Gulf Island Reports Second Quarter 2024 Results

Core Insights - Gulf Island Fabrication, Inc. reported a consolidated revenue of $41.3 million for Q2 2024, a 5% increase from $39.3 million in Q2 2023, with a net income of $1.9 million compared to $1.1 million in the prior year [2][3] - The company revised its full-year 2024 Services division EBITDA guidance down to a range of $11 million to $13 million, primarily due to project delays and increased investment spending [3][14] - The Fabrication division saw a significant revenue increase of 27% year-over-year, driven by small-scale fabrication activities, while the Services division experienced a revenue decline of 7% [5][8] Financial Performance - Consolidated revenue for Q2 2024 was $41.3 million, up from $39.3 million in Q2 2023 [2] - Consolidated net income for Q2 2024 was $1.9 million, compared to $1.1 million in the same period last year [2] - EBITDA for Q2 2024 was $2.5 million, an increase from $2.1 million in Q2 2023 [2] - Cash and short-term investments totaled $63.1 million as of June 30, 2024 [2][13] Division Results - Services Division: Revenue decreased to $22.8 million, down 7% year-over-year, with operating income of $2.2 million and EBITDA of $2.7 million [5][7] - Fabrication Division: Revenue increased to $18.7 million, a 27% increase year-over-year, with operating income of $1.1 million and EBITDA of $1.8 million [8][10] - Shipyard Division: Revenue was not significant, with a break-even operating income, as the wind down of operations was nearly complete [11] - Corporate Division: Operating loss was $2.0 million, slightly higher than the loss of $1.9 million in Q2 2023 [12] Guidance and Outlook - The company revised its full-year 2024 Services division EBITDA guidance to $11 million to $13 million, down from $14 million [14] - The Fabrication division's adjusted EBITDA guidance remains unchanged at approximately $8 million, with expectations of continued growth in small-scale fabrication [14] - The company remains optimistic about long-term growth opportunities, particularly in offshore services and new business lines like cleaning and environmental services [3][4]