Perma-Pipe International Holdings reported second-quarter fiscal 2026 earnings per share of 31 cents, up from 10 cents a year earlier, as net sales rose 24.4% year over year to $59.6 million from $47.9 million on higher volumes in North America and the Middle East and North Africa region. Net income attributable to common stock climbed to $2.5 million from $0.9 million, while gross profit increased 20.7% to $17.4 million, though gross margin contracted to 29.2% from 30.1% as materials and logistics costs and the ramp-up of the Ohio manufacturing facility offset higher activity. Operating income rose to $4.3 million from $3.2 million, adjusted income before taxes increased to $8.3 million from $4.9 million, and backlog reached $142.3 million at quarter-end, up from $136.5 million at April 30, 2026 and $121.6 million at Jan. 31, 2026, with more than $67 million of new orders secured during the quarter, including oil and gas awards in MENA and Canada and the company's first critical-cooling infrastructure award in MENA. Chief executive officer Saleh Sagr pointed to the ramp-up of the new Ohio facility, increased production at the Qatar facility and continued demand across oil and gas, infrastructure and critical-cooling applications, and management said roughly 40-50% of backlog could convert to revenue in the third quarter, with the Ohio facility expected to reach full production by early 2027. Cash and cash equivalents rose to $31.8 million as of July 31, 2026 from $18.7 million at Jan. 31, 2026, long-term debt less current maturities increased to $30 million from $12.7 million, and operating activities generated $13.3 million of cash in the first six months of fiscal 2026 versus $1.3 million used in the prior-year period.
Perma-Pipe International Holdings IncQ2 EPS rose to 31 cents from 10 cents and net sales climbed 24.4% to $59.6 million on higher North America and MENA volumes.
