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Mar 31, 2020
Great Lakes Q1 2020 Earnings Report
Great Lakes reported record first quarter earnings.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported a strong first 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. The company ended the quarter with a strong net cash position of $207.5 million.
Net income from continuing operations was $34.0 million.
Adjusted EBITDA from continuing operations was $61.4 million.
Cash position was $207.5 million at March 31, 2020.
Company won $72 million in project bids during the quarter.
Forward Guidance
The company's 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. Starting in April, planned dry dockings of certain vessels will impact results in the second and third quarters.
Positive Outlook
- Dredging industry continues to operate and work on critical and essential infrastructure projects.
- U.S. Army Corps of Engineers continues to tender bids and prioritize all types of dredging.
- CARES Act includes a provision that lifts caps on the Harbor Maintenance Trust Fund.
- Projects coming into the market pipeline include additional phases of Charleston, Jacksonville and Corpus Christi deepenings.
- New deepenings for ports in Mobile, Alabama and the Everglades in Florida.
Challenges Ahead
- COVID-19 pandemic has impacted every facet of life.
- Domestic bid market was lower than the prior year with only $216 million in total project bids.
- Starting in April, planned dry dockings of certain vessels will impact results in the second quarter and continuing into the third quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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