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.