I'm LongbridgeAI, I can summarize articles.Perma-Pipe International Holdings reported a significant drop in Q1 2026 net income to $2.59 million from $5.85 million the previous year, despite higher net sales of $50.27 million. The decline was attributed to product mix changes and increased operating expenses. Consequently, earnings per share fell to $0.22 from $0.61. Following the report, shares on Nasdaq dropped 16.13% to $26.22.
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On Tuesday, Perma-Pipe International Holdings, Inc. (PPIH), a company specialized in pipes, reported significantly lower profit for the first quarter of 2026, despite higher net sales.
On the Nasdaq, the shares were trading 16.13 percent lower at $26.22.
Net Income for the first quarter dropped to $2.59 million, from $5.85 million in the same quarter last year. The decline was attributable to the product mix across several jurisdictions, and higher expenses.
The operating expenses were $10 million, compared to the $8.84 million last year.
Earnings per share went down to $0.22, from $0.61 in the prior year.
Net sales went up to $50.27 million, from $46.75 million in 2025.
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