Conrad Industries Reports Quarterly Results And Backlog

On May 15, Conrad Industries reported quarterly results for the first quarter of 2026. For the quarter ending March 31, the company reported net income of $3.2 million and income per diluted share of $0.64, compared to $3.9 million and income per diluted share of $0.77 during the first quarter of 2025.

During the first three months of 2026, Conrad signed $46.8 million in contracts in its new construction segment, compared to $67.3 million added to backlog during the first three months of 2025. Conrad’s backlog was $199.6 million as of March 31, 2026, $213.9 million at December 31, 2025, and $292 million at March 31, 2025.

Since the end of the first quarter, the company has signed an additional $134.2 million in contracts, which includes an award of a contract modification from the U.S. Navy for four additional Yard Repair, Berthing and Messing (YRBM) vessels.

The company was awarded a grant from the U.S. Maritime Administration in the amount of $418,200 as part of the MARAD FY 2025 Small Shipyard Grant Program. This grant is being used to purchase a Computer Numerical Control (“CNC”) plasma cutting system for its yard in Orange, Texas. The total cost of the CNC project is $836,400, half of which will be funded by the MARAD grant and the other half by the company. The company must expend its required portion for the CNC project before any portion of the MARAD grant is disbursed.

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, La., designs, builds and overhauls a wide variety of steel marine vessels, including barges, dredges and dredge support equipment, tugboats, ferries, towboats, drydocks, liftboats and other offshore support vessels, as well as other steel products for both commercial and government customers. The company provides conversion, repair and new construction services at its five shipyards located in southern Louisiana and Texas.

The company’s financial reports are available at www.otcmarkets.com.