Morgan City, La.-headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) has reported 2024 results that included net income of $11.2 million and income per diluted share of $2.24 for the twelve months ended December 31, 2024 compared to net loss of $27.0 million and loss per diluted share of $5.39 for the twelve months ended December 31, 2023. Conrad’s backlog as of December 31, 2024 was $293.8 million, compared to $253.8 million at December 31, 2023, and $244.1 million at December 31, 2022.
“Our operating results for 2024 improved despite a continued challenging environment,” said chairman and CEO Johnny Conrad. “While we benefited from generally stabilizing steel prices, lower inflation and lower interest rates in 2024 compared to 2023, these factors have remained relatively high and our labor markets continue to be tight. In our new construction segment, we experienced an improving market throughout 2024, particularly in the infrastructure and government markets. As a result, we were successful in adding substantial new backlog during the year.”
TARIFFS, STEEL PRICES, POLICY SHIFTS
“In the first quarter of 2025, we have encountered new steel tariffs, rising steel prices, an unclear inflation outlook and shifting U.S. trade policy and foreign policy,” said Conrad,. “These factors contribute to a more uncertain outlook for the remainder of the year. Despite these headwinds, we believe we are well positioned with several competitive advantages, including our shipyard capacity, continued investments in capability and efficiency, and the strength of our experienced management, engineering teams, and dedicated employees. Our reputation for quality and our commitment to workplace safety also remain key differentiators. We continue to see improving dynamics in most of the markets in which we participate. Opportunities have become more abundant in the infrastructure market, and we continue to grow our relationships with our governmental customers. Additionally, we are encouraged by opportunities in our repair and conversions segment.”
“We are optimistic about the long-term prospects for our business,” he concluded. “The recent award by the U.S. Navy for a ninth Yard, Repair, Berthing and Messing (“YRBM”) barge further validates our strategic focus on expanding our governmental business. Our ability to deliver products and services across a diverse customer base and to respond to demand for new types of vessels is a core strength. As we return to profitability after several challenging years, we remain focused on executing our backlog efficiently and pursuing new, profitable projects. Our aim is to continue creating value for our stockholders, employees, customers, suppliers, and the communities where we operate.”
