Gulf Island Fabrication Inc. (NASDAQ:GIFI) Reports Strong Q4 Earnings: Stock reacts Positively
Gulf Island Fabrication Inc. (NASDAQ: GIFI) was up 5% in pre-market after the steel fabricators, and service providers to energy and industrial sectors announced Q4 and FY2021 results.
Market Stats
On Monday, GIFI stock went down 0.73% to $4.09 with 9.3k shares, compared to its average volume of 34.9K shares. The stock moved within a range of $4.0700 – 4.1350 after opening trading at $4.10.
Earnings Recap
In the fourth quarter, the company reported 13.4% YoY revenue growth to $25.8 million while net loss from ongoing operations was $6.2 million that included Hurricane Ida and $3.9 million in acquisition costs. In addition, the Fabrication & Services Division had an operating loss of $2.8 million. At the end of the quarter, the company had a cash balance of $54.6 million and finalized the purchase to ex [and Services operations.
For the full year, revenue was 20.6%YoY to $93.5 million, while net loss from ongoing operations was $4.8 million, which included 4.3 million in acquisition costs and related damage of Hurricane Ida. CEO Richard Heo stated that they had another solid quarter by the Fabrication & Services Division as they continued to execute strategic initiatives in Q4 2021. So in the coming weeks, investors should watch GIFI.
Key Quote
“We had another quarter of solid project performance by our Fabrication & Services Division, while also continuing to successfully execute on our strategic initiatives during the fourth quarter,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Momentum in our small-scale fabrication and services businesses continues to improve and we expect the recent rise in energy prices to further bolster this trend in the near term. The strong platform we are building in our services and small-scale fabrication businesses position us well for profitable growth in these markets.”
Traders Corner
GIFI stock is trading below the 20-Day and 50-Day Moving averages of $4.03 and $3.99 respectively. However, the stock is trading below the 200-Day moving average of $4.21.
