Gulf Island Fabrication (NASDAQ: GIFI) reported Q2 EPS of $0.11, $0.02 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $41.3 million versus the consensus estimate of $44.5 million.

2024 FINANCIAL OUTLOOK

Gulf Island is revising its full-year 2024 Services division EBITDA guidance, which is expected to be approximately $11.0 million to $13.0 million, a reduction from prior guidance of $14.0 million. The reduction is primarily due to delays in the timing of project opportunities for the Spark Safety business line and incremental investment spending on growth initiatives.

Full-year 2024 EBITDA guidance for the Fabrication division and Corporate division are unchanged from prior guidance:

Fabrication division adjusted EBITDA is expected to be approximately $8.0 million, and assumes year-over-year growth in the small-scale fabrication business. The adjusted EBITDA forecast continues to exclude the potential benefit of any large project award and excludes a gain of $2.9 million in the first quarter 2024 from the sale of property that was held for sale at December 31, 2023.
Corporate division EBITDA is expected to be a loss of approximately $8.0 million, which is consistent with recent historical experience.

For earnings history and earnings-related data on Gulf Island Fabrication (GIFI) click here.