Gulf Island Reports Fourth Quarter and Full Year 2024 Results
Gulf Island Fabrication (NASDAQ: GIFI) has reported its Q4 and full-year 2024 results. For Q4 2024, the company achieved consolidated revenue of $37.4 million and net income of $4.3 million, with adjusted EBITDA of $3.7 million. The full-year 2024 showed consolidated revenue of $159.2 million and net income of $14.7 million, with adjusted EBITDA of $12.8 million.
The company ended 2024 with a strong cash and short-term investments position of $67.3 million. However, management expects 2025 consolidated EBITDA to be lower than 2024's adjusted figures, citing customer indications of reduced capital spending in the Gulf of America.
During Q4, the Services Division reported revenue of $18.8 million (down 23.2% year-over-year) while the Fabrication Division generated $18.7 million (down 4.9%). The company continued its share repurchase program, buying back 59,170 shares in Q4 at an average price of $5.49 per share.
Gulf Island Fabrication (NASDAQ: GIFI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024. Per il Q4 2024, l'azienda ha raggiunto un fatturato consolidato di 37,4 milioni di dollari e un utile netto di 4,3 milioni di dollari, con un EBITDA rettificato di 3,7 milioni di dollari. L'anno intero 2024 ha mostrato un fatturato consolidato di 159,2 milioni di dollari e un utile netto di 14,7 milioni di dollari, con un EBITDA rettificato di 12,8 milioni di dollari.
L'azienda ha concluso il 2024 con una solida posizione di liquidità e investimenti a breve termine di 67,3 milioni di dollari. Tuttavia, la direzione prevede che l'EBITDA consolidato del 2025 sarà inferiore ai valori rettificati del 2024, citando indicazioni da parte dei clienti di una riduzione della spesa in conto capitale nel Golfo dell'America.
Durante il Q4, la Divisione Servizi ha riportato un fatturato di 18,8 milioni di dollari (in calo del 23,2% rispetto all'anno precedente), mentre la Divisione Fabbricazione ha generato 18,7 milioni di dollari (in calo del 4,9%). L'azienda ha continuato il suo programma di riacquisto di azioni, riacquistando 59.170 azioni nel Q4 a un prezzo medio di 5,49 dollari per azione.
Gulf Island Fabrication (NASDAQ: GIFI) ha reportado sus resultados del cuarto trimestre y del año completo 2024. Para el Q4 2024, la compañía alcanzó ingresos consolidados de 37,4 millones de dólares y una ganancia neta de 4,3 millones de dólares, con un EBITDA ajustado de 3,7 millones de dólares. El año completo 2024 mostró ingresos consolidados de 159,2 millones de dólares y una ganancia neta de 14,7 millones de dólares, con un EBITDA ajustado de 12,8 millones de dólares.
La compañía terminó 2024 con una sólida posición de efectivo e inversiones a corto plazo de 67,3 millones de dólares. Sin embargo, la dirección espera que el EBITDA consolidado de 2025 sea inferior a las cifras ajustadas de 2024, citando indicaciones de los clientes sobre una reducción del gasto de capital en el Golfo de América.
Durante el Q4, la División de Servicios reportó ingresos de 18,8 millones de dólares (una disminución del 23,2% interanual), mientras que la División de Fabricación generó 18,7 millones de dólares (una disminución del 4,9%). La compañía continuó su programa de recompra de acciones, recomprando 59,170 acciones en el Q4 a un precio promedio de 5,49 dólares por acción.
걸프 아일랜드 패브리케이션 (NASDAQ: GIFI)는 2024년 4분기 및 연간 실적을 발표했습니다. 2024년 4분기 동안 회사는 3740만 달러의 매출과 430만 달러의 순이익을 기록했으며, 조정된 EBITDA는 370만 달러였습니다. 2024년 전체 연도에는 1억 5920만 달러의 매출과 1470만 달러의 순이익을 기록했으며, 조정된 EBITDA는 1280만 달러였습니다.
회사는 2024년을 6730만 달러의 강력한 현금 및 단기 투자 포지션으로 마감했습니다. 그러나 경영진은 2025년의 통합 EBITDA가 2024년의 조정된 수치보다 낮을 것으로 예상하고 있으며, 이는 고객들이 미국만에서 자본 지출을 줄일 것이라는 신호를 보였기 때문입니다.
4분기 동안 서비스 부서는 1880만 달러의 매출을 보고했으며(전년 대비 23.2% 감소), 제작 부서는 1870만 달러를 생성했습니다(전년 대비 4.9% 감소). 회사는 4분기 동안 주당 평균 5.49달러에 59,170주를 재매입하며 자사주 매입 프로그램을 지속했습니다.
