Conrad Industries Inc., Morgan City, La., recently announced its third quarter and nine months ended Sept. 30, 2024.
For the quarter, Conrad had net income of $7.5 million and earnings per diluted share of $1.49 compared to net loss of $3.2 million and loss per diluted share of $0.63 during the third quarter of 2023. The company had net income of $11.2
million and earnings per diluted share of $2.24 for the nine months ended Sept. 30, 2024, compared to net loss of $14.1 million and loss per diluted share of $2.82 for the nine months ended Sept. 30, 2023.
The increase in net income in the third quarter and first nine months of 2024 is primarily due to improved gross profits in its new construction segment and collection of a judgment in a lawsuit.
The receipt of the judgment amount is reflected in the company’s financial results for the third quarter of 2024 and increased other income by $8.04 million and net income by approximately $5.8 million. Conrad’s financial reports are available at www.otcmarkets.com.
During the first nine months of 2024, Conrad signed $218.4 million in contracts in its new construction segment compared to $203.7 million added to backlog during the first nine months of 2023.
Conrad’s backlog was $282.2 million as of Sept. 30, 2024, $253.8 million as of Dec. 31, 2023, and $289.7 million as of Sept. 30, 2023. Since the end of the third quarter, Conrad signed an additional $27.7 million in contracts.
