Welcome to our dedicated page for Gulf Is Fabrication news (Ticker: GIFI), a resource for investors and traders seeking the latest updates and insights on Gulf Is Fabrication stock.
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) generates news that spans corporate transactions, project awards and financial performance within the industrial, energy and government sectors. The company’s releases describe it as a fabricator of complex steel structures, modules and automation systems and a provider of specialty services such as engineering, project management, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, cleaning and environmental, and technical field services.
News updates for GIFI often cover quarterly and annual financial results, where Gulf Island reports revenue, net income or loss, and non-GAAP measures like EBITDA and adjusted EBITDA for its Services and Fabrication divisions. These earnings releases also discuss trends in small-scale and large fabrication activity, services demand, and progress on strategic initiatives such as diversification into infrastructure and government end markets.
Project-related announcements highlight contract awards and milestones. Examples include a fabrication contract to support the rebuilding of the Francis Scott Key Bridge in Baltimore, Maryland, where Gulf Island will fabricate structural components, and a government services task order through its ENGlobal business to upgrade and install an automated fuel handling system for the U.S. Defense Logistics Agency. Such news illustrates the company’s role in infrastructure and government projects, alongside its traditional industrial and energy work.
Corporate and strategic developments are another key news theme. Gulf Island has issued releases about acquiring certain assets of ENGlobal Corporation’s automation, engineering and government services businesses, and about entering into and advancing a merger agreement with IES Holdings, Inc. Shareholder meeting announcements, conference call schedules and participation in investor conferences also appear in the news flow.
Investors and observers following the GIFI news page can review these updates to see how Gulf Island reports on its operating performance, contract pipeline, diversification efforts and the status of its planned acquisition by IES Holdings, based on the company’s own public communications.
Gulf Island Fabrication, Inc. (NASDAQ: GIFI), a prominent steel fabricator, announced participation in the Sidoti Micro-Cap Virtual Conference on August 17, 2022. CEO Richard Heo and CFO Westley Stockton will meet with registered investors during the event. Gulf Island specializes in complex steel structures and offers services such as project management, maintenance, and civil construction mainly for the energy sector. Its customer base includes U.S.-based energy producers and EPC companies, with headquarters in Houston, Texas, and significant operations in Houma, Louisiana.
Gulf Island Fabrication reported a 47.9% year-over-year revenue increase to $35.9 million for Q2 2022, with income from continuing operations of $0.5 million, aided by $3.4 million from insurance recoveries. The Services Division saw substantial growth, with revenues over $22 million, supported by the DSS Acquisition. While the Fabrication segment's revenue decreased slightly, project awards rose by 20%. The company's cash balance stood at $40.8 million with no bank debt. Management highlighted strong future prospects in LNG projects and service demand in the Gulf Coast region.
Gulf Island Fabrication (NASDAQ: GIFI) will report its Q2 2022 results on August 9, 2022, after market close. A conference call is scheduled for the same day at 4:00 p.m. CT to discuss the financial results. The call will be accessible via webcast or by phone at 1.888.394.8218. Gulf Island specializes in fabricating complex steel structures and providing specialty services for the industrial and energy sectors, serving both U.S. and international markets.
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.
FAQ
What is the current stock price of Gulf Is Fabrication (GIFI)?
What is the market cap of Gulf Is Fabrication (GIFI)?
