$PRM Earnings Report
I wasn’t going to do a writeup on $PRM earnings report because they normally don’t have much fire safety revenue in Q1 (off-season), however, their oil additives business changed
significantly since the last quarter, I thought I should.
Oil Additives revenue increased 50% and adjusted EBITDA increased 97% as margins grew to 39%. This is in stark contrast to their original guide of flat revenue growth which was
upgraded last quarter to positive 1-2% revenue growth.
$PRM management credited “hard work” to their exceptional oil additives quarter. Management has kept many details on their business close to their chest so it was unsurprising to not receive a more in-depth explanation.
The fire safety segment grew revenues 141%, but investors should not read too deep into this
as the first quarter is the off-season and very finicky.
Management also continued to be unconcerned about potential competition. While the first quarter is relatively unimportant for $PRM this was still good to see.
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