Great Lakes Dredge & Dock Corporation (“Great Lakes” or the
“Company”) (Nasdaq: GLDD), the largest provider of dredging
services in the United States, today reported financial results for
the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenue was $170.1 million
- Total operating income was $14.6 million
- Net income was $7.7 million
- Adjusted EBITDA was $25.8 million
Management Commentary
Lasse Petterson, President and Chief Executive Officer,
commented, “Despite having three dredges in drydock, Great Lakes
achieved solid results in the second quarter driven by strong
project performance from our active dredges. We ended the second
quarter with net income of $7.7 million and adjusted EBITDA of
$25.8 million. At the end of the second quarter, our dredging
backlog was $807.9 million with an additional $273.1 million in low
bids and options pending award and our offshore wind backlog was
$44.6 million with an additional $12.7 million in options pending.
Post quarter end, Great Lakes was low bidder on additional work for
approximately $181.6 million.
With a record 2024 U.S. Army Corps of Engineers’ budget of $8.7
billion, approved in the first quarter, the bid market has been
robust and is expected to remain strong for the rest of the year,
particularly in our capital and coastal protection target markets.
Notably, 85% of our backlog is related to capital projects that
provide higher margin work, like the Freeport Deepening and the
Sabine-Neches Waterway Channel Improvement dredging projects, both
of which are currently underway. In 2023, Great Lakes was awarded
two large liquified natural gas (“LNG”) projects, the Port Arthur
LNG Phase 1 project and the Brownsville Ship Channel project for
Next Decade Corporation’s Rio Grande LNG project, which is the
largest project undertaken in Great Lakes' history. Subcontractor
work has already started and dredging work on both capital projects
is expected to commence in the third quarter. The Biden
administration’s temporary pause on approving new LNG export
licenses has had no impact on these two projects since they have
already been permitted. We continue to tender bids on several
pending LNG projects to diversify and expand our client base.
We continue to make progress on our new build program. Our
newest 6,500-cubic-yard-capacity hopper dredge, the Galveston
Island, was successfully placed into operation in the first quarter
and contributed to the solid project performance in the second
quarter. Her sistership, the Amelia Island, is expected to be
delivered in the second half of 2025. These dredges will work on
projects that redevelop and improve our shorelines, which are
subject to continual damage due to storms, rising waters and the
effects of climate change.
We remain resolute in our long-term growth strategy to enter the
U.S. offshore wind market. The Acadia, the first and only
U.S.-flagged Jones Act compliant, inclined fallpipe vessel for
subsea rock installation, is under construction with expected
delivery in the second half of 2025. Great Lakes has been awarded
two contracts to utilize the Acadia for Equinor’s Empire Wind I and
Ørsted’s Sunrise Wind projects. We expect that offshore wind will
play a crucial role in helping the U.S. meet its decarbonization
and clean energy goals and we believe the offshore wind power
generation market offers Great Lakes long-term diversification with
a strong opportunity for growth. In addition to the U.S. offshore
wind, there are several other market opportunities that the Acadia
is well suited for, such as rock placement in the international
offshore wind market, rock protection over pipelines in the oil and
gas and carbon capture markets and telecommunications and power
cable protection. As such, we continue to pursue and bid on a
number of other offshore wind farm and cable and pipeline
protection projects for the Acadia, both domestically and
internationally, with work planned for 2026 and beyond.
In the second quarter, Great Lakes entered into a $150 million
second-lien credit agreement with Guggenheim Credit Services, LLC,
for an aggregate principal amount of $100 million and a delayed
draw term loan facility in the aggregate amount of $50 million,
which is available to the Company for a period of 12 months
following the closing date of the agreement. The financing provides
Great Lakes with additional liquidity to help us complete our new
build program and provide the financial flexibility to pursue other
financing alternatives, including Title XI.
Our outlook remains positive, and we expect the dredging
bid market to remain robust for the remainder
of 2024. With strong government support, our
substantial backlog, enhanced fleet, and strategic
initiatives, we firmly believe our company is well-prepared
for the future.”
