GLDD posts fourth quarter and full year 2021 results

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

  • Revenue was $210.0 million for the fourth quarter 2021, a $37.9 million increase over the prior year fourth quarter.
  • Gross margin percentage was 25.2% for the fourth quarter 2021 as compared to 19.4% in the prior year fourth quarter.
  • Total operating income was $36.5 million, an increase of $19.2 million or 111.0% increase over the prior year fourth quarter.
  • Net income for the quarter was $24.7 million, as compared to $10.6 million in the prior year quarter, a $14.1 million or 133.0% increase over the prior year fourth quarter.
  • Adjusted EBITDA was $48.2 million for the fourth quarter 2021, as compared to $29.4 million in the prior year quarter, a $18.8 million or 63.9% increase over the prior year fourth quarter.

Full Year 2021 Highlights

  • Revenue was $726.1 million for the full year 2021, a $7.5 million or 1.0% decrease over the prior year.
  • Gross profit percentage decreased to 20.0% in 2021 as compared to 23.3% in 2020.
  • Total operating income was $83.4 million, a $28.4 million or 25.4% decrease over the prior year.
  • Net income was $49.4 million, as compared to $66.1 million in 2020, a $16.7 million or 25.3% decrease over the prior year.
  • Adjusted EBITDA was $127.4 million as compared to $151.1 million in 2020, a $23.7 million or 15.6% decrease over the prior year.

Photo: GLDD