Conrad Industries Reports Strong Performance and Backlog Growth in 2024 Financial Results

Conrad Industries Reports Strong Performance and Backlog Growth in 2024

Conrad Industries, Inc. (OTC Pink: CNRD) recently unveiled its financial results for the year ending December 31, 2024, showcasing significant improvements in earnings and project backlog. The company's net income skyrocketed to $11.2 million, translating to an earnings per diluted share of $2.24. This is a remarkable turnaround compared to the previous year, where they reported a net loss of $27.0 million and a loss per diluted share of $5.39. This financial recovery highlights the company's resilience amidst a fluctuating market.

Backlog Expansion

As of the end of 2024, Conrad Industries boasted a backlog totaling $293.8 million, an increase from $253.8 million in 2023 and $244.1 million in 2022. This growing backlog is indicative of successful strategic initiatives and improved market conditions, particularly within the infrastructure and government sectors.

Johnny Conrad, Chairman and CEO, remarked on the company's encouraging performance, stating that while the economic environment remained challenging, stabilizing steel prices and reduced inflation contributed positively to operational results. He noted that the new construction segment experienced notable market improvements throughout the year, especially in governmental projects that added substantial backlog.

Challenges Ahead

Despite the optimistic results, the company is not without challenges. In the first quarter of 2025, new steel tariffs, rising prices, and an ambiguous inflation outlook have cast some uncertainty over the future. These factors may complicate matters as the company navigates through a complex economic landscape affected by shifting U.S. tariffs and foreign policy influences. Despite these pressures, Conrad remains confident in its strategic position, bolstered by its shipyard capacity and ongoing investments in capabilities and efficiencies.

Commitment to Quality and Safety

Conrad Industries emphasizes its commitment to quality and workplace safety, which serve as key differentiators in a competitive market. The management's experience and the hard work of their dedicated employees continue to underpin the company’s success. Conrad expressed optimism about long-term growth prospects, particularly following a significant contract awarded by the U.S. Navy for a ninth Yard, Repair, Berthing and Messing (YRBM) barge.

Future Outlook

The future seems promising for Conrad Industries as it strives to enhance its offerings across a diverse clientele. Their ability to adapt to market demands for new vessel types is underscored as a core strength. After a challenging period, the company aims to execute its projects efficiently while actively pursuing new, profitable ventures.

With a strong focus on delivering value to stockholders, employees, customers, suppliers, and the communities in which they operate, Conrad Industries continues to advance its strategic goals. Their ability to navigate through both opportunities and challenges in the maritime industry sets a foundation for continued success in the years to come.

For more detailed financial reports and updates, interested parties can visit www.otcmarkets.com.

Note: This article presents forward-looking statements based on current expectations and reflects significant risks and uncertainties such as changes in steel prices, supply constraints, labor market dynamics, and regulatory shifts.

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Contact: Scott Thomas (985) 702-0195 [email protected]