Operational Update
- Revenue was $170.1 million, an increase of $37.4 million from
the second quarter of 2023. The higher revenue in the second
quarter of 2024 was due primarily to higher capital and coastal
protection project revenues, offset partially by a decrease in
maintenance project revenue.
- Gross profit was $29.8 million, an improvement of $11.9 million
compared to the gross profit from the second quarter of 2023. Gross
margin percentage increased to 17.5% in the second quarter of 2024
from 13.5% in the second quarter of 2023 due to improved project
performance and higher capital and coastal protection revenue in
the current year quarter.
- Operating income was $14.6 million, which is a $10.9 million
improvement compared to the prior year second quarter. The year
over year increase is primarily due to $11.9 million increase in
gross profit offset partially by higher general and administrative
expenses.
- Net income for the quarter was $7.7 million, which is a $6.0
million improvement compared to net income of $1.7 million in the
prior year second quarter. The increase is a result of improved
operating results, partially offset by an increase in net interest
expense and income tax expense.
- At June 30, 2024, the Company had $23.1 million in cash and
cash equivalents and total long-term debt of $411.5 million, with
no draws outstanding against our $300 million revolver.
- At June 30, 2024, the Company had $807.9 million in dredging
backlog as compared to $1.04 billion at December 31, 2023. Dredging
backlog does not include approximately $273.1 million of low bids
and options pending award and approximately $44.6 million of
performance obligations and $12.7 million in options pending award
related to offshore wind contracts.
- Total capital expenditures for the second quarter of 2024 were
$51.3 million compared to $19.4 million for the second quarter of
2023. Capital expenditures in the quarter included $29.7 million
for the construction of the subsea rock installation vessel, the
Acadia, $14.8 million for the Amelia Island, $0.7 million for the
final payment for the Galveston Island, and $6.1 million for
maintenance and growth.
Market Update
We continue to see strong support from the Biden Administration
and Congress for the dredging industry. The 2024 Energy and Water
Appropriations Bill, which passed in the first quarter, provided a
record $8.7 billion in total funding to the U.S. Army Corps of
Engineers (the “Corps”). This funding included $5.6 billion for the
Corps’ Operations and Maintenance budget and $2.8 billion for the
Harbor Maintenance Trust Fund. In 2023, the Disaster Relief
Supplemental Appropriations Act was also approved which included
$1.5 billion for the Corps to make necessary repairs to
infrastructure impacted by hurricanes and other natural disasters,
and to initiate beach renourishment projects that will increase
coastal resiliency. The increased budget and additional funding
have supported a strong bid market for 2024, with a robust beach
renourishment market and capital projects including additional
phases of the Mobile and Sabine-Neches deepenings.
The 2025 Corps’ budget is expected to be another record
appropriation. On June 28, 2024, the U.S. House of Representatives
(the “House”) Energy and Water Appropriations Subcommittee passed
their 2025 Appropriations Bill providing the Corps with a budget of
$9.96 billion, which is $2.7 billion above the President’s Budget
request. The bill includes $5.7 billion for Operations and
Maintenance projects, of which $3.1 billion is from the Harbor
Maintenance Trust Fund. On August 1, 2024, the Senate
Appropriations Committee approved its draft of the 2025 Energy and
Water spending bill which provides $10.3 billion in total funding
for the U.S. Army Corps of Engineers.
The Water Resources Development Act (“WRDA”) is on a two-year
renewal cycle and includes legislation that authorizes the
financing of the Corps’ projects for studies, flood and hurricane
protection, dredging, ecosystem restoration and other construction
projects aimed at improving rivers and harbors in the United
States. WRDA 2022 featured authorization for the New York and New
Jersey shipping channels to be deepened to 55 feet, estimated at $6
billion, as well as the Coastal Texas Protection and Restoration
Program, estimated at $34.4 billion. The Coastal Texas program
includes dune and marsh restoration to safeguard the Texas Gulf
Coast from hurricane surges. WRDA 2024 appears to have strong
bipartisan support and has already been approved by the U.S. Senate
Environment and Public Works Committee and the House Transportation
and Infrastructure Committee. The House bill, which was
approved on July 22, 2024, authorizes 160 feasibility studies and
12 new and modified construction projects. The proposed Senate
bill, which was approved August 1, 2024, authorizes 81 feasibility
studies and 8 new or modified construction projects focusing on
infrastructure and flood risk management. The two bodies will now
conference to resolve any differences. This moves the bill one step
closer to full Congressional approval.
