GLDD Posts Q3 Results, Spotlight on High Equipment Utilization

Image source: GLDD

Great Lakes Dredge & Dock Corporation (GLDD) today posted financial results for the three months ended September 30, 2018, reporting revenue of $204.3 million, net income from continuing operations of $11.7 million and Adjusted EBITDA from continuing operations of $35.9 million.

Commenting the latest news, GLDD Chief Executive Officer, Lasse Petterson, said: “Today we announced continued strong performance including a record quarter for Great Lakes’ Adjusted EBITDA from continuing operations.”

“During the quarter, we saw strong results from our dredging operations, in particular on our Charleston II project where three of the largest dredges in the United States produced at expectations despite delays caused by Hurricanes Florence and Michael. The third quarter also benefited from high equipment utilization, solid project execution and savings from our restructuring plan.”

“During the quarter, we announced two significant awards for capital deepening work in the ports of Jacksonville and Tampa. The Jacksonville Deepening award was $210 million comprised of a base contract of $113 million and options of $97 million expected to be awarded in the third quarter of 2019.

“We are commencing operations on this project in November and expect the project with all options to be completed in the second quarter of 2021. The Tampa Deepening award was $74 million divided into a $48 million base contract and $26 million of options which are expected to be awarded by year end 2018. Operations commenced on this project in October and are expected to finish in the third quarter of 2019,” added Petterson.

Third Quarter Highlights (includes restructuring):

  • Net income from continuing operations was $11.7 million which is a $14.9 million increase over the prior year quarter;
  • Adjusted EBITDA from continuing operations was $35.9 million, a $22.8 million increase from the prior year quarter;
  • Dredging segment’s gross margin percentage increased to 22.2% in the current quarter from 14.6% in the prior year quarter;
  • Environmental & Infrastructure (“E&I”) gross margin percentage increased to 9.9% in the current quarter from 0.9% in the prior year quarter;
  • Consolidated operating income increased to $23.4 million, a $21.3 million increase over the prior year quarter. Dredging operating income increased by 329% and E&I operating income loss improved by 55% as compared to the prior year quarter;
  • Net debt decreased by $85 million as compared to year end 2017; current revolver balance is $31 million;
  • Backlog increased $142 million from year end 2017.

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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