q2 2023
Revenue for the Second Quarter Stands at $35.1 Million
Perma-Pipe International Holdings, Inc.(PPIH) and its subsidiaries (hereinafter referred to as "Perma-Pipe" or the "Company") have released their condensed consolidated financial statements for the second quarter and first half of 2023. The report reveals that the Company achieved a net income of $1.02 million for the second quarter of 2023, a significant decrease from the same period in the previous year. Meanwhile, net sales for the quarter amounted to $35.1 million, reflecting a slight decline compared to the same quarter in 2022.
Decline in Net Income
Perma-Pipe reported a net income of $1.02 million for the three months ending July 31, 2023, which is a substantial drop from the $1.87 million recorded during the same period in 2022. This decrease in net income represents a challenging quarter for the Company, indicating potential challenges and shifts in the market that have impacted profitability.
