Loading...
•
Mar 31, 2021
Great Lakes Q1 2021 Earnings Report
Reported first quarter results with net income of $8.8 million and awards of $90.3 million.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported first quarter results with a net income of $8.8 million and adjusted EBITDA of $26.8 million. The company faced challenges due to the COVID-19 pandemic, which impacted vessel scheduling and productivity, leading to revenue delays. Despite these challenges, the company secured awards totaling $90.3 million and is optimistic about the domestic bid market for the remainder of the year.
Net income for the first quarter was $8.8 million.
Adjusted EBITDA for the first quarter was $26.8 million.
Awards totaled $90.3 million, resulting in a 42% bid market share.
COVID-19 related impacts resulted in lost revenue days and increased costs.
Forward Guidance
Great Lakes anticipates a strong domestic bid market for 2021, driven by port deepening projects and coastal protection needs. The company is also focused on the offshore wind market, with plans to invest in U.S. flagged Jones Act compliant vessel. They target to have the majority of all staff and crew vaccinated in the second quarter of 2021, which they hope will greatly reduce or even potentially eliminate further impacts on our operations.
Positive Outlook
- Strong domestic bid market expected for 2021.
- Support for the dredging industry in the U.S. Army Corps of Engineers’ 2021 budget.
- Reforms to the Harbor Maintenance Trust Fund will allow Congress to drawdown from the surplus.
- Strong support for offshore wind from the Biden administration.
- Company is committed to maintaining the health and safety of team members through safety management program.
Challenges Ahead
- COVID-19 pandemic impacted vessel scheduling and productivity in Q1.
- Extended drydocks and equipment failure impacted project schedules.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...