Conrad Industries back in the black in 2024 under "challenging conditions"

US shipbuilder Conrad Industries reported a net income of $11.2 million and income per diluted share of $2.24 for the twelve months ended December 31, 2024, compared to a net loss of $27.0 million and loss per diluted share of $5.39 for 2023.

The company reported an improved backlog as of December 31, 2024 of $293.8 million, compared to $253.8 million at December 31, 2023, and $244.1 million at December 31, 2022.

"Our operating results for 2024 improved despite a continued challenging environment," commented Johnny Conrad, Chairman and CEO.

"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."

Conrad Industries designs, builds and overhauls barges, dredgers and dredge support equipment, tugs, ferries, drydocks, liftboats, offshore support vessels and other steel products for both the commercial and government markets.

The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.

"In the first quarter of 2025, we have encountered new steel tariffs, rising steel prices, an unclear inflation outlook and shifting US trade policy and foreign policy," added Conrad.

"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, [and] continued investments in capability and efficiency."