Great Lakes Dredge & Dock Corporation yesterday reported financial results for the quarter and year ended December 31, 2019, saying that the gross profit margin percentage increased to 21.0% in the fourth quarter compared with 20.6% in the prior year fourth quarter.
Commenting the latest announcement, Chief Executive Officer Lasse Petterson, said: “2019 was an exceptional year at Great Lakes. Our record financial performance was a result of a strong domestic dredging market and the continued effectiveness of our 2018 asset rationalization and cost reduction program.”
”In the second quarter, Great Lakes successfully completed the sale of the Environmental & Infrastructure business which allowed our team to focus on our core dredging business. We saw an increase of $44.7 million in net income from continuing operations and $35.2 million in adjusted EBITDA from continuing operations over the prior year.”
”As we finished the fourth quarter of 2019, port deepening projects in Charleston, Jacksonville and Corpus Christi were in full operation with work continuing into 2020. Operationally, 2019 had lower dredging activity as compared to prior year, due to several planned vessel dry dockings. The impact of the increased dry dockings was partially offset by strong performance on the San Jacinto flood prevention project in Houston, Texas and the Jacksonville port deepening project in Florida.”
Full Year 2019 Highlights
- Revenue was $711.5 million for the full year 2019, a $90.7 million or 14.6% increase over the prior year;
- Gross profit margin percentage increased to 21.6% in 2019 as compared to 18.0% in 2018;
- Total operating income from continuing operations was $98.1 million, a $45.5 million increase over the prior year;
- Net income from continuing operations was $55.7 million, a $44.7 million increase over the prior year;
- Adjusted EBITDA from continuing operations was $135.6 million as compared to $100.4 million in 2018.