Perma-Pipe International Shares Fall as Iran War Delays Projects, Slumps Profit

Dow Jones06-09

By Anvee Bhutani

Perma-Pipe International shares fell Tuesday, after the company logged a drop in first-quarter profit as the war in Iran caused delays to some projects.

Shares of the piping system company were recently down around 18% at $25.65. The stock is down almost 16% year-to-date.

The company posted net income of $1.8 million, or 22 cents a share, down from $5 million, or 61 cents a share the year prior.

Revenue grew 7.5% to $50.3 million from $46.7 million in the same quarter a year earlier. This included higher sales in North America and the Middle East & North Africa.

"Geopolitical developments in the Middle East resulted in delays in the execution of certain projects, affecting the timing of revenue recognition and profitability within the MENA region," said Chief Executive Saleh Sagr, but added that no projects had been canceled.

Write to Anvee Bhutani at anvee.bhutani@wsj.com

(END) Dow Jones Newswires

June 09, 2026 11:08 ET (15:08 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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