Perma-Pipe International Holdings Inc. Reports Strong Q1 Fiscal 2025 Results Amidst Leadership Transition

In a significant announcement, Perma-Pipe International Holdings, Inc., a leading U.S.-based manufacturer and distributor of piping systems, has reported robust financial results for the first quarter of fiscal 2025. The company, which operates globally, showcased a remarkable increase in net sales and income, reflecting its strong market position and operational efficiency.

For the quarter ended April 30, 2025, Perma-Pipe reported net sales of $46.7 million, marking a substantial increase of 36.2% from the $34.3 million recorded in the same period last year. This growth in sales underscores the company’s expanding footprint and its ability to meet the rising demand for its diverse range of piping systems, including process, secondary contained, leak detection, steam, and condensate systems.

The financial performance was further bolstered by an impressive income before income taxes of $7.4 million, compared to $2.6 million in the first quarter of 2024. Net income attributable to common stockholders surged by 243%, reaching $5.0 million from $1.4 million in the prior year’s quarter. This significant uptick in profitability highlights Perma-Pipe’s effective cost management and strategic initiatives aimed at enhancing operational efficiency.

Adding to the positive financial outlook, the company’s backlog stood at $131.1 million as of April 30, 2025, more than doubling from $63.1 million at the same time the previous year. This robust backlog is indicative of strong future revenue potential and reflects the company’s solid order book and customer confidence in its product offerings.

Amidst these encouraging financial results, Perma-Pipe also announced a pivotal leadership transition. David Mansfield, the outgoing CEO, has departed from his role, effective June 7, 2025. In a move that signals continuity and strategic foresight, the Board of Directors has appointed Saleh Sagr as the new President and Chief Executive Officer. Saleh Sagr brings to the table a wealth of experience, strategic vision, and a proven track record of operational excellence. His appointment is seen as a positive step towards steering Perma-Pipe through its next phase of growth and innovation.

Chairman of the Board, Jerome T. Walker, expressed gratitude towards David Mansfield for his contributions and extended a warm welcome to Saleh Sagr, emphasizing the board’s confidence in his leadership to drive the company forward.

As Perma-Pipe International Holdings Inc. navigates through this period of transition and growth, its strong financial performance and strategic leadership changes position it well to capitalize on emerging opportunities in the global piping systems market. Investors and stakeholders are keenly watching as the company embarks on this new chapter under the guidance of Saleh Sagr, with expectations of sustained growth and innovation in the years to come.