Great Lakes Dredge & Dock Corporation yesterday reported financial results for the quarter and year ended December 31, 2021.
Lasse Petterson , President and Chief Executive Officer, said: “We ended the year with strong fourth quarter results, which reflects solid project performance resulting in this year’s highest quarterly net income and adjusted EBITDA.”
The domestic dredging market for new projects remained relatively strong in 2021 despite the pandemic.
Throughout 2021, the company performed a significant amount of work in the ports of Portsmouth, Boston, Charleston, Jacksonville, Mobile, Sabine, Freeport, and Corpus Christi.
GLDD also saw increased demand for coastal protection projects, renourishment of coastal beaches that have been damaged after the major hurricane events of the past few years and wetland restoration projects.
They ended the year with a solid backlog of $551.6 million and a full year bid market share of 40.4%.
Fourth Quarter 2021 Highlights
Full Year 2021 Highlights