Gulf Island Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Gulf Island Fabrication, Inc. reported its financial results for the fourth quarter and full year 2024, highlighting a focus on enhancing business durability and predictability through small-scale fabrication and diversification beyond oil and gas [4][5]. Financial Performance - Fourth quarter consolidated revenue was $37.4 million, down from $44.6 million in the prior year, while adjusted consolidated revenue was $37.3 million compared to $44.0 million [7][8]. - Full year consolidated revenue increased to $159.2 million from $151.1 million, but adjusted consolidated revenue decreased to $158.1 million from $181.5 million [10][11]. - Consolidated net income for the fourth quarter was $4.3 million, down from $7.1 million, and for the full year, net income was $14.7 million compared to a net loss of $24.4 million in the previous year [9][11]. Division Results - Services Division revenue for Q4 2024 was $18.8 million, a decrease of 23.2% from the previous year, primarily due to lower new project awards and delayed project opportunities [13]. - Fabrication Division revenue for Q4 2024 was $18.7 million, down 4.9% from the prior year, attributed to the absence of favorable customer change orders seen in the previous period [15]. - Shipyard Division revenue for Q4 2024 was $0.1 million, a decrease of $0.4 million, with operations winding down and expected completion by March 2025 [17]. Management Commentary - The CEO emphasized the company's commitment to growth initiatives and maintaining financial flexibility, with a cash and short-term investments balance of over $67 million at year-end 2024 [4][5]. - Looking ahead to 2025, the company anticipates lower overall capital spending levels from customers in the Gulf of America, expecting full year 2025 consolidated EBITDA to be less than the adjusted consolidated EBITDA of 2024 [5]. Balance Sheet and Liquidity - As of December 31, 2024, the company had total debt of $19.0 million with a cash and short-term investments balance of $67.3 million, including $1.2 million of restricted cash [19][38]. - The estimated fair value of the debt is $12.3 million based on market interest rates [19]. Share Repurchase Program - During 2024, the company repurchased 230,938 shares of common stock for $1.2 million under its share repurchase program, averaging $5.21 per share [20].