Conrad Industries Reports Second-Quarter Earnings, Backlog
Conrad Industries Inc., Morgan City, La., reported August 16 that its second-quarter net income was $8.6 million, or $1.71 per share.
That compares with net income of $482,000 or $0.10 per share for the second quarter of 2020, but the increase comes with a caveat: the company said the improvement was primarily due to its Paycheck Protection loan being forgiven during the second quarter, and its qualification for the Employee Retention Credit for the first two quarters of 2021.
Conrad also reported that it added $60.8 million of backlog to its new construction segment, compared to $119.7 million added to backlog during the first six months of 2020. Conrad’s backlog was $170.9 million as of June 30, 2021, $183.7 million at December 31, 2020, and $133 million at June 30, 2020.
Since the end of the second quarter, the company has signed an additional $15.5 million in contracts.