On April 1, Conrad Industries Inc. (OTC:CNRD) was one of the companies to hit the news cycle after it announced its financial results for the 2023 fiscal year and backlog. The company suffered a net loss of $27 million for the 12-month period ended on December 31, 2023, and the loss per diluted share for the period came in at $5.39. In the 12-month period ended on December 31, 2022, Conrad Industries suffered a net loss of $17.4 million and a loss per diluted share to the tune of $3.47.
The financial reports from the company have also been made available on its website. Additionally, Conrad Industries also announced that as of December 31, 2023, it had a backlog of $253.8 million, which was a bigger figure than the $244.1 million as of December 31, 2022, and $148.5 million as of December 31, 2021. The Chairman and Chief Executive Officer of the company, Johnny Conrad, spoke about the company’s performance as well. He noted that there were a range of factors that had impacted the company’s business negatively during the 2023 fiscal year.
Some of those challenges included inflationary price rises in materials and equipment, continued high steel prices, a difficult labor market, and disruptions to the supply chain. He also stated that a lion’s share of the losses in 2023 had been suffered owing to the fixed price contracts that the company had signed prior to the considerable rise in labor costs, inflation, and supply chain disruptions.
However, he also stated that although the company continued to experience considerable problems, the management believed that Conrad Industries was in a strong position to take advantage of the opportunities that would arise once the fundamentals of the market improved. He noted that bid activity had been strong.
 Stock On Watchlist After 2023 Results and Backlog Update){kind=link}