Conrad Industries, Morgan City, La., reported net income of $11.2 million and income per diluted share of $2.24 for the 12 months ended Dec. 31, 2024, compared to net loss of $27.0 million and loss per diluted share of $5.39 for the 12 months ended Dec. 31, 2023. The company's financial reports are available here.
Conrad’s backlog as of Dec. 31, 2024, was $293.8 million, compared to $253.8 million as reported for Dec. 31, 2023, and $244.1 million for Dec. 31, 2022.
"Our operating results for 2024 improved despite a continued challenging environment,” Johnny Conrad, chairman and CEO said in a statement announcing the results. “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.
“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.
“We are optimistic about the long-term prospects for our business. 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,” Conrad said. “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.”
