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 quarter ended September 30, 2023.
Third Quarter 2023 Highlights
- Revenue was $117.2 million for the third quarter
- Total operating loss was $5.1
million for the third quarter
- Net loss was $6.2 million for the
third quarter
- Adjusted EBITDA was $5.3 million
for the third quarter
Management Commentary
Lasse Petterson, President and Chief Executive
Officer commented, "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.
At the end of the third quarter, 71.2% of Great
Lakes' backlog consists of capital projects. In the third quarter,
we added $519.7 million in capital projects, which includes two
Liquified Natural Gas ("LNG") projects, the Brownsville Ship
Channel project for Next Decade Corporation’s Rio Grande LNG
project, and the Port Arthur LNG Phase 1 project for Marine
Dredging and Disposal. The Rio Grande Brownsville LNG project is
the largest project undertaken in Great Lakes' history. Our proven
performance and safety culture allows us to support the growth of
LNG export in the U.S., which is a necessity in balancing energy
affordability and overall sustainability. In addition, we added
$235.6 million in maintenance and coastal protection projects to
our dredging backlog in the third quarter.
As we have navigated the challenges from 2022
and have seen the ramp up in bidding in 2023, we have remained
focused on cost reductions and fleet adjustments, including
temporary cold stacking of vessels, and we have adjusted our
general and administrative, overhead cost structures and dredging
fleet to reflect the changed market conditions coming into 2023. As
we have stated previously, cold stacked vessels can easily be
reactivated as the market continues to improve. One of our recent
project wins will allow us to reactivate a previously cold stacked
vessel in the near future. In addition, our 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. Also, we took delivery of our two multi
cats, the Cape Hatteras and the Cape Canaveral, which support our
strong safety culture and provide Great Lakes the ability to dredge
with enhanced operating efficiencies needed to maintain our
shorelines and waterways.
We believe the improved dredging bid market
combined with our fleet adjustments and our cost reduction and
production initiatives, will position us well to achieve improved
results into 2024 and beyond.
We are executing on our strategy to enter the
U.S. offshore wind market. On July 20, 2023, we were honored to
have President Biden attend the steel cutting ceremony for Great
Lakes’ offshore wind rock installation vessel, the Acadia, which
marks another step forward as construction begins with expected
delivery in 2025. In addition, Great Lakes signed the first ever
subcontract for procurement of rock with Carver Sand & Gravel
LLC, a U.S. quarry in the state of New York. Both milestones
solidify our entry into the offshore wind market and will support
Great Lakes' awarded rock installation contracts for the Empire
Wind I and II projects with estimated installation windows in 2025
and 2026. We continue to monitor developments on related power
purchase agreements ("PPA's") after the refusal by the New York
State Energy Research and Development Authority ("NYSERDA") to
renegotiate the agreements for Equinor and BP's Empire Wind I and
II projects and Orsted's Sunrise Wind project. We expect updates
from Equinor in the fourth quarter on potential impacts to their
development plans for the Empire Wind projects. The U.S. offshore
wind market has seen other projects delayed or cancelled due to
higher interest rates and inflation. However, on October 24, 2023,
the third round of PPA's for the state of New York saw 4 gigawatts
("GW") of PPA's awarded to three operators and we continue to bid
on projects with scheduled offshore installation windows in 2026
and onward."
Operational Update
- Revenue was $117.2
million, a decrease of $41.1 million from the third quarter of
2022. The lower revenue in the third quarter of 2023 was due
primarily to lower domestic capital and coastal protection project
revenues, offset partially by an increase in maintenance project
revenue.
- Gross profit was
$9.0 million, an improvement of $5.2 million compared to the gross
profit from the third quarter of 2022. Gross margin percentage
increased to 7.7% in the third quarter of 2023 from 2.4% in the
third quarter of 2022 partially due to improved project
performance. In addition, operating costs were significantly lower
due to our continued focus on cost reduction, as well as improved
project performance and fewer higher margin generating hopper
dredge drydockings in the current year quarter.
- Operating loss was
$5.1 million, which is a $4.4 million improvement compared with the
operating loss from the prior year quarter. The quarter over
quarter increase is a result of $5.2 million higher gross margin,
offset partially by higher general and administrative expenses.
