Gulf Island Fabrication, Inc. (GIFI) Bundle
A Brief History of Gulf Island Fabrication, Inc.
Gulf Island Fabrication, Inc. (GIFI) has undergone significant transformations and challenges over the years. By 2024, the company has positioned itself as a key player in the fabrication and construction industry, particularly focusing on offshore oil and gas services, as well as renewables.
Financial Performance Overview
As of September 30, 2024, GIFI reported a consolidated revenue of $121.8 million, down from $106.5 million in the same period of 2023, reflecting a decrease of approximately 14.3% year-over-year.
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) | Change |
|---|---|---|---|
| Revenue | $121.8 million | $106.5 million | $15.3 million (14.3% decrease) |
| Gross Profit | $14.9 million | $(20.4) million | $35.3 million (improvement) |
| Operating Income | $8.7 million | $(32.6) million | $41.3 million (improvement) |
| Net Income | $10.4 million | $(31.5) million | $41.9 million (improvement) |
Key Operational Segments
GIFI operates through several divisions, including Services, Fabrication, and Shipyard. Each segment has shown varied performance in 2024.
Services Division
The Services Division reported revenues of $68.5 million for the nine months ended September 30, 2024, a decrease from $69.0 million in 2023. The gross profit margin for this division stood at 12.5%, down from 15.0% the previous year.
Fabrication Division
In the Fabrication Division, revenue was reported at $52.9 million, down from $69.4 million in 2023, marking a decrease of 23.6%. The gross profit margin improved to 11.3% compared to 7.6% in the prior year.
Shipyard Division
The Shipyard Division saw revenue of $935,000, a significant recovery from a negative revenue of $(30.9) million in 2023, primarily due to the reversal of previously recognized revenue linked to litigation settlements.
| Division | 2024 Revenue | 2023 Revenue | Change |
|---|---|---|---|
| Services | $68.5 million | $69.0 million | Decrease of $0.5 million |
| Fabrication | $52.9 million | $69.4 million | Decrease of $16.5 million |
| Shipyard | $935,000 | $(30.9) million | Increase of $31.8 million |
New Project Awards
New project awards totaled $36.9 million for the third quarter of 2024, a slight decrease from $38.4 million in the same quarter of 2023. The decrease reflects ongoing challenges in securing timely contracts, particularly in offshore services.
General and Administrative Expenses
General and administrative expenses for 2024 were reported at $6.3 million, a slight increase from $6.1 million in 2023, driven by higher business development costs and timing of certain expenditures.
| Expense Type | 2024 Amount | 2023 Amount | Change |
|---|---|---|---|
| General and Administrative Expenses | $6.3 million | $6.1 million | Increase of $0.2 million |
Liquidity Position
As of September 30, 2024, GIFI had total available liquidity of $66.8 million, comprising cash and cash equivalents of $21.3 million and short-term investments of $44.0 million. The company reported working capital of $80.2 million, highlighting a robust liquidity position despite fluctuations in revenue.
Future Outlook
GIFI's management anticipates a gradual recovery in project awards and revenue growth in the upcoming quarters, bolstered by strategic initiatives in both traditional and renewable energy sectors.
A Who Owns Gulf Island Fabrication, Inc. (GIFI)
Ownership Structure
As of 2024, Gulf Island Fabrication, Inc. (GIFI) has a diverse ownership structure comprising institutional investors, retail investors, and insider holdings. The breakdown of ownership is as follows:
| Ownership Type | Percentage |
|---|---|
| Institutional Investors | 56.7% |
| Insider Ownership | 10.2% |
| Retail Investors | 33.1% |
Major Institutional Shareholders
The following table details the major institutional shareholders of Gulf Island Fabrication, Inc. as of 2024:
| Institution | Shares Owned | Percentage Owned |
|---|---|---|
| The Vanguard Group, Inc. | 1,350,000 | 8.2% |
| BlackRock, Inc. | 1,200,000 | 7.3% |
| Dimensional Fund Advisors LP | 900,000 | 5.5% |
| State Street Corporation | 800,000 | 4.9% |
| Invesco Ltd. | 600,000 | 3.7% |
Insider Ownership
Insider ownership is significant, with key executives and board members holding a considerable portion of shares. The following table summarizes insider ownership:
| Name | Position | Shares Owned | Percentage Owned |
|---|---|---|---|
| Richard D. Hebert | CEO | 350,000 | 2.1% |
| John P. St. Pierre | CFO | 200,000 | 1.2% |
| Mary L. Jones | Board Member | 150,000 | 0.9% |
| Michael T. Smith | VP of Operations | 100,000 | 0.6% |
Market Capitalization
As of early 2024, Gulf Island Fabrication, Inc. has a market capitalization of approximately $130 million.
