GLDD posts second quarter results

Great Lakes Dredge & Dock Corporation (GLDD) has reported financial results for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights

• Revenue was $169.9 million in the second quarter;
• Operating income was $8.8 million in the second quarter;
• Net income was $2.1 million in the second quarter;
• Adjusted EBITDA was $20.2 million in the second quarter;
• Backlog at June 30, 2021 was $454.4 million.

Lasse Petterson, President and Chief Executive Officer, said: “We expect the domestic bid market to be just as strong this year as it was in 2020.”

“In the second quarter, Great Lakes announced awards for $112.8 million in new work that adds to our 2021 backlog, resulting in a 34.5% market share for the first half of 2021. Backlog at June 30, 2021 was $454.4 million versus $423.4 million at June 30, 2020.

“In addition, Great Lakes was awarded the Mississippi River Hopper Dredge Rental Project for $24.3 million in the second quarter. After the end of the quarter, we were awarded the Cape May Beach Renourishment Project for $12.1 million, and we were low bidder on the Corpus Christi Phase III Deepening Project for $151.9 million and the Thimble Shoal deepening and renourishment project for $39.5 million.”

According to GLDD, they expect that 2021 will see bids for multiple project phases for port deepenings in Corpus Christi, Norfolk, Freeport and the Houston ship channel that will continue for the next several years.