Conrad Industries Announces Second Quarter 2024 Results and Backlog

Rhea-AI Summary

Conrad Industries (OTC Pink: CNRD) reported positive financial results for Q2 2024 and the first half of the year. The company achieved net income of $2.2 million and earnings per diluted share of $0.44 in Q2 2024, compared to a net loss in the same period of 2023. For the first six months of 2024, Conrad recorded net income of $3.7 million and earnings per diluted share of $0.75.

The company's new construction segment secured $116.5 million in contracts during H1 2024, though this was lower than the $191.0 million added to backlog in H1 2023. Conrad's backlog stood at $244.9 million as of June 30, 2024, with an additional $32.8 million in contracts signed after the quarter's end.

Positive

• Turned net loss into profit for Q2 and H1 2024
• Q2 2024 net income of $2.2 million and EPS of $0.44
• H1 2024 net income of $3.7 million and EPS of $0.75
• Secured $116.5 million in new construction contracts in H1 2024
• Added $32.8 million in contracts after Q2 2024

Negative

• New construction contracts in H1 2024 decreased compared to H1 2023
• Backlog decreased to $244.9 million from $323.7 million year-over-year

News Market Reaction – CNRD

+13.51%

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+13.51% News Effect

On the day this news was published, CNRD gained 13.51%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MORGAN CITY, La., Aug. 14, 2024 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months ended June 30, 2024 financial results and backlog at June 30, 2024.

For the quarter ended June 30, 2024, Conrad had net income of $2.2 million and earnings per diluted share of $0.44 compared to net loss of $5.9 million and loss per diluted share of $1.18 during the second quarter of 2023. The Company had net income of $3.7 million and earnings per diluted share of $0.75 for the six months ended June 30, 2024 compared to net loss of $11.0 million and loss per diluted share of $2.18 for the six months ended June 30, 2023. The Company's financial reports are available at www.otcmarkets.com.

During the first six months of 2024, Conrad signed $116.5 million in contracts in its new construction segment compared to $191.0 million added to backlog during the first six months of 2023. Conrad's backlog was $244.9 million at June 30, 2024, $253.8 million at December 31, 2023 and $323.7 million at June 30, 2023. Since the end of the second quarter, the Company has signed an additional $32.8 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: 
Scott Thomas (985) 702-0195
SAThomas@ConradIndustries.com

View original content:https://www.prnewswire.com/news-releases/conrad-industries-announces-second-quarter-2024-results-and-backlog-302222869.html

SOURCE Conrad Industries, Inc.

FAQ

What was Conrad Industries' (CNRD) net income for Q2 2024?

Conrad Industries (CNRD) reported a net income of $2.2 million for the second quarter of 2024.

How much was Conrad Industries' (CNRD) earnings per share in Q2 2024?

Conrad Industries (CNRD) achieved earnings per diluted share of $0.44 in the second quarter of 2024.

What was the value of new contracts signed by Conrad Industries (CNRD) in H1 2024?

Conrad Industries (CNRD) signed $116.5 million in contracts in its new construction segment during the first six months of 2024.

What was Conrad Industries' (CNRD) backlog as of June 30, 2024?

Conrad Industries' (CNRD) backlog stood at $244.9 million as of June 30, 2024.

How much additional contract value did Conrad Industries (CNRD) secure after Q2 2024?

Conrad Industries (CNRD) signed an additional $32.8 million in contracts after the end of the second quarter of 2024.