Profire Energy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 04:05 pm EDT
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Profire Energy, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 14.44 million compared to USD 9.63 million a year ago. Net income was USD 2.86 million compared to USD 0.284829 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to USD 0.01 a year ago.
For the six months, revenue was USD 29 million compared to USD 19.14 million a year ago. Net income was USD 5.45 million compared to USD 0.91199 million a year ago. Basic earnings per share from continuing operations was USD 0.12 compared to USD 0.02 a year ago. Diluted earnings per share from continuing operations was USD 0.11 compared to USD 0.02 a year ago.
Profire Energy, Inc. is a technology company. The Company is focused on the upstream, midstream, and downstream transmission segments of the oil and gas industry. It specializes in the engineering and design of burner and combustion management systems and solutions. The Companyâs applications include combustors, enclosed flares, gas production units, treaters, glycol and amine reboiler, indirect line heaters, heated tanks, and process heaters that require heat as part of its production and or processing functions. Its burner-management systems ignite, monitor, and manage pilot and burner systems that are utilized in its process. Its technology enables remote operation, reducing the need for employee interaction with the appliance's burner for purposes, such as re-ignition or temperature monitoring. The Company's systems and solutions are used by exploration and production companies (E&P), midstream operators, pipeline operators, as well as downstream transmission and utility providers.