GLDD posts second quarter 2024 results

Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the second quarter ended June 30, 2024.

Commenting the news, Lasse Petterson, President and Chief Executive Officer, said: “Despite having three dredges in drydock, Great Lakes achieved solid results in the second quarter driven by strong project performance from our active dredges.”

“We ended the second quarter with net income of $7.7 million and adjusted EBITDA of $25.8 million.”

“At the end of the second quarter, our dredging backlog was $807.9 million with an additional $273.1 million in low bids and options pending award and our offshore wind backlog was $44.6 million with an additional $12.7 million in options pending. Post quarter end, Great Lakes was low bidder on additional work for approximately $181.6 million.”

GLDD also continues to make progress on its new build program. 

“Our newest 6,500-cubic-yard-capacity hopper dredge, the Galveston Island, was successfully placed into operation in the first quarter and contributed to the solid project performance in the second quarter,” said CEO.

Her sistership, the Amelia Island, is expected to be delivered in the second half of 2025.

According to GLDD, these dredges will work on projects that redevelop and improve shorelines, which are subject to continual damage due to storms, rising waters and the effects of climate change.