We believe that Great Lakes has established a unique business
position in the U.S. offshore wind market, and we continue to
pursue and tender bids, both domestically and internationally, for
multiple subsea rock installation projects for the Acadia, to
protect and stabilize offshore wind structures. As previously
mentioned, the Acadia can also be utilized to provide rock
protection to stabilize telecommunications cables, and oil and gas
pipelines. Great Lakes is actively pursuing these types of projects
for the Acadia, in addition to the offshore wind projects.
The U.S. offshore wind market reached historic milestones in the
first quarter of 2024, with two commercial-scale offshore wind
farms becoming operational and supplying power to the grid in New
York and Massachusetts. New Jersey also awarded 3.7 gigawatts
(“GW”) of Power Purchase Agreements in January 2024, and the
results of the tri-state (Massachusetts, Rhode Island, and
Connecticut) solicitation for 6 GW of offshore wind, are expected
in the third quarter of 2024.
In June 2024, Equinor and Ørsted signed final power deals with
New York State Energy Research & Development Authority for the
Empire Wind I and Sunrise Wind projects. Notably, Great Lakes
has been awarded rock installation contracts for both projects, and
expects to be using the rock installation vessel, the Acadia, to
protect and stabilize foundations and cables for these projects
with a combined capacity of 1.7 GW. On July 17, 2024, New York’s
Governor Hochul announced the start of construction on the Sunrise
Wind project which is expected to provide power to approximately
600,000 New York homes. On July 2, 2024, the U.S. Department of the
Interior (“DOI”) approved the Atlantic Shores South offshore wind
energy project off the New Jersey Coast, which is expected to power
close to one million homes with clean renewable energy. This brings
total DOI approvals to more than 13 GW of clean energy from
offshore wind energy projects. Also in July 2024, the Bureau of
Ocean Energy Management approved the construction and operation of
two offshore wind energy facilities, New England Wind 1 and New
England Wind 2, that could power close to a million homes.
The latest BloombergNEF offshore wind market outlook shows
global offshore wind expected to grow tenfold by 2040 with a
forecast of approximately 742GW. The global outlook for 2040
anticipates China, the United Kingdom, and the U.S. to be the top
three offshore wind energy producers.
Conference Call Information
The Company will conduct a quarterly conference call, which will
be held on Tuesday, August 6, 2024, at 9:00 a.m. C.D.T (10:00 a.m.
E.D.T.). Investors and analysts are encouraged to pre-register for
the conference call by using the link below. Participants who
pre-register will be given a unique PIN to gain immediate access to
the call. Pre-registration may be completed at any time up to the
call start time.
To pre-register, go
to https://register.vevent.com/register/BI42711de8d7e8491e97341de99dae6b10
The live call and replay can also be heard
at https://edge.media-server.com/mmc/p/ffnisqsp or on the
Company’s website, www.gldd.com, under Events on the Investor
Relations page. A copy of the press release will be available on
the Company’s website.
Use of Non-GAAP measures
Adjusted EBITDA, as provided herein, represents net income
(loss) from continuing operations, adjusted for net interest
expense, income taxes, depreciation and amortization expense, debt
extinguishment, accelerated maintenance expense for new
international deployments, goodwill or asset impairments and gains
on bargain purchase acquisitions. Adjusted EBITDA is not a measure
derived in accordance with GAAP. The Company presents Adjusted
EBITDA as an additional measure by which to evaluate the Company's
operating trends. The Company believes that Adjusted EBITDA is a
measure frequently used to evaluate performance of companies with
substantial leverage and that the Company's primary stakeholders
(i.e., its stockholders, bondholders and banks) use Adjusted EBITDA
to evaluate the Company's period to period performance.
