Conrad Industries Announces First Quarter 2025 Results and Backlog

Rhea-AI Summary

Conrad Industries (OTC: CNRD) reported strong Q1 2025 financial results with net income of $3.9 million and EPS of $0.77, significantly higher than Q1 2024's $1.5 million net income and $0.30 EPS. The company's new construction segment secured contracts worth $67.3 million in Q1 2025, up from $51.8 million in Q1 2024. The backlog stood at $292.0 million as of March 31, 2025, compared to $293.8 million at end-2024 and $247.3 million in Q1 2024. Additionally, the board authorized a $2.0 million stock buyback program to be funded through cash on hand or operations, with flexibility in timing and execution.

Positive

• Net income increased 160% YoY to $3.9 million in Q1 2025
• EPS grew significantly to $0.77 from $0.30 in Q1 2024
• New construction contracts increased 30% YoY to $67.3 million in Q1 2025
• Backlog grew 18% YoY to $292.0 million
• Announced $2.0 million stock buyback program

Negative

• Slight sequential decline in backlog from $293.8M in Q4 2024 to $292.0M in Q1 2025

MORGAN CITY, La., May 15, 2025 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its first quarter 2025 results.

For the quarter ended March 31, 2025, the Company had net income of $3.9 million and earnings per diluted share of $0.77 compared to $1.5 million and earnings per diluted share of $0.30 during the first quarter of 2024. The Company's financial reports are available at www.otcmarkets.com.

During the first three months of 2025, Conrad signed $67.3 million in contracts in its new construction segment compared to $51.8 million added to backlog during the first three months of 2024. Conrad's backlog was $292.0 million at March 31, 2025, $293.8 million at December 31, 2024 and $247.3 million at March 31, 2024.

The Company also announced that its board of directors has authorized the Company to purchase up to $2.0 million of its common stock. The Company plans to use cash on hand or generated from operations to purchase the stock. Acquisitions may be made from time to time in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other factors as management deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock, and may be commenced, suspended or discontinued at any time or from time to time in the Company's discretion without prior notice.

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:
Scott Thomas (985) 702-0195
SAThomas@ConradIndustries.com

View original content:https://www.prnewswire.com/news-releases/conrad-industries-announces-first-quarter-2025-results-and-backlog-302457269.html

SOURCE Conrad Industries, Inc.

FAQ

What were Conrad Industries' (CNRD) earnings per share in Q1 2025?

Conrad Industries reported earnings per diluted share of $0.77 in Q1 2025, up from $0.30 in Q1 2024.

How much is Conrad Industries' (CNRD) stock buyback program worth?

Conrad Industries' board authorized a $2.0 million stock buyback program to be funded through cash on hand or operations.

What was Conrad Industries' (CNRD) backlog value as of March 31, 2025?

Conrad Industries' backlog was $292.0 million as of March 31, 2025, compared to $247.3 million a year earlier.

How much were Conrad Industries' (CNRD) new construction contracts in Q1 2025?

Conrad Industries signed $67.3 million in new construction contracts during Q1 2025, up from $51.8 million in Q1 2024.

What was Conrad Industries' (CNRD) net income for Q1 2025?

Conrad Industries reported a net income of $3.9 million for Q1 2025, compared to $1.5 million in Q1 2024.