Published on 8 Mar 2024 on GuruFocus.com via Yahoo Finance

Gulf Island Fabrication Inc Reports Strong Fourth Quarter Amidst Full Year Challenges

Revenue: Q4 consolidated revenue increased to $44.6 million, with a full year adjusted revenue of $181.5 million.Net Income: Q4 consolidated net income surged to $7.1 million, contrasting with a full year net loss of $24.4 million.Adjusted EBITDA: Q4 saw a rise to $6.6 million, and a substantial full year increase to $17.0 million.Cash Position: Strong liquidity with a cash and short-term investments balance of $47.9 million at year-end.Strategic Focus: Successful wind down of Shipyard Division and resolution of MPSV Litigation, shifting focus to services and fabrication businesses.2024 Outlook: Projected Services EBITDA of approximately $14 million and Fabrication EBITDA of approximately $8 million, excluding large project awards.

Warning! GuruFocus has detected 6 Warning Signs with GIFI.

Gulf Island Fabrication Inc (NASDAQ:GIFI) announced its fourth quarter and full year 2023 results on March 7, 2024, revealing a strong finish to a year marked by strategic transitions. The company's 8-K filing details a Q4 consolidated revenue of $44.6 million, a significant increase from the previous year's $38.1 million. The Q4 consolidated net income also showed a remarkable rise to $7.1 million, compared to just $0.5 million in the prior year period. Adjusted EBITDA for the quarter was $6.6 million, a substantial improvement from $2.3 million in the same quarter last year.