Gulf Island Fabrication (NASDAQ: GIFI) a publié ses résultats pour le quatrième trimestre et l'année complète 2024. Pour le Q4 2024, l'entreprise a réalisé un chiffre d'affaires consolidé de 37,4 millions de dollars et un bénéfice net de 4,3 millions de dollars, avec un EBITDA ajusté de 3,7 millions de dollars. L'année complète 2024 a montré un chiffre d'affaires consolidé de 159,2 millions de dollars et un bénéfice net de 14,7 millions de dollars, avec un EBITDA ajusté de 12,8 millions de dollars.
L'entreprise a terminé 2024 avec une solide position de liquidités et d'investissements à court terme de 67,3 millions de dollars. Cependant, la direction s'attend à ce que l'EBITDA consolidé de 2025 soit inférieur aux chiffres ajustés de 2024, citant des indications de clients concernant une réduction des dépenses d'investissement dans le Golfe d'Amérique.
Au cours du Q4, la division Services a rapporté un chiffre d'affaires de 18,8 millions de dollars (en baisse de 23,2 % par rapport à l'année précédente), tandis que la division Fabrication a généré 18,7 millions de dollars (en baisse de 4,9 %). L'entreprise a poursuivi son programme de rachat d'actions, rachetant 59 170 actions au Q4 à un prix moyen de 5,49 dollars par action.
Gulf Island Fabrication (NASDAQ: GIFI) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Im Q4 2024 erzielte das Unternehmen einen konsolidierten Umsatz von 37,4 Millionen Dollar und einen Nettogewinn von 4,3 Millionen Dollar, mit einem bereinigten EBITDA von 3,7 Millionen Dollar. Das gesamte Jahr 2024 zeigte einen konsolidierten Umsatz von 159,2 Millionen Dollar und einen Nettogewinn von 14,7 Millionen Dollar, mit einem bereinigten EBITDA von 12,8 Millionen Dollar.
Das Unternehmen schloss das Jahr 2024 mit einer starken Liquiditäts- und kurzfristigen Investitionsposition von 67,3 Millionen Dollar ab. Die Geschäftsführung erwartet jedoch, dass das konsolidierte EBITDA für 2025 unter den bereinigten Werten von 2024 liegen wird, da Kunden Hinweise auf eine reduzierte Investitionsausgaben im Golf von Amerika gegeben haben.
Im Q4 berichtete die Dienstleistungsabteilung von einem Umsatz von 18,8 Millionen Dollar (ein Rückgang von 23,2% im Jahresvergleich), während die Fertigungsabteilung 18,7 Millionen Dollar erzielte (ein Rückgang von 4,9%). Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte im Q4 59.170 Aktien zu einem Durchschnittspreis von 5,49 Dollar pro Aktie zurück.
- Strong cash position of $67.3M
- Full-year net income of $14.7M
- Fabrication division operating income of $11.9M for 2024
- Services division operating income of $7.3M for 2024
- Q4 revenue declined 16.1% YoY to $37.4M
- Services division revenue down 23.2% in Q4
- Fabrication division revenue down 4.9% in Q4
- Lower expected EBITDA for 2025
- Reduced customer capital spending expected in Gulf of America
Insights
Gulf Island's Q4 and full-year 2024 results show a contrasting picture of underlying operational strength against headwinds in project timing. The company delivered Q4 consolidated revenue of $37.4 million with net income of $4.3 million, while full-year figures reached revenue of $159.2 million and net income of $14.7 million.
The robust $67.3 million cash and short-term investments position provides significant financial flexibility, especially valuable given management's guidance for lower 2025 EBITDA. This balance sheet strength is partially offset by $19 million in debt with a favorable 3% fixed interest rate.
Segment performance reveals key operational dynamics: The Fabrication division generated strong EBITDA of $4.6 million despite revenue declines, highlighting margin strength in small-scale fabrication. Meanwhile, the Services division's EBITDA margin contracted to 7.4% from 13.2% year-over-year, pressured by project delays and investments in cleaning and environmental services capabilities.
Management's cautious 2025 outlook citing "lower overall capital spending levels in the Gulf of America" suggests potential revenue pressure, though their strategic diversification beyond oil and gas toward infrastructure, government, and high-tech manufacturing should help mitigate industry cyclicality.
