Gulf Island announced its first quarter results for 2022. The company reported a revenue of $28.7 million, a 20.8% increase.
Gulf Island reported a consolidated loss of $5.0 million from continuing operations with a $2.6 million increase. The loss for the first quarter 2021 was of $2.4 million.
Moreover, EBITDA from continuing operations was a loss of 43.7 million; no-GAAP EBITDA loss from Continuing Operations was $3.7 million, a $2.6 million increase. Likewise, Nin-GAAP EBITDA for Services Division was $1.5 million, a $1.1 million increase.
Additionally, the operating income for Services Division was $1.2 million, $0.9 million. Also, the company reported a cash balance of $42.8 million.
Furthermore, Gulf Island is going through a strategic transformation. The focus on this transformation is on generating stable, profitable growth for the company based on pursuing new growth end markets.
CEO and CFO statements
“We had a strong first quarter in our Services business, and we continued to experience good execution in our Fabrication business, though near-term volumes remain challenged,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “We nearly doubled our Services revenue and more than tripled our Services EBITDA during the first quarter, owing to favorable end market trends and the benefit of the DSS Acquisition.”
Likewise, the CEO commented that they are encouraged by the opportunities for their expanded services platform and are well-positioned for continued growth given their accelerating business momentum and improved competitive positioning following the acquisition.
“Our expanded services platform has quickly become a key part of our growth strategy, which is demonstrated by our decision to break out the business as a separate reportable segment,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “In addition, our liquidity position was consistent with our expectations, ending the quarter with almost $43.0 million in cash, giving us the financial flexibility to pursue growth opportunities in both our Services and Fabrication businesses.”
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About Gulf Island
Gulf Island Fabrication, Inc. is a leading steel fabricator and service provider to the industrial and energy sectors. Its headquarters are located in Houston, Texas with its primary operating facilities located in Houma, Louisiana.
Furthermore, the services the company provides include project management, hookup, commissioning, repair, and maintenance; as well as scaffolding, coatings, civil construction, and staffing services.
Among Gulf Island’s include U.S. and international energy producers; refining petrochemical, LNG, industrial and power operators; as well as EPC companies.