This is primarily due to higher incentive pay, profit sharing and
severance pay compared to the prior year quarter, offset partially
by lower costs from cost cutting initiatives in the third quarter
of 2023.
- Net loss for the
quarter was $6.2 million, which is a $3.7 million improvement
compared to net loss of $9.9 million in the prior year third
quarter. Increase is a result of improved operating results and a
decrease in net interest expense primarily due to an increase in
capitalized interest related to our new build program, partially
offset by higher revolver credit facility interest expense.
- At September 30,
2023, the Company had $14.1 million in cash and cash equivalents,
total debt of $376.9 million, and availability under our revolving
credit facility of $157.4 million with $55.0 million of draws
outstanding.
- At September 30,
2023, the Company had $1.03 billion in dredging backlog as compared
to $377.1 million at December 31, 2022. Dredging backlog does not
include approximately $225.0 million of low bids and options
pending award or approximately $50.0 million of performance
obligations related to offshore wind contracts.
- Total capital
expenditures for the third quarter of 2023 were $46.6 million
compared to $33.7 million for the prior year quarter. The 2023
capital expenditures included $28.4 million for the construction of
the subsea rock installation vessel, the Acadia, $10.1 million for
the Galveston Island, and $2.2 million for the multi cats, the Cape
Hatteras and the Cape Canaveral.
Market Update
We continue to see strong support from the Biden
Administration and Congress for the dredging industry. In December
2022, the Omnibus Appropriations Bill for fiscal year 2023 was
signed into law which included another record budget of $8.66
billion for the U.S. Army Corps of Engineers (the "Corps") civil
works program of which $2.32 billion is provided for the Harbor
Maintenance Trust Fund (“HMTF”) to maintain and modernize our
nation’s waterways. In addition, the Disaster Relief Supplemental
Appropriations Act for fiscal year 2023 was approved which included
$1.48 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. Some related projects for beach renourishment
have come to bid, and we expect to see additional beach
renourishment work in the later part of this year. This increased
budget and additional funding has resulted in a strong bid market
for 2023, which we expect to continue for the remainder of the
year.
For the nine months ended September 30, 2023,
the bid market, not including LNG or offshore wind projects, was
$1.8 billion, of which Great Lakes won 31.0%. The increase in the
bid market was driven by a strong market for capital projects,
which has already seen seven bids for port improvement projects
including Freeport, San Juan, and Norfolk. The total capital bid
market for port improvement projects through the third quarter
totaled $459.2 million, of which 39% of the market year to date was
won by Great Lakes. We expect the budgeted appropriations to
support the funding of several previously delayed capital port
improvement projects that are still expected to bid before the end
of 2023, including Sabine, Houston, and Mobile.
In March 2023, President Biden released the
President’s Fiscal Year 2024 executive budget. The proposed amount
for the Corps targets $7.4 billion, which is a record amount for a
President's budget. In June 2023, the House proposed an increased
2024 budget of $9.6 billion for the Corps, which is $910 million
above fiscal year 2023 and includes $2.8 billion for the HMTF and
$1.5 billion for flood and storm damage reduction. In July 2023,
the Senate Committee on Appropriations passed the budget which
targets $8.9 billion for the Corps. This will move to the Senate
floor for further deliberation and consideration. This proposed
budget is expected to provide for a strong 2024 bid market.
Currently, the government is operating under a continuing
resolution until the budget is approved.
At the end of 2022, the Water Resources
Development Act of 2022, or WRDA 2022, was approved by Congress and
signed into law by the President. WRDA 2022 is on a two-year
renewal cycle and includes legislation that authorizes the
financing of Corps’ projects for flood and hurricane protection,
dredging, ecosystem restoration and other construction projects.
Among many other things, WRDA 2022 featured authorization for 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. In addition, this
legislation includes policy changes that will allow future port,
waterways, and coastal projects to be more readily approved and
funded.
