Conrad Industries Announces First Quarter 2024 Results and Backlog

Rhea-AI Summary

Conrad Industries (OTC Pink: CNRD) reported its first quarter 2024 results, showing a net income of $1.5 million and earnings per diluted share of $0.30, a significant recovery from the net loss of $5.1 million and loss per diluted share of $1.01 in Q1 2023. The company signed $51.8 million in new construction contracts during Q1 2024, up from $47.0 million in Q1 2023, and reported a backlog of $247.3 million as of March 31, 2024. Additional $25.0 million in contracts have been signed since the quarter ended. Conrad Industries operates five shipyards in Louisiana and Texas, focusing on building and overhauling various marine vessels and steel products for commercial and government markets.

Positive

• Net income of $1.5 million for Q1 2024 compared to a net loss of $5.1 million in Q1 2023.
• Earnings per diluted share of $0.30, up from a loss per diluted share of $1.01 in Q1 2023.
• Signed $51.8 million in new construction contracts in Q1 2024, an increase from $47.0 million in Q1 2023.
• Backlog of $247.3 million as of March 31, 2024, showing growth from $221.8 million as of March 31, 2023.
• Additional $25.0 million in contracts signed post-Q1 2024.

Negative

• Backlog declined slightly to $247.3 million as of March 31, 2024, from $253.8 million as of December 31, 2023.

MORGAN CITY, La., May 15, 2024 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its first quarter 2024 results.

For the quarter ended March 31, 2024, Conrad had net income of $1.5 million and earnings per diluted share of $0.30 compared to net loss of $5.1 million and loss per diluted share of $1.01 during the first quarter of 2023. The Company's financial reports are available at www.otcmarkets.com.

During the first three months of 2024, Conrad signed $51.8 million in contracts in its new construction segment compared to $47.0 million added to backlog during the first three months of 2023. Conrad's backlog was $247.3 million at March 31, 2024, $253.8 million at December 31, 2023 and $221.8 million at March 31, 2023. Since the end of the first quarter, the Company has signed an additional $25.0 million in contracts.

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls barges, dredges and dredge support equipment, tugboats, ferries, drydocks, liftboats, offshore supply vessels and other steel products for both the commercial and government markets. The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.

For Information Contact:
Cecil Hernandez
(985) 702-0195
CAHernandez@ConradIndustries.com

View original content:https://www.prnewswire.com/news-releases/conrad-industries-announces-first-quarter-2024-results-and-backlog-302147000.html

SOURCE Conrad Industries, Inc.

FAQ

What were Conrad Industries' earnings for Q1 2024?

Conrad Industries reported a net income of $1.5 million and earnings per diluted share of $0.30 for Q1 2024.

How did Conrad Industries' Q1 2024 performance compare to Q1 2023?

Conrad Industries had a net income of $1.5 million in Q1 2024, a significant improvement from a net loss of $5.1 million in Q1 2023.

What was the value of new construction contracts signed by Conrad Industries in Q1 2024?

Conrad Industries signed $51.8 million in new construction contracts in Q1 2024.

What is Conrad Industries' backlog as of March 31, 2024?

As of March 31, 2024, Conrad Industries had a backlog of $247.3 million.

How much additional contracts did Conrad Industries secure after Q1 2024?

Conrad Industries secured an additional $25.0 million in contracts after Q1 2024.