IES Holdings (NASDAQ: IESC) will acquire Gulf Island Fabrication (NASDAQ: GIFI) for $12.00 per share, totaling approximately $192 million. The deal, approved by both boards, is expected to close by March 31, 2026, pending Gulf Island shareholder approval and regulatory clearances. The acquisition includes a 450,000 sq ft fabrication campus in Houma, LA, enhancing IES's capabilities in data centers and U.S. infrastructure. Gulf Island will not hold its Q3 2025 earnings call due to the transaction.

THE WOODLANDS, Texas, May 06, 2025 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced its results for the first quarter 2025. FIRST QUARTER 2025 SUMMARY Consolidated revenue of $40.3 millionConsolidated net income of $3.8 million; Consolidated EBITDA of $4.5 millionServices division operating income of $1.6 million; EBITDA of $2.1 millionFabrication division operating income of $3.8 million; EBITDA of $4.5 millionEntered into agreement in April to acquire certain assets of ENGlobal Corporation (“ENG”) relating to its automation, engineering and government services businesses See “Non-GAAP Measures” below for the Company’s definition of EBITDA and reconciliations of the relevant amounts to the most directly comparable GAAP measure. MANAGEMENT COMMENTARY “The strategic actions we have undertaken in recent years enabled us to deliver solid first quarter results, despite growing macroeconomic uncertainty,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “We benefited from our small-scale fabrication business, which offset the impact of capital spending reductions by our Services offshore customers.” “As we look to the remainder of 2025, the market outlook has become more difficult to forecast due to the macroeconomic uncertainty, including trade policies,” continued Heo. “While we are well-positioned in our fabrication business and remain optimistic regarding the long-term outlook for our end-markets, we are experiencing extended decision cycles