Gulf Island Q1 revenue $42.9M, net income $6.2M; reiterates FY2024 guidance

GULF ISLAND FABRICATION INC

2024-Q1 EPS reported $0.37 revenue$42,881,000

Consolidated revenue $42.9M, down 31% YoY; net income $6.2M vs $0.6M, aided by $2.9M property sale gain.
Services segment revenue $25.5M (+18.3% YoY), operating income $2.9M; EBITDA $3.3M vs $2.8M.
Fabrication segment revenue $17.1M (-56.8% YoY), adjusted EBITDA $2.5M, excluding $2.9M property sale gain.
Cash and investments $61.3M at March 31; total debt $20.0M at 3% fixed; repurchased 60,860 shares for $0.3M.
Reiterated FY2024 guidance: Services EBITDA ~$14M, Fabrication adj. EBITDA ~$8M, Corporate EBITDA loss ~$8M.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GULF ISLAND FABRICATION INC reported first quarter 2024 results: revenue $42.9 million, net income $6.2 million. Guidance reaffirmed.

Period: first quarter 2024
Revenue: $42.9 million
Net income: $6.2 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

fabricator and service provider to the industrial and energy sectors, today announced results for the first quarter 2024. FIRST QUARTER 2024 SUMMARY • Consolidated revenue of $42.9 million • Consolidated net income of $6.2 million; Adjusted EBITDA of $3.7 million • Services Division operating income of $2.9 million; EBITDA of $3.3 million • Fabrication Division

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Source: SEC EDGAR

accession 0000950170-24-054487

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