Conrad Industries Inc. announced yesterday that its third-quarter backlog hit $260.5 million on Sept. 30, the highest backlog in the Morgan City, La.-based company’s history.
For the quarter that ended Sept. 30, 2022, Conrad had net loss of $5.3 million and loss per share of $1.06 compared to net loss of $578,000 and loss per share of 12 cents during the third quarter of 2021. The company had net loss of $8.8 million and loss per share of $1.75 for the nine months ended Sept. 30, 2022 compared to net income of $8.7 million and earnings per diluted share of $1.74 for the nine months ended Sept. 30, 2021. Net income for the first nine months of 2021 included the Paycheck Protection Program loan being forgiven in the second quarter of 2021 and Conrad's qualification for the Employee Retention Credit for the first three quarters of 2021.
During the first nine months of 2022, Conrad added $251.0 million of backlog to its new construction segment compared to $80.3 million added to backlog during the first nine months of 2021. Conrad’s backlog was $260.5 million on Sept. 30, 2022, compared to $148.5 million on Dec. 31, 2021, and $163.5 million on Sept. 30, 2021.
Conrad Industries, Inc., established in 1948, designs, builds and overhauls tugs, ferries, liftboats, dredges, barges, offshore supply vessels, and other steel products for both the commercial and government markets. The company provides repair and new construction services at its five shipyards located in southern Louisiana and Texas.