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Sep 30, 2021
Great Lakes Q3 2021 Earnings Report
Reported improved results and a solid backlog.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported third quarter results with a net income of $13.8 million and Adjusted EBITDA of $32.2 million. The company was awarded $300.5 million in work during the quarter, resulting in a backlog of $598.5 million.
Net income for the third quarter was $13.8 million.
Adjusted EBITDA for the third quarter was $32.2 million.
Backlog reached $598.5 million at the end of the third quarter.
The company was awarded $300.5 million in new work during the quarter.
Forward Guidance
Great Lakes expects improved results in the fourth quarter of 2021 due to project activity, backlog, new project awards, and fewer vessel drydocks. However, the company does not expect to achieve its original expectations for 2021.
Positive Outlook
- Improved project performance due to safety protocols and vaccination efforts.
- Strong domestic bid market, expected to be as strong as 2020.
- Support for the dredging industry in the Corps’ 2022 budget.
- Funding to improve the nations resilience to the effects of climate change.
- Strong support for offshore wind from the Biden administration.
Challenges Ahead
- Lingering COVID-19 related costs impacted the third quarter results.
- Project delays due to Hurricane Ida.
- Damage to one vessel, resulting in a 6-week unplanned drydock.
- Decrease in realized project margins attributed to inefficiencies caused by COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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