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Dec 31, 2019
Great Lakes Q4 2019 Earnings Report
Great Lakes reported record full year results, driven by a strong domestic dredging market and effective cost reduction program.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported strong financial results, driven by a strong domestic dredging market and the continued effectiveness of their 2018 asset rationalization and cost reduction program. The company saw an increase of $44.7 million in net income from continuing operations and $35.2 million in adjusted EBITDA from continuing operations over the prior year. The dredging market is expected to remain strong for the next two to three years.
Record financial performance driven by strong domestic dredging market.
Successfully completed the sale of the Environmental & Infrastructure business.
Net debt to adjusted EBITDA ratio at December 31, 2019 was 1.00x.
Expects the dredging market to remain strong for the next two to three years.
Forward Guidance
The company expects the dredging market to remain strong for the next two to three years, with a focus on port deepening and coastal protection projects.
Positive Outlook
- Port deepening projects in Charleston, Jacksonville and Corpus Christi are in full operation with work continuing into 2020.
- Expects several private client projects to progress to bid in 2020.
- Strong support from Congress for coastal protection projects.
- Domestic market continues to be driven by large-scale port deepening projects along the east and gulf coasts.
- Beach renourishment projects on the New Jersey shoreline to assist in their recovery from the damage caused by coastal storms.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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