The company's share repurchase activity of 230,938 shares for $1.2 million demonstrates commitment to shareholder returns while maintaining strategic flexibility. The substantial cash position enables continued pursuit of organic growth initiatives and potential acquisitions despite the anticipated EBITDA contraction in 2025.
Gulf Island's strategic pivot toward more predictable revenue streams shows meaningful progress in 2024, but isn't yet fully insulating the company from market cyclicality. The fourth quarter results validate management's emphasis on three strategic pillars: small-scale fabrication expansion, diversification beyond oil and gas, and enhanced service capabilities.
The company's performance demonstrates clear execution against its durability objectives, with the small-scale fabrication business providing stability amid project delays in their Services division. However, the projected EBITDA decline in 2025 highlights the ongoing challenge of transforming while operating in cyclical markets.
Gulf Island is effectively deploying a dual-pathway growth strategy - organically developing new capabilities (evidenced by the cleaning and environmental services launch) while maintaining financial capacity for acquisitions. This approach is prudent given their operational environment, allowing them to opportunistically consolidate during industry downturns.
Their capital allocation discipline is noteworthy. Despite a nearly $5 billion market for offshore services that often tempts overexpansion, management has maintained balance sheet strength with $67.3 million in cash and investments. This provides important flexibility as customers signal reduced capital spending, while also enabling the ongoing share repurchase program that returned $1.2 million to shareholders in 2024.
Most importantly, the strategic expansion beyond traditional oil and gas into infrastructure, government, and high-tech manufacturing positions the company to capture value from industrial diversification trends. While near-term decommissioning growth opportunities in their CES business present revenue potential, the structural shift toward more diversified industrial fabrication represents the more significant long-term value driver.
THE WOODLANDS, Texas, March 04, 2025 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced its results for the fourth quarter and full year 2024.
FOURTH QUARTER 2024 SUMMARY
- Consolidated revenue of
$37.4 million ; Adjusted consolidated revenue of$37.3 million - Consolidated net income of
$4.3 million ; Adjusted consolidated EBITDA of$3.7 million - Services division operating income of
$0.9 million ; EBITDA of$1.4 million - Fabrication division operating income of
$4.0 million ; EBITDA of$4.6 million - Cash and short-term investments balance of
$67.3 million at December 31, 2024
FULL YEAR 2024 SUMMARY
- Consolidated revenue of
$159.2 million ; Adjusted consolidated revenue of$158.1 million - Consolidated net income of
$14.7 million ; Adjusted consolidated EBITDA of$12.8 million - Services division operating income of
$7.3 million ; EBITDA of$9.3 million - Fabrication division operating income of
$11.9 million ; Adjusted EBITDA of$11.6 million
See “Non-GAAP Measures” below for the Company’s definition of adjusted revenue, EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measures.
MANAGEMENT COMMENTARY
“During 2024, we continued to enhance the durability and predictability of our business, driven largely by increasing our focus on small-scale fabrication, extending our fabrication focus beyond oil and gas, and expanding the capabilities of our services offerings,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “We have developed a strong foundation from which to grow our business, and we are well situated to continue investing in our growth initiatives and executing on our disciplined capital allocation strategy.”
“Our fourth quarter results benefited from our small-scale fabrication business, offset by project delays impacting our Services division and investments in growth initiatives, including our recently launched cleaning and environmental services (“CES”) offering,” said Heo.
“As we look to 2025, we continue to be encouraged by the bidding activity for our fabrication offerings and remain focused on expanding our presence in markets outside of oil and gas, such as infrastructure, government and high-tech manufacturing. Further, the project delays impacting our Services division appear to be subsiding and the CES business line is beginning to see increased volume as de-commissioning activity gains momentum,” continued Heo. “While these trends are encouraging, the timing of any large project award continues to be uncertain and our customers have indicated lower overall capital spending levels in the Gulf of America in 2025. Accordingly, we are currently expecting full year 2025 consolidated EBITDA to be less than our 2024 adjusted consolidated EBITDA.”
“We remain committed to our disciplined capital allocation strategy, with an emphasis on maintaining our financial flexibility,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “We ended the year with a cash and short-term investments balance of just over
“While we faced some headwinds during 2024, I am extremely proud of our continued execution against our strategic goals during the year, which combined with our strong financial position, has placed us in an attractive strategic position with meaningful options as we enter 2025. We are confident we have the right strategy in place and remain committed to our plan, with a continued focus on driving shareholder value,” concluded Heo.