Additionally, management believes that Adjusted EBITDA provides a
transparent measure of the Company’s recurring operating
performance and allows management and investors to readily view
operating trends, perform analytical comparisons and identify
strategies to improve operating performance. For this reason, the
Company uses a measure based upon Adjusted EBITDA to assess
performance for purposes of determining compensation under the
Company's incentive plan. Adjusted EBITDA should not be considered
an alternative to, or more meaningful than, amounts determined in
accordance with GAAP including: (a) operating income as an
indicator of operating performance; or (b) cash flows from
operations as a measure of liquidity. As such, the Company's use of
Adjusted EBITDA, instead of a GAAP measure, has limitations as an
analytical tool, including the inability to determine profitability
or liquidity due to the exclusion of accelerated maintenance
expense for new international deployments, goodwill or asset
impairments, gains on bargain purchase acquisitions, net interest
and income tax expense and the associated significant cash
requirements and the exclusion of depreciation and amortization,
which represent significant and unavoidable operating costs given
the level of indebtedness and capital expenditures needed to
maintain the Company's business. For these reasons, the Company
uses operating income (loss) to measure the Company's operating
performance and uses Adjusted EBITDA only as a supplement. Adjusted
EBITDA is reconciled to net income (loss) in the table of financial
results. For further explanation, please refer to the Company's SEC
filings.
The Company
Great Lakes Dredge & Dock Corporation is the
largest provider of dredging services in the United States, which
is complemented with a long history of performing significant
international projects. In addition, Great Lakes is fully engaged
in expanding its core business into the rapidly developing offshore
wind energy industry. The Company employs experienced civil, ocean
and mechanical engineering staff in its estimating, production and
project management functions. In its over 134-year history,
the Company has never failed to complete a marine project. Great
Lakes owns and operates the largest and most diverse fleet in the
U.S. dredging industry, comprised of approximately 200 specialized
vessels. Great Lakes has a disciplined training program for
engineers that ensures experienced-based performance as they
advance through Company operations. The Company’s Incident-and
Injury-Free® (IIF®) safety management program is integrated into
all aspects of the Company’s culture. The Company’s commitment to
the IIF® culture promotes a work environment where employee safety
is paramount.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking” statements, as defined in Section 21E of the
Securities Exchange Act of 1934 (the “Exchange Act”), the Private
Securities Litigation Reform Act of 1995 (the “PSLRA”) or in
releases made by the Securities and Exchange Commission (the
“SEC”), all as may be amended from time to time. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words “plan,” “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “project,” “may,” “would,”
“could,” “should,” “seeks,” “are optimistic,” or “scheduled to,” or
other similar words, or the negative of these terms or other
variations are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining of these terms or comparable
language, or by discussion of strategy or intentions. These
cautionary statements have the benefit of the “safe harbor”
provisions of such laws. Great Lakes cautions investors that any
forward-looking statements made by Great Lakes are not guarantees
or indicative of future performance. Important assumptions and
other important factors that could cause actual results to differ
materially from those forward-looking statements with respect to
Great Lakes include, but are not limited to: a reduction in
government funding for dredging and other contracts, or government
cancellation of such contracts, or the inability of the Corps to
let bids to market; our ability to qualify as an eligible bidder
under government contract criteria and to compete successfully
against other qualified bidders in order to obtain government
dredging and other contracts; cost over-runs, operating cost
inflation and potential claims for liquidated damages, particularly
with respect to our fixed cost contracts; the timing of our
performance on contracts and new contracts being awarded to us;
significant liabilities that could be imposed were we to fail to
comply with government contracting regulations; project delays
related to the increasingly negative impacts of climate change or
other unusual, non-historical weather patterns; costs necessary to
operate and maintain our existing vessels and the construction of
