Conrad posts third quarter loss, increases backlog

Conrad Industries Inc. posted a net loss of $2.6 million or 51 cents a share in the third quarter.

In the third quarter of 2017, Morgan City, La.-based Conrad posted a net loss of $193,000 or 4 cents a share. The company had net income of $2.7 million and earnings per diluted share of $0.55 for the nine months ended Sept. 30, 2018, compared to net income of $1.3 million and earnings per share of 25 cents for the nine months ended Sept. 30, 2017. Results for the nine months ended Sept. 30, 2018, included $7.5 million from the Deepwater Horizon court-supervised settlement. The company’s financial reports are available here.

During the first nine months of 2018, Conrad added $145.9 million of backlog to its new construction segment compared to $47.9 million added to backlog during the first nine months of 2017. Conrad’s backlog was $149.2 million as of Sept. 30, 2018, $111.3 million as of Dec. 31, 2017, and $140.9 million as of Sept. 30, 2017.

Conrad, established in 1948, designs, builds and overhauls tugs, 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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