Offshore wind has been recognized around the
world as a reliable source of renewable energy. Globally installed
offshore wind capacity is targeted to reach about 260 GW by 2030,
up from 40 GW in 2020. In 2021, the Biden Administration announced
the ambitious goal of 30 GW of U.S. offshore wind by 2030 and
provided $3.0 billion in federal loan guarantees for offshore wind
projects. The administration’s support for offshore wind culminated
in the Inflation Reduction Act, the largest climate mitigation act
ever passed by Congress. As stated previously, Great Lakes was
awarded the rock installation contracts for Equinor and BP's Empire
Wind I and II projects with estimated installation windows in 2025
and 2026. The developer requested adjustments to the PPA's for
these two projects which New York rejected in October and we are
awaiting updates in the fourth quarter for potential impacts on the
project schedules. New York continues to take steps forward in
meeting their renewable energy goals with the announcement on
October 24, 2023, of three new project awards with the capacity of
approximately 4 GW of offshore wind energy and a new accelerated
fourth bid round for additional PPA's was announced for early 2024.
Vineyard Wind, the first commercial scale offshore wind farm on the
East Coast recently completed installation of the first offshore
wind turbine, while South Fork Wind, currently under construction,
will be the first offshore wind farm to supply power to the State
of New York. Although the market is facing some short-term
challenges, the long-term outlook for offshore wind in the U.S. is
optimistic, based on strong fundamentals and commitment by the U.S.
to meet its energy independence and de-carbonization targets. Great
Lakes has established a unique business position in the U.S.
offshore wind market and we continue to tender bids on multiple
offshore wind projects for the Acadia, our subsea rock installation
vessel.
Conference Call Information
The Company will conduct a quarterly conference
call, which will be held on Tuesday, November 7, 2023, at 9:00 a.m.
C.S.T (10:00 a.m. E.S.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/BI92cc852803b34f5b8e1bcd973d6881d1.
The live call and replay can also be heard at
https://edge.media-server.com/mmc/p/u2gfidfp 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 continued 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) from continuing
operations in the table of financial results. For further
explanation, please refer to the Company's SEC filings.
The CompanyGreat 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 133-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: project delays related
to the increasingly negative impacts of climate change or other
unusual, non-historical weather patterns; rising costs related to
inflation, particularly with the cost of materials needed for
general maintenance of our dredges and increasing costs to operate
and maintain aging vessels and comply with applicable regulations
or standards; the inability of our largest customer, the Corps, to
bring projects to market; impacts to our supply chain for
procurement of new vessel build materials or maintenance on our
existing vessels; the timing of our performance on contracts and
new contracts being awarded to us; equipment or mechanical
failures: our ability to obtain and retain federal government
dredging and other contracts, which is impacted by the amount of
government funding for dredging and other projects and the degree
to which government funding is directed to the Corps and certain
other customers, which in turn could be impacted by extended
federal government shutdowns or declarations of additional national
emergencies; impairments of our goodwill or other intangible
assets; 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; significant liabilities that could be
imposed were we to fail to comply with government contracting
regulations, including proposed regulations which may be
promulgated 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, pandemics and terrorists’ actions; changes in
the amount of our estimated backlog; significant negative changes
to large, single customer contracts; our ability to obtain
financing for the construction of new vessels, including our new
offshore wind vessel; potential inability to secure contracts to
utilize our new offshore wind vessel; unforeseen delays and cost
overruns related to maintenance of our existing vessels and the
construction of new vessels, including potential mechanical and
engineering issues, supply chain issues and unforeseen changes in
environmental regulations; any failure to comply with Section 27 of
the Jones Act provisions on coastwise trade, or if those provisions
were modified or repealed; adverse rulings by Customs and Border
Protection concerning the Jones Act or other matters impacting our
business; fluctuations in fuel prices, particularly given our
dependence on petroleum-based products; impacts of nationwide
inflation on procurement of new build 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 covenants; impacts of adverse capital
and credit market conditions on our ability to meet liquidity needs
and access capital; our ability to maintain or expand our credit
capacity; 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 and 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 previous
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 the impact of
COVID-19 or new worldwide infections and related responsive
measures, including negative supply chain impacts. 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, 2022.
