Gulf Island Fabrication, Inc. reported a significant turnaround in its financial performance for the fiscal year ended December 31, 2024, with revenues reaching $159.2 million, a 5.4% increase from $151.1 million in 2023. The company achieved a gross profit of $22.3 million, compared to a gross loss of $11.9 million in the previous year, marking a notable recovery attributed to improved project execution and a favorable project mix. The operating income for 2024 was $12.3 million, a substantial improvement from the operating loss of $25.9 million reported in 2023. The net income for the year was $14.7 million, translating to earnings per share of $0.90, compared to a loss of $1.51 per share in the prior year.
The company’s operational changes included a strategic focus on diversifying its service offerings and customer base, particularly in the offshore services sector. New project awards totaled $161.8 million in 2024, up from $157.7 million in 2023, driven primarily by small-scale fabrication work and offshore services. However, revenue from the Fabrication Division decreased by 19.5% to $71.7 million, largely due to the cancellation of an offshore jackets project. The Services Division also saw a decline in revenue, attributed to reduced offshore services work.
Gulf Island's workforce decreased to 751 full-time employees by the end of 2024, down from 839 the previous year, reflecting ongoing adjustments to align with operational needs. The company has been actively working to enhance its workforce capabilities through training and development programs, aiming to attract and retain skilled labor in a competitive market. The company also reported a significant gain of $2.9 million from the sale of excess property, which was part of its efforts to optimize asset utilization.
Looking ahead, Gulf Island Fabrication remains cautious about the impacts of oil and gas price volatility and macroeconomic conditions on its operations. The company plans to continue focusing on securing profitable new project awards and improving operational efficiency. The outlook for 2025 includes expectations for stable revenue recognition from its backlog, which is anticipated to be fully recognized as revenue during the year. The company is also committed to maintaining liquidity and managing its capital expenditures effectively to support ongoing operations and strategic initiatives.
About GULF ISLAND FABRICATION INC
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