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Sep 30, 2020
Great Lakes Q3 2020 Earnings Report
Reported solid project performance, resulting in strong increases in income from continuing operations and adjusted EBITDA from continuing operations compared to the prior year.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported a strong third quarter with solid project performance, leading to increased income from continuing operations and adjusted EBITDA. The company was awarded $466 million in projects, resulting in a backlog of $661.3 million. They are also relocating their headquarters to Houston, Texas.
Third quarter income from continuing operations was $12.5 million.
Third quarter adjusted EBITDA from continuing operations was $32.2 million.
Backlog reached $661.3 million at the end of the third quarter.
Cash position was $229.7 million at the end of the third quarter.
Forward Guidance
Great Lakes remains confident in its 2020 outlook and looks forward to the changes and opportunities that lie ahead. The company recognizes the need to actively investigate safety and operational contingency plans to respond to potential changes in the evolving COVID-19 pandemic, storm season, and economic environment.
Positive Outlook
- The company ended the third quarter with a strong net cash position, balance sheet, and substantial liquidity.
- The Board of Directors authorized a share repurchase program in August, demonstrating confidence in the future and commitment to delivering value to shareholders.
- The relocation of corporate offices to Houston, Texas will put the company closer to key regional customers and new markets.
- New regional offices were opened in Jacksonville, Florida and Staten Island, New York to further support the strategic vision and engage more effectively with customers.
- Support for the dredging industry is evident in the Coronavirus Aid, Relief and Economic Security Act and the 2021 House Appropriations Bill.
Challenges Ahead
- Some projects have been impacted by the COVID-19 outbreak.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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