Conrad Industries, Inc. reports operating results, backlog levels and contract activity for its shipyard business. The company designs, builds and overhauls barges, dredges and dredge support equipment, tugboats, ferries, drydocks, liftboats, offshore supply vessels and other steel products for commercial and government customers.
Recurring CNRD news includes quarterly and annual earnings, new construction segment contract additions, backlog comparisons, vessel repair and new-build demand, and updates tied to government and infrastructure work, including U.S. Navy Yard, Repair, Berthing and Messing barge awards. Company announcements also cover operating conditions such as steel costs, material availability and labor constraints, along with board changes and common stock repurchase authorizations.
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Conrad Industries, Inc. (OTC Pink: CNRD) reported a significant net loss of $17.4 million for 2022, down from a net income of $6.5 million in 2021. The loss per diluted share increased to $3.47, influenced by higher labor and material costs related to new construction projects. However, the company noted a robust backlog of $244.1 million, which has increased from $148.5 million the previous year. Despite facing substantial uncertainties and inflationary pressures, CEO Johnny Conrad expressed optimism about future opportunities and strong bid activity in early 2023.
Conrad Industries, Inc. (CNRD) reported a significant financial decline for Q3 2022, with a net loss of $5.3 million compared to a net loss of $578,000 in Q3 2021. For the first nine months of 2022, the company experienced a net loss of $8.8 million, contrasting with a net income of $8.7 million for the same period in 2021. However, Conrad's backlog reached a record high of $260.5 million as of September 30, 2022, up from $163.5 million a year earlier, reflecting a robust addition of $251.0 million to its new construction segment.
On November 11, 2022, Conrad Industries (CNRD) announced the appointment of Larry J. Callais as an independent Class I director to its Board of Directors. Callais, a seasoned banker and former CEO of M C Bank, will also join the Independent Directors Committee. His extensive experience in the financial services sector is expected to bring valuable insights to the company. This strategic addition aims to strengthen the board's capacity as Conrad Industries continues to enhance its operational excellence in shipbuilding and repair.
Conrad Industries reported a net loss of $3.4 million for Q2 2022, translating to a loss per diluted share of $0.67, a stark contrast to a net income of $8.6 million and earnings per share of $1.71 in Q2 2021. For the first half of 2022, the company recorded a net loss of $3.5 million, down from a net income of $9.3 million in 2021. Notably, the backlog reached $245.1 million, the second-highest in history, boosted by $198.8 million in new construction contracts, significantly up from $60.8 million in the same period last year.
Conrad Industries (CNRD) announced that Great Lakes Dredge & Dock exercised its contract option to build a second 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge. Construction will occur at the Deepwater South shipyard in Amelia, LA, with delivery anticipated in Q1 2025. CEO Johnny Conrad emphasized a strong relationship with Great Lakes, focusing on quality and safety. Conrad Industries designs and builds various marine vessels, servicing both commercial and government markets, with operations across Louisiana and Texas.
Conrad Industries, Inc. (CNRD) reported a first-quarter 2022 net loss of $116,000, translating to a loss per diluted share of $0.02, contrasting with a net income of $705,000 and income per diluted share of $0.14 in Q1 2021. The prior year’s results included $2.9 million in other income from the Employee Retention Credit. Backlog decreased to $136.5 million from $148.5 million in Q4 2021 and $193.4 million in Q1 2021.
Conrad Industries, Inc. (CNRD) reported a net income of $6.5 million for 2021 compared to a net loss of $4.0 million in 2020, resulting in earnings per diluted share of $1.29. The backlog decreased from $183.7 million in 2020 to $148.5 million by the end of 2021. CEO Johnny Conrad highlighted challenges including rising steel prices and supply chain disruptions, but expressed optimism about future opportunities, particularly with a new U.S. Navy contract for designing and constructing barges. The company remains well-positioned for potential market improvements.