Conrad Industries Releases 2024 Financial Results
In a statement released on April 1, Conrad Industries reported a net income of $11.2 million for the 2024 calendar year, as well as an income per diluted share of $2.24. This compares to a net loss of $27 million and loss per diluted share of $5.39 for the 2023 calendar year.
Conrad’s reported backlog as of December 31, 2024, was $293.8 million, compared to $253.8 million in 2023 and $244.1 million in 2022.
“Our operating results for 2024 improved despite a continued challenging environment,” said Johnny Conrad, chairman and CEO of Conrad Industries. “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.”
According to the financial report released by OTC Markets Group, Conrad Industries stated that the company worked with 68 unique customers in 2024 and was awarded $298.8 million in new contracts. Of the 2024 total revenue, 92.4 percent came from new construction, a 6 percent increase from 2023. The remaining 7.6 percent of revenue came from repair and conversion projects. One of its most significant milestones from the year was the delivery of its first yard, repair, berthing, messing vessel to the U.S. Navy in October. It is currently stationed in Japan.
“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,” Conrad said. “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.”
Established in 1948 and based in Morgan City, La., Conrad Industries designs, builds and overhauls a variety of marine vessels, including barges, dredges and tugboats. The company provides repair and new construction services at all five of its shipyards, located in Texas and southern Louisiana.
“We are optimistic about the long-term prospects for our business,” Conrad said. “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.”
Conrad Industries’ financial reports are available at www.otcmarkets.com.
