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Dec 31, 2020
Great Lakes Q4 2020 Earnings Report
Reported fourth quarter and full year results with income from continuing operations of $10.6 million and adjusted EBITDA from continuing operations of $29.4 million.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported strong financial results for the fourth quarter and full year ended December 31, 2020, with a backlog of $559.4 million and a cash position of $216.5 million.
Fourth quarter income from continuing operations was $10.6 million.
Fourth quarter adjusted EBITDA from continuing operations was $29.4 million.
Full year income from continuing operations was $66.1 million.
Full year adjusted EBITDA from continuing operations was $151.1 million.
Forward Guidance
The dredging market is expected to remain strong in 2021, driven by large-scale port deepening projects, coastal protection projects, and the development of offshore wind generation.
Positive Outlook
- Expect project work that will include large-scale port deepening projects along the East and Gulf coasts.
- Expect coastal protection projects, including the renourishment of coastal beaches that have been impacted by the recent major hurricane events.
- The U.S. Army Corps of Engineers 2021 budget was approved at a record high of $7.3 billion.
- Strong increased focus on securing licenses for developments on the East Coast with plans for more than 10GW to be installed before 2030.
- The company remains confident in its strategy and will continue to utilize its strengths to drive shareholder value and returns.
Challenges Ahead
- Still being challenged by the pandemic.
- There may be funding issues.
- There may be cost over-runs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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