Loading...
•
Sep 30, 2024
Great Lakes Q3 2024 Earnings Report
Great Lakes had a solid third quarter with strong project performance and substantial project wins in the bid market.
Key Takeaways
Great Lakes reported a solid third quarter, marked by strong project performance and significant project wins. The company was awarded $543.0 million of new work and ended the quarter with a record backlog of $1.21 billion. The company's credit rating was upgraded by S&P Global Ratings to “B-” from “CCC+”.
Net income for the third quarter was $8.9 million.
Adjusted EBITDA for the third quarter reached $27.0 million.
Record dredging backlog of $1.21 billion as of September 30, 2024.
Awarded $543.0 million of new work during the quarter.
Forward Guidance
Great Lakes is well-prepared for the future due to strong government support, a substantial backlog, an enhanced fleet, strategic initiatives, and recent successes with the Acadia.
Positive Outlook
- Strong government support for the dredging industry.
- Substantial backlog providing utilization and revenue visibility into 2026.
- Enhanced fleet with the addition of new dredges.
- Strategic initiatives in the offshore wind market.
- Recent successes with the Acadia vessel.
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...