Posted on November 6, 2018
Great Lakes Dredge & Dock Corporation (GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, today reported financial results for the three and nine months ended September 30, 2018.
For the three months ended September 30, 2018, Great Lakes reported revenue of $204.3 million, net income from continuing operations of $11.7 million and Adjusted EBITDA from continuing operations of $35.9 million.
Third Quarter Highlights (includes restructuring)
- Net income from continuing operations was $11.7 million which is a $14.9 million increase over the prior year quarter.
- Adjusted EBITDA from continuing operations was $35.9 million, a $22.8 million increase from the prior year quarter.
- Dredging segment’s gross margin percentage increased to 22.2% in the current quarter from 14.6% in the prior year quarter.
- Environmental & Infrastructure (“E&I”) gross margin percentage increased to 9.9% in the current quarter from 0.9% in the prior year quarter.
- Consolidated operating income increased to $23.4 million, a $21.3 million increase over the prior year quarter. Dredging operating income increased by 329% and E&I operating income loss improved by 55% as compared to the prior year quarter.
- Net debt decreased by $85 million as compared to year end 2017; current revolver balance is $31 million.
- Backlog increased $142 million from year end 2017.
Management Commentary
Chief Executive Officer Lasse Petterson commented, “Today we announced continued strong performance including a record quarter for Great Lakes’ Adjusted EBITDA from continuing operations. During the quarter, we saw strong results from our dredging operations, in particular on our Charleston II project where three of the largest dredges in the United States produced at expectations despite delays caused by Hurricanes Florence and Michael. The third quarter also benefited from high equipment utilization, solid project execution and savings from our restructuring plan.
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