Loading...
•
Jun 30, 2024
Great Lakes Q2 2024 Earnings Report
Great Lakes reported solid results in the second quarter, driven by strong project performance, achieving a net income of $7.7 million and an adjusted EBITDA of $25.8 million.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported a net income of $7.7 million and an adjusted EBITDA of $25.8 million for the second quarter of 2024. The company's dredging backlog stood at $807.9 million. The bid market is expected to remain strong for the rest of the year, particularly in capital and coastal protection target markets.
Great Lakes achieved solid results in the second quarter despite having three dredges in drydock.
The company ended the second quarter with a net income of $7.7 million and adjusted EBITDA of $25.8 million.
Dredging backlog was $807.9 million at the end of the second quarter, with an additional $273.1 million in low bids and options pending award.
Offshore wind backlog was $44.6 million with an additional $12.7 million in options pending.
Revenue by Segment
Forward Guidance
Great Lakes expects the dredging bid market to remain robust for the remainder of 2024 and believes the company is well-prepared for the future with strong government support, a substantial backlog, an enhanced fleet, and strategic initiatives.
Positive Outlook
- Strong government support for the dredging industry.
- Substantial backlog of projects.
- Enhanced fleet of vessels.
- Strategic initiatives in place.
- Positive outlook for the dredging bid market for the remainder of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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...