Great Lakes Dredge & Dock Corporation (GLDD), one of the largest provider of dredging services in the United States, today released financial results for the quarter and year ended December 31, 2020.
Great Lakes had another exceptional year financially as the company continued to act on their long term strategic plan, despite the pandemic’s impact on some of the projects.
“Our record calendar year financial performance was a result of a strong domestic dredging market and our continued focus on improving project performance. We ended the year with full year net income from continuing operations of $66.1 million and Adjusted EBITDA from continuing operations of $151.1 million,” said Lasse Petterson, Chief Executive Officer and President.
In 2020, GLDD ordered a new mid-size hopper dredge, and upgraded several of its large cutter dredges. The company also moved their headquarters to Houston to be closer to the markets and clients and invested in the shareholders through a $75 million share repurchase program.
According to Petterson, the domestic dredging market remained strong in 2020, despite the many obstacles related to the pandemic. The Army Corps continued to advertise new projects as evidenced by the bid market that ended the year at $1.8 billion.
“In September, we were awarded a $105 million contract for the continuation of our work on the Jacksonville Florida Harbor Deepening Project. This important project contributes to our backlog of capital, coastal protection and maintenance work as we enter 2021. In addition, in the fourth quarter we were pleased to announce the signing of the largest contract in Great Lakes’ history for dredging on the Brownsville LNG project, which will enter backlog if a notice to proceed is received,” commented Petterson.
Full Year 2020 Highlights
- Revenue was $733.6 million for the full year 2020, a $22.1 million or 3.1% increase over the prior year;
- Gross profit percentage increased to 23.3% in 2020 as compared to 21.6% in 2019;
- Total operating income was $111.8 million, a $13.7 million or 14.0% increase over the prior year;
- Net income from continuing operations was $66.1 million, a $10.4 million or 18.7% increase over the prior year;
- Adjusted EBITDA from continuing operations was $151.1 million as compared to $135.6 million in 2019, a $15.5 million or 11.4% increase over the prior year.
For the fourth quarter and full year results, please click here.