Conrad adds $172 million to new construction backlog

Conrad Industries Inc. announced its third quarter and nine months 2020 financial results and backlog yesterday.

For the quarter ended Sept. 30, 2020, Morgan City, La.-based Conrad had a net loss of $3.6 million and loss per diluted share of 72 cents compared to net income of $983,000 and earnings per diluted share of 20 cents during the third quarter of 2019. The company had net loss of $2.7 million and loss per diluted share of 54 cents for the nine months ended Sept. 30, 2020, compared to net loss of $1.5 million and loss per diluted share of 30 cents for the nine months ended Sept. 30, 2019. The company’s financial reports are available at www.otcmarkets.com.

During the first nine months of 2020, Conrad added $171.7 million of backlog to its new construction segment compared to $96 million added to backlog during the first nine months of 2019. Conrad’s backlog was $160.4 million at Sept. 30, 2020, $79.2 million at Dec. 31, 2019, and $89.2 million at Sept. 30, 2019.

Conrad, established in 1948 and headquartered in Morgan City, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum 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.

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