GLDD posts fourth quarter and full year 2023 results

Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter and year ended December 31, 2023.

Fourth Quarter 2023 Results

• Revenue was $181.7 million
• Total operating profit was $30.5 million
• Net income was $21.6 million (includes $5.6 million gain related to the termination of an offshore wind contract)
• Adjusted EBITDA was $40.8 million (includes $7.4 million gain related to the termination of an offshore wind contract)

Full Year 2023 Results

• Revenue was $589.6 million
• Total operating profit was $28.2 million
• Net income was $13.9 million (includes $5.6 million gain related to the termination of an offshore wind contract)
• Adjusted EBITDA was $73.0 million (includes $7.4 million gain related to the termination of an offshore wind contract)

Commenting the news, Lasse Petterson, President and Chief Executive Officer, said: “We ended the year strong with solid fourth quarter results. As expected, 2023 was a year of positive transition from a difficult 2022 and we ended the year with a record backlog of $1.04 billion, improved performance and stronger financial results.“

“With a record 2023 U.S. Army Corps of Engineer’s budget of $8.66 billion, the bid market gained momentum over the course of the year resulting in 2023 returning to a more robust and diverse bid market, particularly in our capital and coastal protection target markets.”

“The dredging market saw seven bids for major port improvement projects. Great Lakes ended the year with 71% of our backlog in capital projects with four major awards in 2023 which included the Freeport Deepening Project and the Sabine-Neches Waterway Channel Improvement Project.”