Nov. 5 at 10:12 PM
$GIFI Gulf Island Fabrication reports Q3 EPS 14c, consensus 13c
Reports Q3 revenue
$37.64M, consensus
$42M.Cash and short-term investments balance of
$66.8 million at September 30."On behalf of the board, I would like to thank Bill for his tireless commitment to the Company for over a decade. Bill's outstanding leadership, business acumen and guidance have been invaluable to the Company and have benefited our stakeholders. I am honored to succeed Bill as board chair and look forward to working with the board to continue to advance the Company's strategic initiatives," said Richard Heo, Gulf Island's President and Chief Executive Officer.
"Our third quarter results demonstrate the durability of our operating model, as we generated year-over-year growth in adjusted EBITDA and strong free cash flow despite ongoing delays for certain projects for our Services division, lost revenue due to hurricane activity in the Gulf of Mexico during the quarter and incurred costs as we continued to make investments in our growth initiatives," said Heo. "Our solid results were supported by growth in small-scale fabrication for our Fabrication division, where revenue for the quarter increased 14% from prior year and adjusted EBITDA nearly doubled. Our Fabrication bid activity remains strong, and we expect the positive momentum to continue into 2025, with a longer-term focus on expanding our exposure to markets outside of oil and gas, such as infrastructure, clean energy and high-tech manufacturing."
..."Our strong execution and more stable small-scale fabrication and services businesses enabled us to generate solid third quarter results, despite several headwinds impacting our business. Based on our performance through the first three quarters of the year and our outlook for the fourth quarter, we continue to expect full-year 2024 adjusted consolidated EBITDA of
$11 million to
$13 million, with results likely to be at the lower-end of the range due to the headwinds impacting our Services business, partially offset by higher small-scale fabrication activity.
While we are disappointed by these near-term impacts, we remain confident in our market opportunities and continue to invest in growth initiatives to further strengthen our strategic positioning. Based on our consistent execution, strong financial position and favorable end market trends, we remain encouraged by the long-term outlook for Gulf Island," concluded Heo.
