MORGAN CITY, LA (AP) — The oil industry's woes continued to drag down earnings for Morgan City-based ship and barge builder Conrad Industries Inc.
Conrad's second-quarter profit dropped to $1.2 million, or 21 cents per share, compared to $6.8 million, or $1.14 per share, a year ago.
Meanwhile, the company's backlog of work slid to $131.7 million at June 30, compared to $173 million a year earlier.
President and Chief Executive Officer Johnny Conrad tells The Advocate’s Ted Griggs while he remains optimistic about the business in the long term, near-term challenges lie ahead.
Conrad designs, builds and repairs tugboats, ferries, barges and offshore supply vessels at five shipyards in south Louisiana and Texas.