CONSOLIDATED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2024
Fourth Quarter – Consolidated revenue for the fourth quarter 2024 was
Consolidated net income for the fourth quarter 2024 was
Full Year – Consolidated revenue for the full year 2024 was
Consolidated net income for the full year 2024 was
See “Non-GAAP Measures” below for the Company’s definition of adjusted revenue, EBITDA and adjusted EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measures.
DIVISION RESULTS FOR FOURTH QUARTER 2024
Services Division – Revenue for the fourth quarter 2024 was
Operating income was
Fabrication Division – Revenue for the fourth quarter 2024 was
Operating income was
Shipyard Division – Revenue for the fourth quarter 2024 was
Corporate Division – Operating loss was
BALANCE SHEET AND LIQUIDITY
The Company’s cash and short-term investments balance at December 31, 2024 was
During the fourth quarter and full year 2024, the Company repurchased 59,170 and 230,938 shares of its common stock for
FOURTH QUARTER 2024 CONFERENCE CALL
Gulf Island will hold a conference call on Tuesday, March 4, 2025 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.704.4453 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company’s website for seven days after the call.
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and cleaning and environmental services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.
NON-GAAP MEASURES
This release includes certain measures, which are not recognized under U.S. generally accepted accounting principles (“GAAP”), including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted revenue, adjusted gross profit, new project awards and backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company’s operating results and expectations of future performance excluding the non-cash impacts of depreciation and amortization. The Company believes adjusted EBITDA is a useful supplemental measure as it reflects the Company’s EBITDA adjusted to remove certain nonrecurring items (including a gain from the sale of assets held for sale and gains from the net impact of insurance recoveries and costs associated with damage previously caused by Hurricane Ida) and the operating results for the Company’s Shipyard division (the wind down of which is expected to be completed in March 2025). The Company believes adjusted revenue and adjusted gross profit are useful supplemental measures as they reflect the Company’s revenue and gross profit or loss, adjusted to remove revenue and gross profit or loss, for the Company’s Shipyard division (the wind down of which is expected to be completed in March 2025). Reconciliations of these non-GAAP measures, including EBITDA, adjusted EBITDA, adjusted revenue and adjusted gross profit to the most directly comparable GAAP measures are presented under “Consolidated Results of Operations” and “Results of Operations by Division” below.
The Company believes new project awards and backlog are useful supplemental measures as they represent work that the Company is obligated to perform under its current contracts. New project awards represent the expected revenue value of new contract commitments received during a given period, including scope growth on existing contract commitments. Backlog represents the unrecognized revenue value of new project awards, and at December 31, 2024, was consistent with the value of remaining performance obligations for contracts as determined under GAAP.
Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies.
CAUTIONARY STATEMENT
This release contains forward-looking statements in which the Company discusses its potential future performance, operations and projects. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to operating results, including 2025 full-year guidance; diversification and entry into new end markets; industry outlook; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; implementation of the Company’s share repurchase program and any other return of capital to shareholders; liquidity; and execution of strategic initiatives. The words “anticipates,” “appear,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. The timing and amount of any share repurchases under the share repurchase program will be at the discretion of management and will depend on a variety of factors including, but not limited to, the Company’s operating performance, cash flow and financial position, the market price of its common stock and general economic and market conditions. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. Any other return of capital to shareholders will be at the discretion of the Board.
The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: cyclical nature of the oil and gas industry; competitive pricing and cost overruns on its projects; competition; reliance on significant customers; timing and its ability to secure and commence execution of new project awards, including fabrication projects for refining, petrochemical, LNG, industrial and sustainable energy end markets; supply chain disruptions, inflationary pressures, economic slowdowns and recessions, natural disasters, public health crises, labor costs and geopolitical conflicts, and the related volatility in oil and gas prices and other factors impacting the global economy; changes in contract estimates; operating dangers, weather events and availability and limits on insurance coverage; utilization of facilities; operability and adequacy of its major equipment; changes in trade policies of the U.S. and other countries; adjustments to previously reported profits or losses under the percentage-of-completion method; its ability to employ a skilled workforce; loss of key personnel; failure of its safety assurance program; weather impacts to operations; performance of subcontractors and dependence on suppliers; its ability to maintain and further improve project execution; nature of its contract terms and customer adherence to such terms; suspension or termination of projects; customer or subcontractor disputes; systems and information technology interruption or failure and data security breaches; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to resolve any material legal proceedings; its ability to obtain letters of credit or surety bonds and ability to meet any indemnification obligations thereunder; consolidation of its customers; financial ability and credit worthiness of its customers; barriers to entry into new lines of business; its ability to execute its share repurchase program and enhance shareholder value; any future asset impairments; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2023, as updated by subsequent filings with the SEC.
Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
COMPANY INFORMATION
| Richard W. Heo | Westley S. Stockton |
| Chief Executive Officer | Chief Financial Officer |
| 713.714.6100 | 713.714.6100 |
Consolidated Results of Operations(1) (in thousands, except per share data)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| New project awards(2) | $ | 41,272 | $ | 36,902 | $ | 44,400 | $ | 161,802 | $ | 157,719 | ||||||||||
| Revenue | $ | 37,416 | $ | 37,640 | $ | 44,550 | $ | 159,199 | $ | 151,067 | ||||||||||
| Cost of revenue | 30,101 | 32,984 | 36,087 | 136,946 | 162,968 | |||||||||||||||
| Gross profit (loss)(3) | 7,315 | 4,656 | 8,463 | 22,253 | (11,901 | ) | ||||||||||||||
| General and administrative expense(4) | 3,698 | 2,985 | 3,395 | 13,521 | 16,278 | |||||||||||||||
| Other (income) expense, net(5) | 1 | (1 | ) | (1,607 | ) | (3,547 | ) | (2,296 | ) | |||||||||||
| Operating income (loss) | 3,616 | 1,672 | 6,675 | 12,279 | (25,883 | ) | ||||||||||||||
| Interest (expense) income, net | 619 | 647 | 383 | 2,411 | 1,440 | |||||||||||||||
| Income (loss) before income taxes | 4,235 | 2,319 | 7,058 | 14,690 | (24,443 | ) | ||||||||||||||
| Income tax (expense) benefit | 60 | (2 | ) | 32 | 51 | 41 | ||||||||||||||
| Net income (loss) | $ | 4,295 | $ | 2,317 | $ | 7,090 | $ | 14,741 | $ | (24,402 | ) | |||||||||
| Per share data: | ||||||||||||||||||||
| Basic income (loss) per share | $ | 0.26 | $ | 0.14 | $ | 0.44 | $ | 0.90 | $ | (1.51 | ) | |||||||||
| Diluted income (loss) per share | $ | 0.26 | $ | 0.14 | $ | 0.43 | $ | 0.88 | $ | (1.51 | ) | |||||||||
| Weighted average shares: | ||||||||||||||||||||
| Basic | 16,359 | 16,489 | 16,285 | 16,370 | 16,193 | |||||||||||||||
| Diluted | 16,670 | 16,728 | 16,584 | 16,755 | 16,193 | |||||||||||||||
Consolidated Adjusted Revenue(2) Reconciliation (in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Revenue | $ | 37,416 | $ | 37,640 | $ | 44,550 | $ | 159,199 | $ | 151,067 | ||||||||||
| Shipyard revenue | (126 | ) | (490 | ) | (556 | ) | (1,061 | ) | 30,417 | |||||||||||
| Adjusted revenue | $ | 37,290 | $ | 37,150 | $ | 43,994 | $ | 158,138 | $ | 181,484 | ||||||||||
Consolidated Adjusted Gross Profit(2) Reconciliation (in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Gross profit (loss) | $ | 7,315 | $ | 4,656 | $ | 8,463 | $ | 22,253 | $ | (11,901 | ) | |||||||||
| Shipyard gross loss (profit) | (1,165 | ) | (75 | ) | (93 | ) | (1,590 | ) | 35,862 | |||||||||||
| Adjusted gross profit | $ | 6,150 | $ | 4,581 | $ | 8,370 | $ | 20,663 | $ | 23,961 | ||||||||||
Consolidated EBITDA and Adjusted EBITDA(2) Reconciliations (in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Net income (loss) | $ | 4,295 | $ | 2,317 | $ | 7,090 | $ | 14,741 | $ | (24,402 | ) | |||||||||
| Income tax expense (benefit) | (60 | ) | 2 | (32 | ) | (51 | ) | (41 | ) | |||||||||||
| Interest expense (income), net | (619 | ) | (647 | ) | (383 | ) | (2,411 | ) | (1,440 | ) | ||||||||||
| Operating income (loss) | 3,616 | 1,672 | 6,675 | 12,279 | (25,883 | ) | ||||||||||||||
| Depreciation and amortization | 1,224 | 1,208 | 1,351 | 4,865 | 5,466 | |||||||||||||||
| EBITDA | 4,840 | 2,880 | 8,026 | 17,144 | (20,417 | ) | ||||||||||||||
| Gain on property sale(5) | - | - | - | (2,880 | ) | - | ||||||||||||||
| Hurricane insurance gains(5) | - | - | (1,526 | ) | - | (1,988 | ) | |||||||||||||
| Shipyard operating loss (income) | (1,132 | ) | (22 | ) | 106 | (1,505 | ) | 39,374 | ||||||||||||
| Adjusted EBITDA | $ | 3,708 | $ | 2,858 | $ | 6,606 | $ | 12,759 | $ | 16,969 | ||||||||||
_________________
| (1) | See “Results of Operations by Division” below for results by division. | ||
