$PFIE reports second-highest quarterly revenue in Q4 2022
Mar 8th 2023, 9:23 pm
Analyst Summary: Profire Energy, Inc. (NASDAQ: PFIE) has reported financial results for the fourth quarter and full fiscal year ending December 31, 2022. The company reported the second-highest quarterly revenue in their history. The increase was primarily driven by historically high oil prices, an increase in rig counts, and steady completion activity. The company remains debt-free and has replenished much of its inventory to pre-pandemic levels despite ongoing global supply chain challenges. CEO Ryan Oviatt stated that the company is well-positioned to capitalize on further diversification efforts and new business opportunities that become available thanks to their solid financial performance and strong balance sheet. Moving forward, Cameron Tidball, Co-CEO of Profire Energy expressed confidence in their ability to build on strong results in 2023, stating that there remains pent-up demand for their products due to multiple years of underinvestment, deferred capital expenditures, and continued demand for energy derived from hydrocarbons. Readers should note that statements made in the press release that are not historical are forward-looking statements and all forward-looking statements are made only as of the date of this release. Investors should refer to the company's periodic reports filed with the Securities and Exchange Commission for risk factors that could materially affect such forward-looking statements.