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Profire Energy
Profire Energy (PFIE) investor relations material
Profire Energy has been acquired
Profire Energy Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary5 Nov, 2024
Executive summary
Q3 2024 revenue reached a record $17.2M, up 15% year-over-year, driven by diversification and higher customer demand despite lower oil and gas prices.
Net income for Q3 2024 was $2.18M, up from $2.04M in Q3 2023, with operating income at $2.75M.
Diversified revenue represented 26% of total revenue in Q3 2024, up from 17% in the prior year quarter.
The company entered a definitive merger agreement with CECO Environmental Corp. for an all-cash acquisition at $2.55 per share, expected to close in Q1 2025.
No earnings conference call was held due to the pending transaction.
Financial highlights
Q3 2024 total revenue: $17.2M (up 15% year-over-year); nine-month revenue: $46.0M (up 4.1%).
Q3 2024 gross profit margin: 48.2%, down from 50.0% in Q3 2023; nine-month gross margin: 49.8%.
Q3 2024 operating expenses: $5.53M, up $0.60M year-over-year due to headcount and inflation.
Q3 2024 net income: $2.18M; nine-month net income: $5.68M (down 24.1% year-over-year).
EBITDA for the quarter was $3.1M, compared to $2.9M in the prior-year quarter.
Outlook and guidance
Growth expected from diversification into critical energy infrastructure and non-oil and gas projects, though these may carry lower margins.
Future liquidity will depend on industry trends and developments, which remain uncertain.
Forward-looking statements caution on risks and uncertainties, including economic and regulatory factors.
Diversification's gross margin impact
R&D spend's strategic growth contribution
Cash value relative to acquisition price
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Frequently asked questions
Profire Energy Inc. is a technology company that provides solutions for combustion management in the oil and gas industry. The company designs and manufactures burner management systems and related components, which are used to enhance the efficiency, safety, and automation of combustion processes. Profire Energy serves upstream, midstream, and downstream oil and gas operations. The company is headquartered in Lindon, Utah, and its shares are listed on the NASDAQ.
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