Conrad Industries Announces Third Quarter 2024 Results and Backlog

Rhea-AI Summary

Conrad Industries (OTC Pink: CNRD) reported strong Q3 2024 results with net income of $7.5 million ($1.49 per share), compared to a loss of $3.2 million in Q3 2023. Nine-month earnings reached $11.2 million ($2.24 per share), versus a $14.1 million loss in the same period of 2023. The improved performance was driven by better gross profits in new construction and an $8.04 million lawsuit settlement. The company's backlog stood at $282.2 million as of September 30, 2024, with $218.4 million in new construction contracts signed during the first nine months, and an additional $27.7 million in contracts secured after Q3.

Positive

• Net income improved to $7.5M in Q3 2024 from -$3.2M loss in Q3 2023
• Nine-month earnings reached $11.2M vs -$14.1M loss in prior year
• Received $8.04M lawsuit settlement boosting Other Income
• New construction contracts increased to $218.4M from $203.7M YoY
• Strong backlog of $282.2M with additional $27.7M in new contracts post-Q3

Negative

• Backlog decreased to $282.2M from $289.7M year-over-year

MORGAN CITY, La., Nov. 14, 2024 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its third quarter and nine months ended September 30, 2024 financial results and backlog at September 30, 2024.

For the quarter ended September 30, 2024, Conrad had net income of $7.5 million and earnings per diluted share of $1.49 compared to net loss of $3.2 million and loss per diluted share of $0.63 during the third quarter of 2023. The Company had net income of $11.2 million and earnings per diluted share of $2.24 for the nine months ended September 30, 2024 compared to net loss of $14.1 million and loss per diluted share of $2.82 for the nine months ended September 30, 2023.

The increase in net income in the third quarter and first nine months of 2024 is primarily due to improved gross profits in our new construction segment and collection of a judgment in a lawsuit. The receipt of the judgment amount is reflected in our financial results for the third quarter of 2024, and increased Other Income by $8.04 million and net income by approximately $5.8 million. The Company's financial reports are available at www.otcmarkets.com.

During the first nine months of 2024, Conrad signed $218.4 million in contracts in its new construction segment compared to $203.7 million added to backlog during the first nine months of 2023. Conrad's backlog was $282.2 million at September 30, 2024, $253.8 million at December 31, 2023 and $289.7 million at September 30, 2023. Since the end of the third quarter, the Company has signed an additional $27.7 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-third-quarter-2024-results-and-backlog-302306459.html

SOURCE Conrad Industries, Inc.

FAQ

What was Conrad Industries (CNRD) net income for Q3 2024?

Conrad Industries reported net income of $7.5 million ($1.49 per share) for Q3 2024, compared to a loss of $3.2 million in Q3 2023.

How much was CNRD's backlog as of September 30, 2024?

Conrad Industries' backlog was $282.2 million as of September 30, 2024, compared to $289.7 million at September 30, 2023.

How much did Conrad Industries (CNRD) receive from the lawsuit settlement in Q3 2024?

Conrad Industries received $8.04 million from a lawsuit settlement in Q3 2024, which increased net income by approximately $5.8 million.

What was the value of new construction contracts signed by CNRD in the first nine months of 2024?

Conrad Industries signed $218.4 million in new construction contracts during the first nine months of 2024, compared to $203.7 million in the same period of 2023.