Gulf Island boosts profits despite sales slip

US offshore fabricator Gulf Island Fabrication boosted year on year income in second quarter despite a slide in revenue in the period.

Houma, Louisiana-based Gulf Island reported net income of $11.9 million, or 83 cents per diluted share, in the quarter on revenue of $117.9 million, compared with net income of $7.9 million, or 55 cents per diluted share, on revenue of $137.6 million in the same period last year. For the six month period to the end of June, Gulf Island reported net income of $25.3 million, or $1.77 per share, compared with net income of $12.3 million, or 86 cents per diluted share, in the first half of last year, despite a slip in revenue to $241.7 million from $246.9 million previously. The company reported a revenue backlog of $437.7 million and a labour backlog of about 4.6 million work hours, including work outstanding to 30 June 2008 and new commitments from that date.
Read More