new vessels; equipment or mechanical failures; pandemic, epidemic
or outbreak of an infectious disease; disruptions to our supply
chain for procurement of new vessel build materials or maintenance
on our existing vessels; capital and operational costs due to
environmental regulations; market and regulatory responses to
climate change, including proposed regulations concerning emissions
reporting and future emissions reduction goals; contract penalties
for any projects that are completed late; force majeure events,
including natural disasters, war and terrorists’ actions; changes
in the amount of our estimated backlog; significant negative
changes attributable to large, single customer contracts; our
ability to obtain financing for the construction of new vessels,
including our new offshore wind vessel; our ability to secure
contracts to utilize our new offshore wind vessel; unforeseen
delays and cost overruns related to the construction of our new
vessels; any failure to comply with the jones act provisions on
coastwise trade, or if those provisions were modified or repealed;
fluctuations in fuel prices, particularly given our dependence on
petroleum-based products; impacts of nationwide inflation on
procurement of new build and vessel maintenance materials; our
ability to obtain bonding or letters of credit and risks associated
with draws by the surety on outstanding bonds or calls by the
beneficiary on outstanding letters of credit; acquisition
integration and consolidation, including transaction expenses,
unexpected liabilities and operational challenges and risks;
divestitures and discontinued operations, including retained
liabilities from businesses that we sell or discontinue; potential
penalties and reputational damage as a result of legal and
regulatory proceedings; any liabilities imposed on us for the
obligations of joint ventures, partners and subcontractors;
increased costs of certain material used in our operations due to
newly imposed tariffs; unionized labor force work stoppages; any
liabilities for job-related claims under federal law, which does
not provide for the liability limitations typically present under
state law; operational hazards, including any liabilities or losses
relating to personal or property damage resulting from our
operations; our ability to identify and contract with qualified MBE
or DBE contractors to perform as subcontractors; our substantial
amount of indebtedness, which makes us more vulnerable to adverse
economic and competitive conditions; restrictions on the operation
of our business imposed by financing terms and covenants; impacts
of adverse capital and credit market conditions on our ability to
meet liquidity needs and access capital; limitations on our hedging
strategy imposed by statutory and regulatory requirements for
derivative transactions; foreign exchange risks, in particular, as
it relates to the new offshore wind vessel build; losses
attributable to our investments in privately financed projects;
restrictions on foreign ownership of our common stock; restrictions
imposed by Delaware law and our charter on takeover transactions
that stockholders may consider to be favorable; restrictions on our
ability to declare dividends imposed by our financing agreements or
Delaware law; significant fluctuations in the market price of our
common stock, which may make it difficult for holders to resell our
common stock when they want or at prices that they find attractive;
changes in previously recorded net revenue and profit as a result
of the significant estimates made in connection with our methods of
accounting for recognized revenue; maintaining an adequate level of
insurance coverage; our ability to find, attract and retain key
personnel and skilled labor; disruptions, failures, data
corruptions, cyber-based attacks or security breaches of the
information technology systems on which we rely to conduct our
business; and impairments of our goodwill or other intangible
assets. For additional information on these and other risks and
uncertainties, please see Item 1A. “Risk Factors” of Great Lakes'
Annual Report on Form 10-K for the year ended December 31,
2023.
Although Great Lakes believes that its plans, intentions and
expectations reflected in or suggested by such forward looking
statements are reasonable, actual results could differ materially
from a projection or assumption in any forward-looking statements.
Great Lakes' future financial condition and results of operations,
as well as any forward-looking statements, are subject to change
and inherent risks and uncertainties. The forward-looking
statements contained in this press release are made only as of the
date hereof and Great Lakes does not have or undertake any
obligation to update or revise any forward-looking statements
whether as a result of new information, subsequent events or
otherwise, unless otherwise required by law.
