Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) revealed Year-to-Date financial data screening

On Friday, Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) shares price traded between $40.26 and $9.23 during the last trading session a downbeat with -1.36% at $9.06. The shares recorded a trading volume 8297 shares as compared to its average volume of 25.06K shares. Over the one year trading period, the stock has a peak price of $10.14 and its down is recorded at $7.87.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported recently financial results for the second quarter and six months ended July 31, 2019.

Second Quarter Fiscal 2019 Results

Net sales increased $4.3M to $36.7M in the current quarter, from $32.3M in the previous year quarter.

Gross profit increased to $9.7M or 26.3% of net sales in the current quarter from $5.9M, or 18.2% of net sales, in the previous year quarter. This 64% increase in gross profit was driven by improved pricing, product mix and cost reduction initiatives.

General and administrative expenses increased to $4.6M in the current quarter, contrast to $3.9M in the previous year quarter. This was due primarily to increased compensation expenses. Selling expenses remained relatively flat at $1.4M in the current quarter, contrast to $1.3M in the previous year quarter.

Net interest expense reduced to $0.2M in the current quarter from $0.3M in the prior-year quarter Because of lower borrowings.

Income from operations before income taxes increased by $3.1M to $3.5M in the current quarter from $0.4M in the previous year quarter. This increase was Because of increased revenue and improved margins.

Year-to-Date July 31, 2019 Results

Net sales reduced $0.3M to $60.9M in the current year-to-date, from $61.2M in the previous year year-to-date. The slight decrease resulted from lower revenue in the Middle East offset by increased revenue from our leak detection systems.

Gross profit increased to $14.4M or 23.6% of net sales in the current year-to-date from $10.1M or 16.5% of net sales, in the previous year year-to-date. This 42% increase in gross profit was driven by improved pricing, product mix and cost reduction initiatives.

General and administrative expenses increased to $9.0M in the current year-to-date, contrast to $7.9M in the previous year year-to-date. This was Because of increased compensation expenses and loss on disposal of an asset, partially offset by collection of a before reserved bad debt. Selling expenses remained relatively flat at $2.7M in the current year-to-date, contrast to $2.5M in the previous year year-to-date.

Net interest expense reduced to $0.4M in the current year-to-date from $0.6M in the prior-year year-to-date Because of lower borrowings.

Income from operations before income taxes increased $3.1M to $2.3M in the current year-to-date from a loss of $0.8M in the previous year year-to-date.

Perma-Pipe International Holdings, Inc.’s (PPIH) stock price showed strong performance of 3.01% in last seven days, switched down -5.38% in last thirty days and it rose 0.84% in last one year. It has 8.14M of outstanding shares and its shares float measured at 6.83.