Perma-Pipe International Holdings (PPIH) Q4 2026 earnings summary

Executive summary

• Achieved record net sales of $210.9 million for the fiscal year ended January 31, 2026, up 33.1% year-over-year, with Q4 sales of $55.1 million, up 22.4% from the prior year quarter.

• Net income attributable to common stock rose 88.9% to $17.0 million for the year and 172.2% to $4.9 million for Q4, both marking all-time highs.

• Backlog remained strong at $121.6 million, reflecting robust order conversion and sustained demand in North America and the Middle East.

Financial highlights

• Gross profit increased to $69.5 million for the year (33% margin), up from $53.2 million (34% margin) in the prior year.

• Selling, general, and administrative expenses rose to $40.0 million from $32.9 million, including $1.0 million for Sarbanes-Oxley compliance and a $2.0 million one-time CEO departure charge.

• GAAP diluted EPS was $2.09 for the year and $0.60 for Q4, compared to $1.12 and $0.22, respectively, in the prior year.

• Interest expense, net, decreased slightly to $1.8 million from $1.9 million year-over-year.

Outlook and guidance

• Entering 2026 with confidence in scaling global operations and driving shareholder returns, supported by record earnings and a modernized capital structure.

• Expansion includes a new production facility in Ohio to serve the Northeast and New England, enhancing logistics and regional market share.