Gulf Island Fabrication recently published its results for the third quarter of 2025.
The company posted consolidated revenue of US$51.5 million (US$37.6 million in Q3 2024), consolidated net income of US$1.6 million (US$2.3 million in Q3 2024), and consolidated adjusted gross operating profit of US$2.5 million (US$2.9 million in Q3 2024).
The adjusted gross operating profit for Q3 2025 excludes integration costs of US$0.1 million associated with the Englobal Acquisition, but includes operating losses of $1.0 million associated with the Englobal Business
The services division posted operating income of US$0.8 million (US$1.4 million in Q3 2024) and gross operating profit of US$1.3 million (US$1.9 million in Q3 2024).
The decrease was primarily due to operating losses of US$0.4 million resulting from the underutilisation of resources for the Englobal engineering business and a less favorable project margin mix, offset partially by higher revenue
The fabrication division meanwhile posted operating income of US$2.1 million (US$2 million in Q3 2024) and gross operating profit of US$2.9 million (US$2.7 million in Q3 2024).
The increase was primarily due to higher revenue and a more favorable project margin mix for small-scale fabrication work, offset partially by lower utilization of facilities and resources, including operating losses of $0.6 million resulting from the underutilization of resources for the Englobal automation business.
The fabrication division has also been awarded a large structural steel components contract to support the rebuild of the Francis Scott Key Bridge in Baltimore, which was damaged after being struck by the containership Dali in 2024.
"We delivered strong third-quarter results with revenue of US$51.5 million and adjusted [gross operating profit] of US$2.5 million, despite softer trends in our services business, a decline in small-scale fabrication activity and anticipated losses from our recently acquired Englobal business," stated Richard Heo, Gulf Island’s Chief Executive Officer.
"We have made meaningful progress toward our strategic goal of business diversification with our previous acquisition of Englobal and growing focus on markets outside of oil and gas, such as infrastructure and government services."
Heo said he believes the contract supporting the rebuild of the Francis Scott Key Bridge directly demonstrates the success of this strategy and highlights Gulf Island's competitive advantages in various end markets.
