Gulf Is Fabrication Inc Stock Price, News & Analysis

Gulf Island Fabrication, Inc. (GIFI) reported a 20.6% revenue increase to $28.7 million for Q1 2022 compared to Q1 2021. However, the company faced a net loss of $5.0 million, up from a $2.4 million loss year-over-year. The Services Division experienced substantial growth, with revenue rising to $20.7 million, aided by the DSS Acquisition. Conversely, the Fabrication Segment saw a revenue decrease of $6.1 million, resulting in an operating loss of $2.9 million. Gulf Island ended Q1 2022 with a cash balance of $42.8 million and no debt, positioning for future growth.

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) will release its first-quarter results on May 10, 2022, after market close. Management will host a conference call at 4:00 p.m. CT to discuss financial results. The call will be accessible via a webcast on the company’s website and also by phone at 1.888.882.4478. Gulf Island specializes in fabricating complex steel structures and providing various services for the industrial and energy sectors, serving customers including energy producers and EPC companies.

Gulf Island Fabrication reported fourth quarter 2021 revenue of $25.8 million, a 13.4% year-over-year increase, despite a net loss of $6.2 million influenced by Hurricane Ida and acquisition costs. Full-year revenue dropped 20.6% to $93.5 million. The company completed the DSS Acquisition, enhancing its services division. The balance sheet remains strong with a cash reserve of $54.6 million and no debt. Management expresses optimism about growth in services and small-scale fabrication amidst rising energy prices, while emphasizing a disciplined approach to large project bidding.

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) will report its fourth quarter 2021 results on March 22, 2022, after market close. A conference call will follow at 4:00 p.m. CT to discuss the financial results. The call can be accessed via Gulf Island’s website or by calling 1.888.220.8451. Gulf Island specializes in fabricating complex steel structures and providing specialty services to the industrial and energy sectors, serving both domestic and international clients.

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) announced the retirement of its Chairman, Michael A. Flick, effective at the upcoming 2022 annual meeting. Flick has been a director for 15 years and Chairman since 2020, playing a significant role in the company's strategic transformation. The Board unanimously elected William E. Chiles to succeed him as Chairman. The company expressed gratitude for Flick's leadership and contributions. Gulf Island continues to serve the industrial and energy sectors, offering a range of services including project management and maintenance.

Gulf Island Fabrication (NASDAQ: GIFI) has acquired the services and industrial staffing businesses of Dynamic Industries for $8 million. This acquisition aims to expand Gulf Island's service offerings, including coatings and scaffolding, and nearly doubles its skilled labor workforce, enhancing its geographic reach. The transaction is expected to create revenue synergies and improve the company's risk profile by providing a more predictable revenue stream. Gulf Island anticipates an increase in working capital of $5 million to $8 million post-acquisition.

Gulf Island Fabrication reported third quarter 2021 results with revenue from continuing operations at $19.6 million, down 22.6% from last year. Net income for the quarter reached $5.3 million, aided by PPP loan forgiveness. The cash balance was a strong $73.8 million, with no debt. Despite challenges from Hurricane Ida, the Fabrication & Services Division reported positive EBITDA for the fifth consecutive quarter, with new project awards increasing 13% year-over-year. The company remains focused on strategic growth in sectors like LNG and petrochemicals.

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) will announce its third quarter 2021 results post-market on November 9, 2021. A conference call for discussing the financial results will be held on the same day at 4:00 p.m. CT (5:00 p.m. ET). Access to the call will be available via webcast on the Gulf Island website and by phone at 1.800.437.2398. Gulf Island specializes in fabricating complex steel structures and providing services to the industrial and energy sectors, catering to both U.S. and international clients.

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.