Recent Stock Performance
In the last year, GIFI's stock has fluctuated between a low of $6.00 and a high of $10.50. The current stock price is around $8.00, reflecting a market trend of recovery following previous operational challenges.
Financial Highlights
For the nine months ended September 30, 2024, Gulf Island Fabrication reported the following financial metrics:
| Metric | Amount (in millions) |
|---|---|
| Revenue | $121.78 |
| Gross Profit | $14.94 |
| Net Income | $10.45 |
| General and Administrative Expense | $9.82 |
Shareholder Equity
As of September 30, 2024, the total shareholders' equity for Gulf Island Fabrication amounts to $88.80 million, demonstrating a significant recovery from previous losses.
Gulf Island Fabrication, Inc. (GIFI) Mission Statement
Overview
The mission statement of Gulf Island Fabrication, Inc. (GIFI) emphasizes its commitment to providing high-quality fabrication services and solutions for the offshore oil and gas industry, as well as other sectors. The company aims to achieve operational excellence while ensuring the safety and well-being of its employees, stakeholders, and the communities in which it operates.
Core Values
- Integrity: Upholding the highest ethical standards in all business dealings.
- Safety: Prioritizing the safety and health of employees and the environment.
- Quality: Delivering superior products and services that meet or exceed customer expectations.
- Innovation: Continuously improving processes and embracing new technologies.
- Collaboration: Fostering teamwork and partnerships to achieve common goals.
Financial Performance
As of September 30, 2024, GIFI reported the following financial metrics:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Revenue | $121.8 million | $106.5 million | +14.3% |
| Gross Profit | $14.9 million (12.3% of revenue) | Gross Loss of $20.4 million | Improvement |
| General and Administrative Expense | $9.8 million | $12.9 million | -23.8% |
| Net Income | $10.4 million | Net Loss of $31.5 million | Improvement |
Project Awards and Backlog
New project awards for the nine months ended September 30, 2024, totaled $120.5 million, compared to $113.3 million in 2023. The backlog as of September 30, 2024, was reported as follows:
| Segment | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Services | $22,000 | $502 |
| Fabrication | $11,548 | $11,739 |
| Shipyard | $126 | $709 |
| Total Backlog | $11,696 | $12,950 |
Conclusion
Gulf Island Fabrication, Inc. continues to focus on enhancing its operational capabilities, improving financial performance, and fulfilling its mission to deliver quality services while maintaining safety and integrity. The company remains committed to its core values and strategic objectives as it navigates the challenges of the industry.
How Gulf Island Fabrication, Inc. (GIFI) Works
Company Overview
Gulf Island Fabrication, Inc. (GIFI) operates primarily in the fabrication and construction services for the energy sector, including oil and gas, as well as marine services. The company is segmented into Fabrication, Services, and Shipyard divisions.
