Gulf Island Fabrication, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 08, 2023 at 04:05 pm EDT
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Gulf Island Fabrication, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 39.33 million compared to USD 35.9 million a year ago. Net income was USD 1.1 million compared to USD 0.528 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.03 a year ago.
For the six months, sales was USD 101.49 million compared to USD 64.59 million a year ago. Net income was USD 1.74 million compared to net loss of USD 4.5 million a year ago. Basic earnings per share from continuing operations was USD 0.11 compared to basic loss per share from continuing operations of USD 0.29 a year ago.
Gulf Island Fabrication, Inc. is a fabricator of complex steel structures and modules. The Company is also a provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services for the industrial and energy sectors. The Company operates through two divisions: the Services Division, and the Fabrication Division. Services Division provides maintenance, repair, construction, scaffolding, coatings, welding enclosures and other specialty services on offshore platforms and inland structures and at industrial facilities. It also provides services required to connect production equipment and service modules and equipment on offshore platforms. Fabrication Division fabricates modules, skids and piping systems for onshore refining, petrochemical, industrial facilities, and offshore facilities; fabricates foundations, secondary steel components and support structures.