Morgan City, La., headquartered shipbuilder Conrad Industries,Inc the other day reported its 2019 outcomes as well as stockpile.
The firm reported take-home pay of $86,000 as well as incomes per watered down share of $0.02 for the twelve months finished December 31, 2019 contrasted to take-home pay of $198,000 as well as incomes per watered down share of $0.04 for the twelve months finished December 31, 2018. Backlog since December 31, 2019 was $79.2 million, contrasted to $127.7 million at December 31, 2018, as well as $111.3 million at
Johnny Conrad, Chairman as well as Chief Executive Officer mentioned, “We entered 2020 with profitable third and fourth quarters in 2019, improved performance on contracts, better margins in new construction, a solid infrastructure market and high hopes for continued business strengthening in 2020. However, the coronavirus (COVID-19) outbreak, designated as a pandemic by the World Health Organization on March 11, 2020, has caused significant disruptions in international economies and financial and oil markets. The pandemic weakened demand for oil, and after the Organization of the Petroleum Exporting Countries and a group of oil producing nations led by Russia failed on March 6, 2020 to agree on oil production cuts, Saudi Arabia announced that it would cut oil prices and increase production, leading to an oil price war with Russia. As a result, there have been sharp declines in oil prices during 2020.”
Conrad proceeded, “The COVID-19 pandemic is an unprecedented, rapidly evolving and challenging situation and its ultimate impact on our business is uncertain. Our critical focus is to protect the health and safety of our employees, complete and deliver jobs in progress, work with our customers and potential customers, and maintain our financial strength.”
“Although 2020 will be another challenging year, we continue to be optimistic about the long-term prospects of our business,” Conrad ended. “We have met many challenges in the past, and we remain confident that with our talented and dedicated employees, strong balance sheet and diversified customer base we can effectively respond to changing market conditions.”
threats emerge, accomplishment of expected outcomes might vary materially from th
