Gulf Island Fabrication(GIFI)2024-11-05 21:11Revenue Performance - Consolidated revenue for Q3 2024 was $37.6 million, a significant increase from $5.0 million in Q3 2023[2] - Revenue for the three months ended September 30, 2024, was $37,640 thousand, a decrease of 9.9% from $41,262 thousand in the previous quarter and an increase from $5,023 thousand in the same period last year[26] - Services Division revenue for the three months ended September 30, 2024, was $20,245, a decrease of 11% from $22,976 in the same period last year[31] - Fabrication Division revenue for the three months ended September 30, 2024, was $17,110, down from $18,727 in the previous quarter, representing a decline of 8.6%[31] - The Shipyard division reported revenue of $0.5 million, recovering from a negative revenue of $32.7 million in Q3 2023[14] Profitability Metrics - Adjusted consolidated EBITDA for Q3 2024 was $2.9 million, compared to $2.6 million in the prior year period[3] - EBITDA for the three months ended September 30, 2024, was $2,880 thousand, an increase from $2,523 thousand in the previous quarter and a loss of $32,245 thousand in the same period last year[29] - Adjusted EBITDA for the three months ended September 30, 2024, was $2,858 thousand, compared to $2,514 thousand in the previous quarter and $2,581 thousand in the same period last year[29] - Net income for the three months ended September 30, 2024, was $2,317 thousand, compared to $1,889 thousand in the previous quarter and a loss of $33,235 thousand in the same period last year[26] - Basic income per share for the three months ended September 30, 2024, was $0.14, compared to $0.12 in the previous quarter and a loss of $2.04 in the same period last year[26] Cash and Investments - Cash and short-term investments balance was $66.8 million at September 30, 2024[16] - Cash and cash equivalents decreased to $21,328 as of September 30, 2024, from $38,176 at the end of 2023[33] - The company reported a net cash increase of $11,819 thousand for the period, contrasting with a decrease of $22,960 thousand in the previous quarter[36] - The company’s cash, cash equivalents, and restricted cash at the end of the period totaled $22,803 thousand, up from $10,984 thousand at the beginning of the period[36] Project Awards and Future Outlook - New project awards for the Services division were $20.2 million, an 11.3% year-over-year decrease[9] - New project awards for the three months ended September 30, 2024, were $36,902 thousand, compared to $39,810 thousand for the previous quarter and $38,417 thousand for the same period last year[26] - New project awards in the Fabrication Division for the nine months ended September 30, 2024, totaled $52,784, compared to $46,733 in the same period last year, reflecting a growth of 12.3%[31] - Full-year 2024 adjusted consolidated EBITDA is expected to be at the lower end of the guidance range of $11 million to $13 million[18] - Adjusted EBITDA for the twelve months ending December 31, 2024, is projected to be between $11,000 thousand and $13,000 thousand, reflecting a positive outlook for operational performance[37] Financial Position - Total current assets as of September 30, 2024, were $102,483, slightly up from $101,627 at the end of 2023[33] - Total liabilities decreased to $41,969 as of September 30, 2024, from $49,457 at the end of 2023[32] - Total shareholders' equity increased to $88,799 thousand as of September 30, 2024, up from $78,971 thousand at December 31, 2023, representing a growth of 12.3%[34] - Total liabilities and shareholders' equity amounted to $130,768 thousand as of September 30, 2024, compared to $128,428 thousand at December 31, 2023, indicating a slight increase of 1.8%[34] - The company’s accumulated deficit decreased to $(30,927) thousand as of September 30, 2024, down from $(41,373) thousand at December 31, 2023, indicating improved financial health[34] Operational Challenges - The company cautions that various factors, including supply chain disruptions and economic slowdowns, could materially affect future performance and results[25] - Capital expenditures for the three months ended September 30, 2024, were $1,314 thousand, up from $645 thousand in the same period last year, representing a 103% increase[36] - The Corporate Division reported an operating loss of $1,780 for the three months ended September 30, 2024, compared to a loss of $1,999 in the same period last year[32]