Great Lakes Dredge Takes Most of the Domestic Market in Q1

Image source: USACE Savannah District

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.

 

Share this article

Follow Dredging Today

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Dredging management

The course will enable attendees to manage and regulate dredging projects and contractors more effectively and efficiently…

read more >

National Coastal Restoration Conference – Christchurch

The first three days will include speakers, seminars and local field-trips around the Christchurch urban beaches and the local North Canterbury coast…

read more >

SEMINAR ON DREDGING AND RECLAMATION (ABU DHABI)

This five-day course strives to provide an understanding through lectures by experts in the field and workshops, partly conducted on-site…

read more >

Navigation Change Climate

The conference will have three main themes, reflecting the work streams in the Think Climate coalition’s Navigating a Changing Climate Action Plan:…

read more >

Jobs>

Dredging Consultant

Anthony D Bates Partnership LLP, a leading international dredging consultancy, is looking for a well-educated, professional and confident person to fill an immediate position...

apply

Dredge Masters, Engineers and Superintendent\\\\\\\\\\\\\\\'s Urgently Required!

Flagship Management is working with a number of leading international marine and dredging organizations and require the following candidates for a range of global projects...

apply

Network Support Engineer

As Network Support Engineer you will be responsible for the installation / configuration, operation and maintenance of the infrastructural....

apply