Perma-Pipe International Holdings, Inc. (PPIH) reported a robust earnings performance for Q3 2025, showing a 152% increase in net income to $6.3 million compared to $2.5 million in the same quarter last year. The company’s diluted earnings per share (EPS) surged to 77 cents, up from 31 cents a year earlier. Additionally, net sales reached $61.1 million, a notable 46.9% increase from $41.6 million year-over-year, attributed to strong sales in North America and the Middle East.
As of October 31, 2025, Perma-Pipe’s backlog stood at $148.9 million, marking a 7.8% increase year-to-date and over 30% growth from the previous year. Operating income for the quarter increased to $11.4 million, up from $5.6 million in Q3 2024, while gross profit rose by 49% to $21 million. The stock has outperformed the broader market, gaining 38.1% over the past month, in contrast to the S&P 500, which declined by 1.4% during that same period.
