GLDD reports third quarter 2023 results

Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended September 30, 2023, saying that the revenue was $117.2 million for the third quarter.

GLDD photo

Also, total operating loss was $5.1 million for the third quarter, net loss was $6.2 million and adjusted EBITDA was $5.3 million for the same period.

Lasse Petterson, President and Chief Executive Officer said: “The third quarter, as expected, was a challenging quarter due to vessel drydocks and idle equipment due to market delays from 2022 and the first half of 2023.”

“Despite the challenges, we continued to bid on projects and build a solid backlog for the fourth quarter and for 2024.”

“Great Lakes ended the quarter with $1.03 billion of dredging backlog, which does not include approximately $50.0 million of performance obligations related to offshore wind contracts and $225.0 million in low bids and options pending award.”

Their newest hopper dredge, the Galveston Island is expected to be operational in the fourth quarter of 2023 and her sistership, the Amelia Island, is expected to be delivered in 2025.