| (2) | New projects awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, adjusted revenue, adjusted gross profit, EBITDA and adjusted EBITDA. | ||
| (3) | Gross profit for the Fabrication division for the three months ended December 31, 2023, includes project improvements of | ||
| (4) | General and administrative expense for the Shipyard division for the three and twelve months ended December 31, 2023, includes legal and advisory fees of | ||
| (5) | Other (income) expense for the Fabrication division for the twelve months ended December 31, 2024, includes a gain of | ||
Results of Operations by Division (including Reconciliations of EBITDA and Adjusted EBITDA) (in thousands)
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Services Division | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| New project awards(1) | $ | 18,855 | $ | 20,205 | $ | 24,150 | $ | 86,920 | $ | 92,728 | ||||||||||
| Revenue | $ | 18,824 | $ | 20,245 | $ | 24,515 | $ | 87,370 | $ | 93,548 | ||||||||||
| Cost of revenue | 17,164 | 18,205 | 21,080 | 77,169 | 79,765 | |||||||||||||||
| Gross profit | 1,660 | 2,040 | 3,435 | 10,201 | 13,783 | |||||||||||||||
| General and administrative expense | 695 | 634 | 699 | 2,759 | 2,902 | |||||||||||||||
| Other (income) expense, net | 81 | 10 | (6 | ) | 106 | (48 | ) | |||||||||||||
| Operating income | $ | 884 | $ | 1,396 | $ | 2,742 | $ | 7,336 | $ | 10,929 | ||||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income | $ | 884 | $ | 1,396 | $ | 2,742 | $ | 7,336 | $ | 10,929 | ||||||||||
| Depreciation and amortization | 513 | 495 | 486 | 1,974 | 1,926 | |||||||||||||||
| EBITDA | $ | 1,397 | $ | 1,891 | $ | 3,228 | $ | 9,310 | $ | 12,855 | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Fabrication Division | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| New project awards(1) | $ | 22,649 | $ | 16,902 | $ | 19,896 | $ | 75,433 | $ | 66,629 | ||||||||||
| Revenue | $ | 18,698 | $ | 17,110 | $ | 19,664 | $ | 71,673 | $ | 89,046 | ||||||||||
| Cost of revenue | 14,208 | 14,569 | 14,729 | 61,211 | 78,868 | |||||||||||||||
| Gross profit(2) | 4,490 | 2,541 | 4,935 | 10,462 | 10,178 | |||||||||||||||
| General and administrative expense | 533 | 489 | 447 | 2,008 | 1,885 | |||||||||||||||
| Other (income) expense, net(3) | (42 | ) | 18 | (1,627 | ) | (3,429 | ) | (2,265 | ) | |||||||||||
| Operating income | $ | 3,999 | $ | 2,034 | $ | 6,115 | $ | 11,883 | $ | 10,558 | ||||||||||
| EBITDA and Adjusted EBITDA(1) | ||||||||||||||||||||
| Operating income | $ | 3,999 | $ | 2,034 | $ | 6,115 | $ | 11,883 | $ | 10,558 | ||||||||||
| Depreciation and amortization | 639 | 633 | 789 | 2,581 | 3,249 | |||||||||||||||
| EBITDA | 4,638 | 2,667 | 6,904 | 14,464 | 13,807 | |||||||||||||||
| Gain on property sale(3) | - | - | - | (2,880 | ) | - | ||||||||||||||
| Hurricane insurance gains(3) | - | - | (1,526 | ) | - | (1,988 | ) | |||||||||||||
| Adjusted EBITDA | $ | 4,638 | $ | 2,667 | $ | 5,378 | $ | 11,584 | $ | 11,819 | ||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Shipyard Division | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| New project awards(1) | $ | - | $ | - | $ | 539 | $ | 354 | $ | (528 | ) | |||||||||
| Revenue | $ | 126 | $ | 490 | $ | 556 | $ | 1,061 | $ | (30,417 | ) | |||||||||
| Cost of revenue | (1,039 | ) | 415 | 463 | (529 | ) | 5,445 | |||||||||||||
| Gross profit (loss)(4) | 1,165 | 75 | 93 | 1,590 | (35,862 | ) | ||||||||||||||
| General and administrative expense(5) | - | - | 98 | - | 3,205 | |||||||||||||||
| Other (income) expense, net | 33 | 53 | 101 | 85 | 307 | |||||||||||||||
