Conrad Reports Net Loss For Third Quarter
Conrad Industries reported a net loss of $578,000, or $0.12 per share, for the third quarter, but net income of $8.7 million, or $1.74 per share for the first nine months of 2021.
For the same periods of 2020, Conrad had a net loss during the third quarter of $3.6 million or $0.72 per share, and a net loss of $2.7 million or $0.54 per share for the first nine months of 2020.
“The increase in net income in the first nine months is primarily due to our Paycheck Protection loan being forgiven in the second quarter of 2021 and our qualification for the Employee Retention Credit for the first three quarters of 2021,” Conrad said in the November 15 earnings announcement.
During the first nine months of 2021, Conrad added $80.3 million of backlog to its new construction segment, compared to $171.7 million added to backlog during the first nine months of 2020. Conrad’s backlog was $163.5 million as of September 30, 2021, $183.7 million at December 31, 2020 and $160.4 million at September 30, 2020.
Headquartered in Morgan City, La., Conrad Industries operates five shipyards located in southern Louisiana and Texas.