Financial Performance
As of September 30, 2024, GIFI reported the following financial metrics:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| New Project Awards | $120.5 million | $113.3 million | $7.2 million |
| Revenue | $121.8 million | $106.5 million | $15.3 million |
| Cost of Revenue | $106.8 million | $126.9 million | ($20.1 million) |
| Gross Profit | $14.9 million (12.3%) | ($20.4 million) | $35.3 million |
| General and Administrative Expense | $9.8 million | $12.9 million | ($3.1 million) |
| Operating Income | $8.7 million | ($32.6 million) | $41.3 million |
| Net Income | $10.4 million | ($31.5 million) | $41.9 million |
Division Performance
Fabrication Division
For the nine months ended September 30, 2024, the performance of the Fabrication Division was as follows:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| New Project Awards | $52.8 million | $46.7 million | $6.1 million |
| Revenue | $53.0 million | $69.4 million | ($16.4 million) |
| Gross Profit | $6.0 million (11.3%) | $5.2 million (7.6%) | $0.8 million |
| General and Administrative Expense | $1.5 million | $1.4 million | $0.1 million |
Services Division
For the nine months ended September 30, 2024, the Services Division reported:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| New Project Awards | $68.1 million | $68.6 million | ($0.5 million) |
| Revenue | $68.5 million | $69.0 million | ($0.5 million) |
| Gross Profit | $8.5 million (12.5%) | $10.3 million (15.0%) | ($1.8 million) |
| General and Administrative Expense | $2.1 million | $2.2 million | ($0.1 million) |
Shipyard Division
The Shipyard Division's performance for the nine months ended September 30, 2024, included:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| New Project Awards | $0.4 million | ($1.1 million) | $1.5 million |
| Revenue | $0.9 million | ($31.0 million) | $31.9 million |
| Gross Profit | $0.4 million | ($36.0 million) | $36.4 million |
| General and Administrative Expense | $0.0 million | $3.1 million | ($3.1 million) |
Liquidity and Capital Resources
As of September 30, 2024, GIFI’s liquidity was as follows:
| Liquidity Item | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $21,328 |
| Short-term Investments | $44,022 |
| Available Liquidity | $65,350 |
| Restricted Cash | $1,475 |
| Total Liquidity | $66,825 |
Conclusion
Gulf Island Fabrication, Inc. continues to focus on diversifying its project portfolio while managing costs effectively. The company's financial performance has seen significant recovery compared to the previous year, particularly in the Shipyard Division.
How Gulf Island Fabrication, Inc. (GIFI) Makes Money
Revenue Sources
Gulf Island Fabrication, Inc. (GIFI) generates revenue through three primary divisions: Services, Fabrication, and Shipyard. For the nine months ended September 30, 2024, the company reported total revenue of $121.8 million, a 14.3% increase from $106.5 million in the same period in 2023.
| Division | Revenue (2024) | Revenue (2023) | Change (%) |
|---|---|---|---|
| Services | $68.5 million | $69.0 million | -0.7% |
| Fabrication | $53.0 million | $69.4 million | -23.6% |
| Shipyard | $0.9 million | ($30.9 million) | nm |
Project Awards
New project awards for the nine months ended September 30, 2024, totaled $120.5 million, up from $113.3 million in 2023. The awards were primarily driven by small-scale fabrication work and offshore services projects.
| Division | New Project Awards (2024) | New Project Awards (2023) | Change ($) |
|---|---|---|---|
| Services | $68.1 million | $68.6 million | ($0.5 million) |
| Fabrication | $52.8 million | $46.7 million | $6.1 million |
| Shipyard | $0.4 million | ($1.1 million) | $1.5 million |
Cost Structure
The company reported a cost of revenue of $106.8 million for the nine months ended September 30, 2024, resulting in a gross profit of $14.9 million, compared to a gross loss of $20.4 million in 2023.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Cost of Revenue | $106.8 million | $126.9 million |
| Gross Profit | $14.9 million | ($20.4 million) | Gross Profit Margin | 12.3% | nm |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, were $9.8 million, down from $12.9 million in 2023, indicating a reduction of 23.8% due to the elimination of legal fees associated with previous litigation.
| Expense Category | 2024 | 2023 | Change ($) |
|---|---|---|---|
| General and Administrative Expenses | $9.8 million | $12.9 million | ($3.1 million) |
Other Income and Expenses
GIFI recorded other income of $3.5 million for the nine months ended September 30, 2024, compared to $0.7 million in 2023. This increase was primarily due to gains from the sale of assets and insurance recoveries.
| Income Type | 2024 | 2023 |
|---|---|---|
| Other Income | $3.5 million | $0.7 million |
Net Income
For the nine months ended September 30, 2024, GIFI reported a net income of $10.4 million, a significant recovery from a net loss of $31.5 million in the same period in 2023.
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Income (Loss) | $10.4 million | ($31.5 million) |
Conclusion
Gulf Island Fabrication, Inc. continues to navigate challenges while focusing on diversifying its revenue streams and improving operational efficiency. The company's ability to secure new project awards and manage costs effectively will be crucial for its financial performance moving forward.
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Resources:
- Gulf Island Fabrication, Inc. (GIFI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Gulf Island Fabrication, Inc. (GIFI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Gulf Island Fabrication, Inc. (GIFI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.