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Profire Energy (PFIE) investor relations material
Profire Energy Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2024 revenue reached a record $17.2M, up 15% year-over-year, driven by diversification and higher customer demand despite lower oil and gas prices.
Net income for Q3 2024 was $2.18M, up from $2.04M in Q3 2023, with operating income at $2.75M.
Diversified revenue represented 26% of total revenue in Q3 2024, up from 17% in the prior year quarter.
The company entered a definitive merger agreement with CECO Environmental Corp. for an all-cash acquisition at $2.55 per share, expected to close in Q1 2025.
No earnings conference call was held due to the pending transaction.
Financial highlights
Q3 2024 total revenue: $17.2M (up 15% year-over-year); nine-month revenue: $46.0M (up 4.1%).
Q3 2024 gross profit margin: 48.2%, down from 50.0% in Q3 2023; nine-month gross margin: 49.8%.
Q3 2024 operating expenses: $5.53M, up $0.60M year-over-year due to headcount and inflation.
Q3 2024 net income: $2.18M; nine-month net income: $5.68M (down 24.1% year-over-year).
EBITDA for the quarter was $3.1M, compared to $2.9M in the prior-year quarter.
Outlook and guidance
Growth expected from diversification into critical energy infrastructure and non-oil and gas projects, though these may carry lower margins.
Future liquidity will depend on industry trends and developments, which remain uncertain.
Forward-looking statements caution on risks and uncertainties, including economic and regulatory factors.
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