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Jun 30, 2020
Great Lakes Q2 2020 Earnings Report
Great Lakes's financial results in the second quarter of 2020 were lower than prior year, but the company had an active and solid first half of the year.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported second quarter results with income from continuing operations of $9.0 million and an adjusted EBITDA from continuing operations of $28.1 million. The company ended the quarter with a cash position of $233.5 million.
Second quarter income from continuing operations was $9.0 million.
Second quarter adjusted EBITDA from continuing operations was $28.1 million.
Cash position was $233.5 million at June 30, 2020.
The domestic bid market was greater than the prior year with $428.6 million in total project bids.
Forward Guidance
Great Lakes remains confident in its 2020 outlook and continues to actively investigate safety and operational contingency plans to be able to respond to potential changes to the evolving pandemic and economic environment.
Positive Outlook
- The U.S. Army Corps of Engineers is continuing to advertise new projects.
- Support for the dredging industry in the CARES Act, which includes a provision that lifts caps on the Harbor Maintenance Trust Fund.
- The 2021 House Appropriations Bill showed an increase of $1.7 billion above the President’s budget request for the U.S. Army Corps of Engineers.
- 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 Sabine-Neches in Texas are planned.
Challenges Ahead
- The country is still facing the challenges of COVID-19.
- Planned dry dockings of certain vessels had an expected impact on second quarter results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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