Great Lakes Dredge & Dock Corporation |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Contract revenues |
$ |
170,086 |
|
|
$ |
132,667 |
|
|
$ |
368,746 |
|
|
$ |
290,711 |
|
Gross profit |
|
29,840 |
|
|
|
17,899 |
|
|
|
75,414 |
|
|
|
30,034 |
|
General and administrative
expenses |
|
16,161 |
|
|
|
14,462 |
|
|
|
32,272 |
|
|
|
27,479 |
|
Other gains |
|
(906 |
) |
|
|
(243 |
) |
|
|
(2,922 |
) |
|
|
(261 |
) |
Operating income |
|
14,585 |
|
|
|
3,680 |
|
|
|
46,064 |
|
|
|
2,816 |
|
Interest expense—net |
|
(4,198 |
) |
|
|
(3,175 |
) |
|
|
(8,089 |
) |
|
|
(6,560 |
) |
Other income |
|
128 |
|
|
|
2,024 |
|
|
|
553 |
|
|
|
2,251 |
|
Income (loss) before income taxes |
|
10,515 |
|
|
|
2,529 |
|
|
|
38,528 |
|
|
|
(1,493 |
) |
Income tax provision |
|
(2,842 |
) |
|
|
(796 |
) |
|
|
(9,831 |
) |
|
|
(5 |
) |
Net income (loss) |
$ |
7,673 |
|
|
$ |
1,733 |
|
|
$ |
28,697 |
|
|
$ |
(1,498 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ |
0.11 |
|
|
$ |
0.03 |
|
|
$ |
0.43 |
|
|
$ |
(0.02 |
) |
Basic weighted average shares |
|
67,103 |
|
|
|
66,462 |
|
|
|
66,916 |
|
|
|
66,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share |
$ |
0.11 |
|
|
$ |
0.03 |
|
|
$ |
0.42 |
|
|
$ |
(0.02 |
) |
Diluted weighted average shares |
|
67,682 |
|
|
|
66,805 |
|
|
|
67,607 |
|
|
|
66,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income (loss) |
$ |
7,673 |
|
|
$ |
1,733 |
|
|
$ |
28,697 |
|
|
$ |
(1,498 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
4,198 |
|
|
|
3,175 |
|
|
|
8,089 |
|
|
|
6,560 |
|
Income tax provision |
|
2,842 |
|
|
|
796 |
|
|
|
9,831 |
|
|
|
5 |
|
Depreciation and amortization |
|
11,108 |
|
|
|
10,937 |
|
|
|
22,128 |
|
|
|
21,787 |
|
Adjusted EBITDA |
$ |
25,821 |
|
|
$ |
16,641 |
|
|
$ |
68,745 |
|
|
$ |
26,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation |
|
Selected Balance Sheet Information |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
Period Ended |
|
|
June 30, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
23,134 |
|
|
$ |
22,841 |
|
Total current assets |
|
219,266 |
|
|
|
226,328 |
|
Total assets |
|
1,127,667 |
|
|
|
1,110,840 |
|
Total current liabilities |
|
165,764 |
|
|
|
179,443 |
|
Total long-term debt |
|
411,475 |
|
|
|
412,070 |
|
Total equity |
|
418,023 |
|
|
|
385,548 |
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation |
Revenue and Backlog Data |
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
Revenues |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Dredging: |
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
70,747 |
|
|
$ |
38,157 |
|
|
$ |
140,647 |
|
|
$ |
70,632 |
|
Coastal protection |
|
70,195 |
|
|
|
56,490 |
|
|
|
134,121 |
|
|
|
107,795 |
|
Maintenance |
|
28,464 |
|
|
|
35,809 |
|
|
|
92,875 |
|
|
|
107,737 |
|
Rivers & lakes |
|
680 |
|
|
|
2,211 |
|
|
|
1,103 |
|
|
|
4,547 |
|
Total revenues |
$ |
170,086 |
|
|
$ |
132,667 |
|
|
$ |
368,746 |
|
|
$ |
290,711 |
|
|
As of |
|
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
Backlog |
2024 |
|
|
2023 |
|
|
2023 |
|
Dredging: |
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
683,131 |
|
|
$ |
741,839 |
|
|
$ |
243,646 |
|
Coastal protection |
|
38,205 |
|
|
|
138,394 |
|
|
|
34,835 |
|
Maintenance |
|
82,070 |
|
|
|
152,104 |
|
|
|
147,143 |
|
Rivers & lakes |
|
4,468 |
|
|
|
6,765 |
|
|
|
8,931 |
|
Total backlog |
$ |
807,874 |
|
|
$ |
1,039,102 |
|
|
$ |
434,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For further information contact: Tina
BaginskisDirector, Investor
Relations630-574-3024
Great Lakes Dredge and D... (NASDAQ:GLDD)
Gráfica de Acción Histórica
De Jul 2024 a Ago 2024
Great Lakes Dredge and D... (NASDAQ:GLDD)
Gráfica de Acción Histórica
De Ago 2023 a Ago 2024