Great Lakes third quarter results

Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended September 30, 2020.

Lasse Petterson, Chief Executive Officer and President commented, “The third quarter reflects solid project performance, resulting in strong increases in income from continuing operations.”

According to him, GLDD completed several planned dry dockings in the third quarter, which were offset with better than anticipated productivity on the Jacksonville Contract B deepening project in Florida and the Great Egg and Peck Beach renourishment work in New Jersey.

“As expected, bidding activity increased significantly from the second quarter with $927 million in projects bid in the third quarter. Great Lakes won $466 million or 50% of those projects resulting in a third quarter backlog of $661.3 million,” added Petterson.

One of the awarded projects in the quarter was the Jacksonville Harbor Contract C Deepening Project totaling $105 million.

“After successfully completing Jacksonville Contract B ahead of schedule, we look forward to continuing to support the expansion of the shipping channel for the Port of Jacksonville (JAXPORT),” stated Petterson.

• Revenue was $175.8 million in the third quarter, a $6.0 million or 3.5% increase over the prior year quarter.
• Gross margin percentage was 20.7% in the third quarter compared with 18.7% in the prior year quarter.
• Total operating income from continuing operations was $23.2 million, a $4.8 million or 26.2% increase over the prior year quarter.
• Income from continuing operations was $12.5 million, a $3.7 million or 42.4% increase as compared to $8.8 million in the prior year quarter.
• Adjusted EBITDA from continuing operations was $32.2 million, a $5.1 million or 18.8% increase as compared to $27.1 million in the prior year quarter.

For the full third quarter results, please click here.