Gulf Island Fabrication wins $35 million contract for Key Bridge rebuild

THE WOODLANDS, Texas - Gulf Island Fabrication, Inc. (NASDAQ:GIFI), a $118 million market cap industrial fabricator with a perfect Piotroski Score of 9 according to InvestingPro, has secured a fixed-price contract valued at over $35 million to fabricate structural components for the reconstruction of the Francis Scott Key Bridge in Baltimore, Maryland, the company announced Wednesday.

The steel fabricator will manufacture components for the iconic bridge, which serves as a critical transportation link on the East Coast. The contract will be included in Gulf Island’s new awards and backlog for the third quarter 2025, building on the company’s impressive 14.32% revenue growth over the last twelve months.

Procurement of materials has already begun, with fabrication activities scheduled to commence in the fourth quarter of this year, according to the company’s press release statement.

"This award represents more than a project win—it reflects Gulf Island’s ability to adapt, evolve and bring our proven capabilities to new markets of national importance," said Richard Heo, Gulf Island’s President and Chief Executive Officer. The company’s strong financial position is evident in its excellent liquidity ratio of 4.63 and "GREAT" financial health score from InvestingPro.

The contract aligns with the company’s strategy to diversify beyond its traditional energy market focus. Gulf Island specializes in complex steel structures, modules, and automation systems for industrial, energy, and government sectors.

Based in The Woodlands, Texas, Gulf Island operates primary facilities in Houma, Louisiana and Houston, Texas. The company’s expertise in heavy steel fabrication will be utilized to deliver components on an expedited timeline for the bridge reconstruction project.

The contract includes the value of a previously announced limited notice to proceed related to the project.

In other recent news, Gulf Island Fabrication reported its second-quarter 2025 earnings, which fell short of expectations. The company announced an earnings per share (EPS) of -$0.04, significantly missing the projected $0.05. This resulted in a negative surprise of -180%. Revenue for the quarter was $37.5 million, slightly below the anticipated $38 million, marking a surprise of -1.32%. These results reflect a challenging quarter for Gulf Island Fabrication. The company’s stock experienced a decline following the earnings announcement. Analysts and investors are likely to closely monitor future performance given these recent developments.

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