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Mar 31, 2023
Great Lakes Q1 2023 Earnings Report
Reported improved results with increase in gross profit margins and adjusted EBITDA from prior three quarters.
Key Takeaways
Great Lakes reported improved results in the first quarter of 2023, with revenues of $158.0 million and adjusted EBITDA of $10.2 million. The company saw improvements in gross profit margins and adjusted EBITDA from the prior three quarters. The company ended the quarter with $327.1 million of dredging backlog.
Reported improved results in the first quarter of 2023, showing improvements in gross profit margins and adjusted EBITDA from the prior three quarters.
Ended the quarter with revenues of $158.0 million and adjusted EBITDA of $10.2 million.
Total bid market reached over $300 million, which is approximately $125 million greater than the first quarter of 2022.
Ended the quarter with $327.1 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts.
Forward Guidance
The improved market conditions, combined with the fleet adjustment and cost reduction initiatives in place, will provide improved results in 2023 and beyond. Second quarter utilization is expected to be lower than the first quarter.
Positive Outlook
- Improved market conditions are expected to provide improved results in 2023 and beyond.
- Fleet adjustment and cost reduction initiatives are in place.
- Galveston Island, expected to be operational mid-year 2023
- Acadia, is on budget and expected to be delivered and operational in the first half of 2025.
- Great Lakes continues to tender bids on multiple offshore wind projects for our subsea rock installation vessel and additional contract awards are anticipated in 2023.
Challenges Ahead
- Second quarter utilization is expected to be lower than the first quarter.
- Facing continued challenges related to weather delays in the Northeast.
- Facing a lower-than-normal amount of capital work.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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