Conrad Industries Inc. reported second-quarter 2018 earnings of 94 cents a share today, compared to 27 cents a share for the same period in 2017.
For the quarter ended June 30, 2018, the Morgan City, La.-based shipyard had net income of $4.7 million compared to net income of $1.4 million during the second quarter of 2017. The company had net income of $5.3 million and earnings per share of $1.06 for the six months ended June 30, 2018, compared to net income of $1.5 million and earnings per share of 29 cents for the six months ended June 30, 2017. Results for the quarter and six months ended June 30, 2018, were boosted by $7.5 million from the Deepwater Horizon court-supervised settlement.
During the first six months of 2018, Conrad added $39.8 million of backlog to its new construction segment compared to $13.3 million during the first six months of 2017. Conrad’s backlog was $74.5 million on June 30, 2018, $111.3 million on Dec. 31, 2017, and $152 million on June 30, 2017. The company has signed $60.8 million of new contracts since June 30, 2018.
Conrad, established in 1948, 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.