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 |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Contract revenues |
$ |
117,185 |
|
|
$ |
158,346 |
|
|
$ |
407,896 |
|
|
$ |
502,123 |
|
Gross profit |
|
9,030 |
|
|
|
3,799 |
|
|
|
39,064 |
|
|
|
47,335 |
|
General and administrative
expenses |
|
14,188 |
|
|
|
13,292 |
|
|
|
41,667 |
|
|
|
38,716 |
|
Gain on sale of
assets—net |
|
(35 |
) |
|
|
(40 |
) |
|
|
(296 |
) |
|
|
(358 |
) |
Operating income (loss) |
|
(5,123 |
) |
|
|
(9,453 |
) |
|
|
(2,307 |
) |
|
|
8,977 |
|
Interest expense—net |
|
(2,762 |
) |
|
|
(3,551 |
) |
|
|
(9,322 |
) |
|
|
(11,000 |
) |
Other income (expense) |
|
(78 |
) |
|
|
(253 |
) |
|
|
2,173 |
|
|
|
(1,778 |
) |
Loss before income taxes |
|
(7,963 |
) |
|
|
(13,257 |
) |
|
|
(9,456 |
) |
|
|
(3,801 |
) |
Income tax benefit |
|
1,809 |
|
|
|
3,347 |
|
|
|
1,804 |
|
|
|
915 |
|
Net loss |
$ |
(6,154 |
) |
|
$ |
(9,910 |
) |
|
$ |
(7,652 |
) |
|
$ |
(2,886 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.04 |
) |
Basic weighted average shares |
|
66,532 |
|
|
|
66,111 |
|
|
|
66,419 |
|
|
|
66,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share |
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.04 |
) |
Diluted weighted average shares |
|
66,532 |
|
|
|
66,111 |
|
|
|
66,419 |
|
|
|
66,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
$ |
(6,154 |
) |
|
$ |
(9,910 |
) |
|
$ |
(7,652 |
) |
|
$ |
(2,886 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
2,762 |
|
|
|
3,551 |
|
|
|
9,322 |
|
|
|
11,000 |
|
Income tax benefit |
|
(1,809 |
) |
|
|
(3,347 |
) |
|
|
(1,804 |
) |
|
|
(915 |
) |
Depreciation and amortization |
|
10,533 |
|
|
|
11,047 |
|
|
|
32,320 |
|
|
|
33,977 |
|
Adjusted EBITDA |
$ |
5,332 |
|
|
$ |
1,341 |
|
|
$ |
32,186 |
|
|
$ |
41,176 |
|
|
Great Lakes Dredge & Dock Corporation |
|
Selected Balance Sheet Information |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,093 |
|
|
$ |
6,546 |
|
Total current assets |
|
|
167,935 |
|
|
|
182,841 |
|
Total assets |
|
|
1,020,290 |
|
|
|
981,780 |
|
Total current liabilities |
|
|
164,384 |
|
|
|
160,333 |
|
Total long-term debt |
|
|
376,933 |
|
|
|
321,521 |
|
Total equity |
|
|
365,969 |
|
|
|
368,220 |
|
|
|
|
|
|
|
|
|
|
Great Lakes Dredge & Dock Corporation |
Revenue and Backlog Data |
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
Revenues |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Dredging: |
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S. |
$ |
54,602 |
|
|
$ |
90,574 |
|
|
$ |
125,234 |
|
|
$ |
281,278 |
|
Coastal protection |
|
23,567 |
|
|
|
36,934 |
|
|
|
131,362 |
|
|
|
153,970 |
|
Maintenance |
|
33,816 |
|
|
|
26,202 |
|
|
|
141,553 |
|
|
|
58,662 |
|
Rivers & lakes |
|
5,200 |
|
|
|
4,636 |
|
|
|
9,747 |
|
|
|
8,213 |
|
Total
revenues |
$ |
117,185 |
|
|
$ |
158,346 |
|
|
$ |
407,896 |
|
|
$ |
502,123 |
|
|
|
|
As of |
|
|
|
September 30, |
|
|
December 31, |
|
|
September 30, |
|
Backlog |
|
2023 |
|
|
2022 |
|
|
2022 |
|
Dredging: |
|
|
|
|
|
|
|
|
|
Capital - U.S. |
|
$ |
736,322 |
|
|
$ |
148,429 |
|
|
$ |
220,723 |
|
Coastal protection |
|
|
103,617 |
|
|
|
97,819 |
|
|
|
86,847 |
|
Maintenance |
|
|
182,470 |
|
|
|
125,671 |
|
|
|
132,479 |
|
Rivers & lakes |
|
|
11,320 |
|
|
|
5,221 |
|
|
|
12,538 |
|
Total
backlog |
|
$ |
1,033,729 |
|
|
$ |
377,140 |
|
|
$ |
452,587 |
|
For further information contact:Tina
BaginskisDirector, Investor
Relations630-574-3024
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