Conrad Industries Inc., a Morgan City-based shipbuilder, reported its first-quarter profit slipped to $2.6 million, or 49 cents per share, compared to $4 million, or 68 cents per share, a year ago.

Conrad’s backlog was $189.9 million at March 31, up from $171.9 million a year earlier.

President and Chief Executive Officer Johnny Conrad said the results reflect “a continued difficult environment.”

Customers are still holding off on new construction, although the repair segment shows signs of strengthening, Conrad said.