| Operating income (loss) | $ | 1,132 | $ | 22 | $ | (106 | ) | $ | 1,505 | $ | (39,374 | ) | ||||||||
| EBITDA(1) | ||||||||||||||||||||
| Operating income (loss) | $ | 1,132 | $ | 22 | $ | (106 | ) | $ | 1,505 | $ | (39,374 | ) | ||||||||
| Depreciation and amortization | - | - | - | - | - | |||||||||||||||
| EBITDA | $ | 1,132 | $ | 22 | $ | (106 | ) | $ | 1,505 | $ | (39,374 | ) | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Corporate Division | December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| New project awards (eliminations)(1) | $ | (232 | ) | $ | (205 | ) | $ | (185 | ) | $ | (905 | ) | $ | (1,110 | ) | |||||
| Revenue (eliminations) | $ | (232 | ) | $ | (205 | ) | $ | (185 | ) | $ | (905 | ) | $ | (1,110 | ) | |||||
| Cost of revenue (eliminations) | (232 | ) | (205 | ) | (185 | ) | (905 | ) | (1,110 | ) | ||||||||||
| Gross profit | - | - | - | - | - | |||||||||||||||
| General and administrative expense | 2,470 | 1,862 | 2,151 | 8,754 | 8,286 | |||||||||||||||
| Other (income) expense, net | (71 | ) | (82 | ) | (75 | ) | (309 | ) | (290 | ) | ||||||||||
| Operating loss | $ | (2,399 | ) | $ | (1,780 | ) | $ | (2,076 | ) | $ | (8,445 | ) | $ | (7,996 | ) | |||||
| EBITDA(1) | ||||||||||||||||||||
| Operating loss | $ | (2,399 | ) | $ | (1,780 | ) | $ | (2,076 | ) | $ | (8,445 | ) | $ | (7,996 | ) | |||||
| Depreciation and amortization | 72 | 80 | 76 | 310 | 291 | |||||||||||||||
| EBITDA | $ | (2,327 | ) | $ | (1,700 | ) | $ | (2,000 | ) | $ | (8,135 | ) | $ | (7,705 | ) | |||||
_________________
| (1) | New projects awards, EBITDA and adjusted EBITDA are non-GAAP measures. See “Non-GAAP Measures” above for the Company’s definition of new project awards, EBITDA and adjusted EBITDA. | ||
| (2) | Gross profit for the Fabrication division for the three months ended December 31, 2023, includes project improvements of | ||
| (3) | Other (income) expense for the Fabrication division for the twelve months ended December 31, 2024, includes a gain of | ||
| (4) | Gross profit (loss) for the Shipyard division for the three and twelve months ended December 31, 2024, includes project improvements of | ||
| (5) | General and administrative expense for the Shipyard division for the three and twelve months ended December 31, 2023, includes legal and advisory fees of | ||
Consolidated Balance Sheets (in thousands)
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 27,284 | $ | 38,176 | ||||
| Restricted cash | 1,197 | 1,475 | ||||||
| Short-term investments | 38,784 | 8,233 | ||||||
| Contract receivables and retainage, net | 22,487 | 36,298 | ||||||
| Contract assets | 8,611 | 2,739 | ||||||
| Prepaid expenses and other assets | 5,139 | 6,994 | ||||||
| Inventory | 1,907 | 2,072 | ||||||
| Assets held for sale | — | 5,640 | ||||||
| Total current assets | 105,409 | 101,627 | ||||||
| Property, plant and equipment, net | 24,051 | 23,145 | ||||||
| Goodwill | 2,217 | 2,217 | ||||||
| Other intangibles, net | 557 | 700 | ||||||
| Other noncurrent assets | 982 | 739 | ||||||
| Total assets | $ | 133,216 | $ | 128,428 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,801 | $ | 8,466 | ||||
| Contract liabilities | 1,278 | 5,470 | ||||||
| Accrued expenses and other liabilities | 13,180 | 14,836 | ||||||
| Long-term debt, current | 1,117 | 1,075 | ||||||
| Total current liabilities | 21,376 | 29,847 | ||||||
| Long-term debt, noncurrent | 17,888 | 18,925 | ||||||
| Other noncurrent liabilities | 850 | 685 | ||||||
| Total liabilities | 40,114 | 49,457 | ||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding | — | — | ||||||
