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Jun 30, 2021
Great Lakes Q2 2021 Earnings Report
Great Lakes reported second quarter results with a net income of $2.1 million.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported second quarter net income of $2.1 million and Adjusted EBITDA of $20.2 million. The company announced awards for $112.8 million in new work, resulting in a backlog of $454.4 million.
Net income for the second quarter was $2.1 million.
Adjusted EBITDA for the second quarter was $20.2 million.
New work awards totaled $112.8 million, contributing to the 2021 backlog.
Backlog at the end of the quarter was $454.4 million.
Forward Guidance
Great Lakes expects stronger results in the second half of 2021 due to project activity and backlog, but does not anticipate fully achieving original expectations for the year. The domestic bid market is expected to remain strong.
Positive Outlook
- Project activity in which we are currently engaged.
- Coupled with our backlog.
- New project awards.
- Fewer vessel drydocks for the remainder of the year.
- Expect the domestic bid market to be just as strong this year as it was in 2020.
Challenges Ahead
- COVID-19 pandemic impact on operations.
- Related project performance issues.
- Not expect the stronger second half to fully allow us to achieve our original expectations for 2021.
- Lower than expected margins on several jobs.
Historical Earnings Impact
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