Great Lakes Reports Record First Quarter
Great Lakes Dredge & Dock Corporation (GLDD) today reported financial results for the quarter ended March 31, 2020.
According to Lasse Petterson, Chief Executive Officer and President, the first quarter of 2020 was an exceptional quarter driven by strong project performance, resulting in net income from continuing operations of $34.0 million and adjusted EBITDA from continuing operations of $61.4 million.
“During the quarter, we saw better than expected productivity on the Hunting Island Beach and Delray & Ocean Ridge beach renourishment projects,” Lasse Petterson commented. “We also performed additional work on the Delaware River Reach B deepening project and completed Phase 1 of the deepening of the Corpus Christi entrance channel.”
“During the quarter all of our dredges were in continued operation with no planned dry dockings. Starting in April, we will have planned dry dockings of certain vessels which will have an impact on results in the second quarter and continuing into the third quarter,” said Lasse Petterson.
Petterson added that the company ended the first quarter with a strong net cash position, balance sheet and substantial liquidity which has positioned GLDD well for the current economic environment.
“Our project work is largely uninterrupted by the pandemic at this point in time, and the Army Corps of Engineers is continuing to advertise new projects. However, we are actively investigating safety and operational contingency plans to be able to respond to potential changes to the evolving pandemic and economic environment,” said Lasse Petterson.
First Quarter 2020 Highlights
- Revenue was $217.7 million in the first quarter, a $25.1 million or 13.0% increase over the prior year quarter.
- Gross margin percentage increased to 31.5% in the first quarter from 25.9% in the prior year quarter.
- Total operating income from continuing operations was $53.0 million, an $18.2 million increase over the prior year quarter.
- Net income from continuing operations was $34.0 million, a $13.5 million increase over the prior year quarter.
- Adjusted EBITDA from continuing operations was $61.4 million as compared to $43.9 million in the prior year quarter.
- Net debt to adjusted EBITDA from continuing operations was 0.75x.
For the full third quarter results, please click here.