Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter ended March 31, 2015.
For the quarter, Great Lakes reported revenue of $174.6 million, net loss of $8.4 million, and adjusted EBITDA from continuing operations of $4.4 million.
According to GLDD, in the first quarter of 2015, the company was awarded $208 million, or 84% of the domestic dredging bidding market, with the $135 million Savannah project accounting for a significant portion of the awards.
The Savannah project will begin this summer and is expected to be completed by summer 2018. GLDD was also awarded a $23 million coastal protection project in New York and $46 million in maintenance dredging awards.
Chief Executive Officer Jonathan Berger commented, “Our first quarter performance was impacted by expected business cyclicality losses in the environmental & remediation segment. The expected operating loss was further negatively impacted by pending change orders and claims. Change orders are being negotiated, and we are confident that their resolution will result in revenues and net income in subsequent quarters that will partially offset first quarter losses.”
“We do not expect the first quarter results to be indicative of the company’s annual results. Dredging activity has picked up in the second quarter, with more of our year-end backlog expected to be worked off compared to the first quarter, and our environmental & remediation segment is beginning to enter its busy season,” added Berger.