GLDD reports second quarter 2023 results

Great Lakes Dredge & Dock Corporation (GLDD), the largest provider of dredging services in the United States, today reported financial results for the quarter ended June 30, 2023.

Lasse Petterson, President and Chief Executive Officer, said: “The second quarter reflects improved performance, resulting in improved net income and our highest adjusted EBITDA since the first quarter of 2022.”

“Although not all challenges are behind us, our solid quarter is a result of improved project performance and weather conditions and the benefits from our cost savings initiatives. Great Lakes ended the quarter with $434.6 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts and $487.3 million in low bids and options pending award.”

“Dredging backlog includes the Freeport Reach Deepening job which was awarded to Great Lakes for $157.4 million, which, at the time, was the third largest domestic capital project the Company has won in its history.”

Second Quarter 2023 Highlights

• Revenue was $132.7 million for the second quarter
• Total operating income was $3.7 million for the second quarter
• Net income was $1.7 million for the second quarter
• Adjusted EBITDA was $16.6 million for the second quarter