Gulf Island Fabrication(GIFI)2024-05-07 20:10Revenue Performance - Consolidated revenue for Q1 2024 was $42.9 million, down from $62.2 million in Q1 2023, representing a decrease of 30.5%[4] - Revenue for Q1 2024 was $42.9 million, down from $44.6 million in Q4 2023 and significantly lower than $62.2 million in Q1 2023, indicating a year-over-year decline of approximately 30.9%[29] - Adjusted revenue for Q1 2024 was $42.5 million, down from $44.0 million in Q4 2023 and $60.8 million in Q1 2023[30] - The Fabrication Division's revenue for Q1 2024 was $17.1 million, down from $19.7 million in Q4 2023 and significantly lower than $39.7 million in Q1 2023[34] - Revenue for the Shipyard Division was $409 million in Q1 2024, down from $556 million in Q4 2023, a decrease of 26.5%[35] Net Income and Earnings - Consolidated net income for Q1 2024 was $6.2 million, compared to $0.6 million in Q1 2023, indicating a significant increase[4] - Net income for Q1 2024 was $6.2 million, a decrease from $7.1 million in Q4 2023 and an increase from $0.6 million in Q1 2023[29] - Basic income per share for Q1 2024 was $0.38, down from $0.44 in Q4 2023 but up from $0.04 in Q1 2023[29] - The company reported a net income of $6,240 thousand for Q1 2024, compared to $7,090 thousand in Q4 2023, a decrease of 12.0%[41] Segment Performance - Services Segment revenue increased by $3.9 million, or 18.3%, to $25.5 million in Q1 2024, driven by higher offshore services activity[8] - Fabrication Segment revenue decreased by $22.5 million, or 56.8%, to $17.1 million in Q1 2024, primarily due to the cancellation of a large project[11] - Services operating margins expanded by 40 basis points to 11.2% in Q1 2024[6] - Corporate Segment EBITDA is expected to be a loss of approximately $8.0 million for 2024, consistent with historical performance[18] Project Awards and Backlog - New project awards for Q1 2024 totaled $25.5 million, an 18.6% year-over-year increase, with backlog at $0.4 million[9] - New project awards for Q1 2024 totaled $43.8 million, a slight decrease from $44.4 million in Q4 2023 but an increase from $37.6 million in Q1 2023[29] - The Services Division reported new project awards of $25.5 million in Q1 2024, up from $24.5 million in Q4 2023 and $21.6 million in Q1 2023[34] - New project awards for the Shipyard Division decreased to $278 million in Q1 2024 from $539 million in Q4 2023, representing a decline of 48.7%[35] Cash and Investments - Cash and short-term investments balance was $61.3 million at March 31, 2024, including $1.5 million of restricted cash[17] - Cash and cash equivalents decreased to $32,469 thousand in Q1 2024 from $38,176 thousand in Q4 2023, a decrease of 15.5%[40] - Net cash provided by operating activities was $7,019 thousand in Q1 2024, compared to $7,369 thousand in Q4 2023, a decrease of 4.8%[41] Other Financial Metrics - Gross profit for Q1 2024 was $6.1 million, compared to $8.5 million in Q4 2023 and $5.0 million in Q1 2023, reflecting a decrease of 27.7% from the previous quarter[29] - Adjusted EBITDA for Q1 2024 was $3.7 million, a decrease from $6.6 million in Q4 2023 and comparable to $3.7 million in Q1 2023[32] - Operating income for Q1 2024 was $5.7 million, compared to $6.7 million in Q4 2023 and $0.3 million in Q1 2023[29] - Total current assets decreased to $99,731 thousand as of March 31, 2024, from $101,627 thousand at December 31, 2023, a decline of 1.8%[40] - Total liabilities decreased to $42,314 thousand as of March 31, 2024, from $49,457 thousand at December 31, 2023, a decline of 14.5%[40]