GLDD posts first quarter results – $177.6M revenue

Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter ended March 31, 2021, saying that the revenue was $177.6 million in the first quarter.

Commenting the latest report, Lasse Petterson, President and Chief Executive Officer, said: “During 2020 as the COVID-19 pandemic hit our nation, Great Lakes was able to adjust and navigate the difficulties and challenges the pandemic posed to our operations. However, as the 3^rd wave of the pandemic spread through our population, we started to see significant additional direct costs and operational interruptions in the first quarter of 2021.”

“Several of our vessel crews were infected despite our extensive testing and isolation protocols. Vessels were required to go to shore for crew changes and the vessels had to be disinfected before returning to work. This impacted the vessels’ scheduling and availability, which impacted our productivity on several projects and led to delays which pushed revenue from the first quarter into remaining quarters of 2021.”

“We ended the quarter with net income of $8.8 million and Adjusted EBITDA of $26.8 million compared to the first quarter of 2020 that ended with $34 million of net income and $61.4 million in Adjusted EBITDA. The first quarter of 2020 was a record breaking quarter for Great Lakes, driven by robust performance on several projects and no vessels in drydock, therefore comparison to this quarter was expected to be difficult.”

At the end of 2020, the domestic bid market for the year had reached $1.8 billion in projects bid.

GLDD said that they continue to be optimistic and believe the 2021 domestic market will remain strong. The bid market continues to be driven by the large-scale port deepening projects along the East and Gulf coasts.

This year will see bids for multiple project phases for port deepenings in Corpus Christi, Norfolk and the Houston ship channel that will continue for the next several years, said GLDD.