Welcome to our dedicated page for Gulf Island Fabrication news (Ticker: GIFI), a resource for investors and traders seeking the latest updates and insights on Gulf Island Fabrication stock.
Gulf Island Fabrication Inc (NASDAQ: GIFI) is a diversified, publicly traded corporation renowned for its excellence in the fabrication, maintenance, and servicing of structures, facilities, and vessels within the energy sector and beyond. With several strategic locations along the Gulf Coast, the company has established itself as a global leader, delivering quality and safety on time and on budget. Gulf Island Fabrication boasts a team of skilled craftsmen who have constructed many pioneering and record-breaking steel structures worldwide.
The company operates through three primary segments:
- Fabrication Division: This division specializes in the construction of offshore drilling and production platforms, along with other complex steel structures for the oil and gas industries. The division is known for its ability to tackle intricate projects, ensuring they meet stringent industry standards.
- Shipyards Division: Focused on the manufacturing and repair of various steel marine vessels in the United States, this division handles everything from newly built to refurbishing tasks, ensuring vessels meet both national and international maritime regulations.
- Services Division: Providing a wide range of support services, such as interconnect piping services on offshore platforms, welding, and maintenance of inshore structures, this division ensures the long-term operability and safety of industrial facilities.
In recent developments, Gulf Island Fabrication reported its third-quarter 2023 results, showcasing solid financial performance and strategic growth despite challenging market conditions. The company continues to focus on improving operational efficiency and expanding its service offerings to meet the evolving needs of the energy and industrial sectors.
Gulf Island Fabrication Inc. is committed to delivering top-tier services and products, maintaining a reputation for reliability and innovation in the fabrication and marine construction markets.
Gulf Island Fabrication (NASDAQ: GIFI) provided an operational update following Hurricane Ida, which caused significant damage to facilities in Houma, Louisiana. Recovery efforts have begun with power and water restored, enabling operations to resume. The company does not anticipate material impacts on project completion or liquidity. Ongoing assessments with insurance providers are underway, although the timing and amount of recovery remain uncertain. CEO Richard Heo expressed confidence in the company's strategic transformation amidst challenges.
Gulf Island Fabrication (NASDAQ: GIFI) announced updates following Hurricane Ida's impact on its Houma, Louisiana facilities. Despite severe weather damage, initial assessments show no significant flooding. Cleanup efforts are underway, and operations are expected to resume shortly, contingent on power restoration. The company maintains insurance to mitigate financial loss and does not anticipate material financial exposure from the storm. Gulf Island is prioritizing employee safety and supporting those affected by the hurricane.
Gulf Island Fabrication reported a 24.1% year-over-year revenue decline to $24.3 million for Q2 2021 but reduced net loss from continuing operations to $(1.7) million, down from $(4.2) million in Q2 2020. The company achieved a positive EBITDA of $2.7 million in its Fabrication & Services Division. Following the Shipyard Transaction, cash reserves strengthened to $74.9 million. Gulf Island aims for profitable growth through new market pursuits and strategic improvements, despite ongoing challenges in revenue generation.
Gulf Island Fabrication will announce its second quarter 2021 financial results on August 10, 2021, following market closure. A conference call will be held at 4:00 p.m. CT to discuss these results. The event will be accessible via webcast on the company's website or by phone. Gulf Island specializes in fabricating complex steel structures and offers project management services to the energy sector, with headquarters in Houston, Texas, and operational facilities in Houma, Louisiana.
Gulf Island Fabrication (GIFI) reported a 25% year-over-year decline in total revenue for Q1 2021, totaling $59 million. The company faced a net loss of $18.6 million, impacted by impairments and transaction costs of $23.4 million. Non-GAAP Adjusted EBITDA fell 15.3% to $6.9 million. Following the recent sale of its Shipyard Division assets, the company reported a backlog of $339.6 million. Management highlighted improving bidding activity and a strategic focus on higher-margin opportunities in sustainable energy sectors.
Gulf Island Fabrication (GIFI) will announce its first quarter 2021 financial results following market close on May 11, 2021. A conference call is scheduled for the same day at 4:00 p.m. CT to discuss these results. The call can be accessed via Gulf Island's website or by phone. The company specializes in fabricating complex steel structures and provides various services to the energy sector. This announcement indicates upcoming financial disclosures that could influence investor sentiment and stock performance.
On April 19, 2021, Gulf Island Fabrication (NASDAQ: GIFI) announced the sale of its Shipyard Division assets and long-term contracts to Bollinger Shipyards for approximately $28.6 million. The Company expects around $15 million in net cash proceeds after liabilities and costs. This divestiture aims to enhance focus on specialty fabrication, improve risk profile by eliminating long-term contract liabilities, and strengthen liquidity. A pre-tax loss of $26 million to $28 million is anticipated due to this transaction.
Gulf Island Fabrication (GIFI) reported a fourth-quarter 2020 revenue of $57.6 million, down from $79.4 million in Q4 2019. The net loss for the quarter was $15.4 million, with an adjusted EBITDA loss of $9.2 million. Key factors impacting performance include project charges in the Shipyard Division and low production volumes in the Fabrication & Services Division. The company completed significant facility closures and improved resource utilization strategies. Despite challenges, particularly due to COVID-19 and oil price volatility, GIFI aims to enhance profitability in 2021.
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) plans to announce its fourth quarter 2020 financial results on March 29, 2021, after market close. Management will discuss these results during a conference call scheduled for the same day at 4:00 p.m. CT (5:00 p.m. ET). Interested parties can access the call via webcast on the company’s website or by dialing 1.866.248.8441. Gulf Island specializes in fabricating complex steel structures and offers various services to the energy sector and other industrial operators.
Gulf Island Fabrication reported a net loss of $12.3 million and an EBITDA loss of $10.1 million for Q3 2020, reflecting the impacts of the COVID-19 pandemic and hurricane activity. Revenue decreased to $54.9 million, down from $75.8 million year-over-year. The Fabrication & Services Division experienced significant revenue drops due to completed projects, while the Shipyard Division faced challenges from project-related charges. The company's backlog stood at $429.1 million as of September 30, 2020.
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