Great Lakes Reports Second Quarter Financial Results

Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended June 30, 2019.

According to the company’s Chief Executive Officer, Lasse Petterson, the second quarter was another active period for GLDD, marking their fourth consecutive quarter showing improvement in both revenue and adjusted EBITDA from continuing operations when comparing to the prior year quarter.

As we noted in our last earnings release, planned dry dockings of certain vessels had an impact on second quarter results, several of which continue into the third quarter with two hopper dredges entering dry dock in the third quarter,” Lasse Petterson commented.

During the quarter we experienced better than expected production on the Jacksonville deepening project, along with strong execution on several coastal protection projects,” he added.

Lasse Petterson continued saying that in the second quarter GLDD generated $11.5 million of net income from continuing operations and adjusted EBITDA from continuing operations of $32.0 million, bringing full year-to-date net income from continuing operations and adjusted EBITDA from continuing operations to $32.0 million and $75.9 million, respectively.

In the market update, GLDD said that they continue to expect additional phases of multiple large deepening and other capital projects to bid in the second half of the year resulting in another strong domestic bid market in 2019.

The projects coming into the pipeline include additional phases of work in Savannah and Corpus Christi, new projects in the Ports of Norfolk, Virginia and Freeport, Texas and large coastal restoration projects in Mississippi and Louisiana.

In addition to this anticipated capital work, GLDD will probably bid for multiple projects funded by the $17.4 billion disaster supplemental appropriations.

For the full second quarter results, please click here.