| Common stock, no par value, 30,000 shares authorized, 16,346 issued and outstanding at December 31, 2024 and 16,258 at December 31, 2023 | 11,669 | 11,729 | ||||||
| Additional paid-in capital | 108,065 | 108,615 | ||||||
| Accumulated deficit | (26,632 | ) | (41,373 | ) | ||||
| Total shareholders’ equity | 93,102 | 78,971 | ||||||
| Total liabilities and shareholders’ equity | $ | 133,216 | $ | 128,428 | ||||
Consolidated Cash Flows (in thousands)
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income (loss) | $ | 4,295 | $ | 2,317 | $ | 7,090 | $ | 14,741 | $ | (24,402 | ) | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 1,224 | 1,208 | 1,351 | 4,865 | 5,466 | ||||||||||||||
| Change in allowance for doubtful accounts and credit losses | — | — | — | (28 | ) | (410 | ) | ||||||||||||
| (Gain) loss on sale or disposal of assets held for sale and fixed assets, net | 35 | — | 276 | (3,907 | ) | 27 | |||||||||||||
| Gain on insurance recoveries | — | — | (326 | ) | — | (571 | ) | ||||||||||||
| Stock-based compensation expense | 333 | 406 | 525 | 1,777 | 1,991 | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Contract receivables and retainage, net | 1,017 | 9,929 | (614 | ) | 13,839 | (7,093 | ) | ||||||||||||
| Contract assets | (2,796 | ) | (3,594 | ) | 1,566 | (5,872 | ) | 2,100 | |||||||||||
| Prepaid expenses, inventory and other current assets | (707 | ) | 249 | (2,962 | ) | 1,694 | (133 | ) | |||||||||||
| Accounts payable | 235 | (3,382 | ) | (2,923 | ) | (2,608 | ) | (9 | ) | ||||||||||
| Contract liabilities | (201 | ) | (2,650 | ) | 1,936 | (4,192 | ) | (2,726 | ) | ||||||||||
| Accrued expenses and other current liabilities | (891 | ) | 1,347 | 1,579 | (1,385 | ) | 1,206 | ||||||||||||
| Noncurrent assets and liabilities, net | (239 | ) | (184 | ) | (129 | ) | (676 | ) | 31,751 | ||||||||||
| Net cash provided by operating activities | 2,305 | 5,646 | 7,369 | 18,248 | 7,197 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Capital expenditures | (464 | ) | (1,314 | ) | (1,175 | ) | (5,344 | ) | (2,876 | ) | |||||||||
| Proceeds from sale of property and equipment | — | — | 60 | 9,614 | 456 | ||||||||||||||
| Recoveries from insurance claims | — | — | — | 326 | 245 | ||||||||||||||
| Purchases of short-term investments | (29,238 | ) | (14,407 | ) | (8,297 | ) | (100,982 | ) | (39,028 | ) | |||||||||
| Maturities of short-term investments | 34,475 | 22,500 | 15,500 | 70,430 | 40,700 | ||||||||||||||
| Net cash provided by (used in) investing activities | 4,773 | 6,779 | 6,088 | (25,956 | ) | (503 | ) | ||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Principal payments on long-term debt | (1,075 | ) | — | — | (1,075 | ) | — | ||||||||||||
| Payments on insurance finance arrangements | — | — | — | — | (1,257 | ) | |||||||||||||
| Tax payments for vested stock withholdings | — | — | — | (1,183 | ) | (482 | ) | ||||||||||||
| Repurchases of common stock | (325 | ) | (606 | ) | (128 | ) | (1,204 | ) | (128 | ) | |||||||||
| Net cash used in financing activities | (1,400 | ) | (606 | ) | (128 | ) | (3,462 | ) | (1,867 | ) | |||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 5,678 | 11,819 | 13,329 | (11,170 | ) | 4,827 | |||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 22,803 | 10,984 | 26,322 | 39,651 | 34,824 | ||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 28,481 | $ | 22,803 | $ | 39,651 | $ | 28,481 | $ | 39,651 | |||||||||
FAQ
What were Gulf Island Fabrication's (GIFI) Q4 2024 financial results?
How much cash does Gulf Island Fabrication (GIFI) have as of December 2024?
What is Gulf Island Fabrication's (GIFI) outlook for 2025?
How many shares did Gulf Island Fabrication (GIFI) repurchase in Q4 2024?
