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Dec 31, 2021
Great Lakes Q4 2021 Earnings Report
Great Lakes reported strong Q4 results with solid project performance, leading to the highest quarterly net income and adjusted EBITDA of the year.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported strong fourth-quarter results, driven by solid project performance. The company's full-year results were impacted by COVID-19 related costs and operational challenges, but ended the year with a strong backlog.
Fourth quarter net income reached $24.7 million.
Adjusted EBITDA for the fourth quarter was $48.2 million.
The company ended the year with a backlog of $551.6 million as of December 31, 2021.
COVID-19 related costs decreased to $0.5 million for the quarter.
Forward Guidance
The company expects the 2022 bid market to be as strong as 2021 driven by large-scale port deepening projects. They anticipate continued port deepening bids and increased demand for coastal protection projects.
Positive Outlook
- Expects the 2022 bid market to be as strong as 2021.
- Market continues to be driven by large-scale port deepening projects.
- Anticipates continuation of port deepening bids in multiple ports.
- Sees increased demand for coastal protection projects.
- Expects to see the continuation of port deepening bids in the ports of Norfolk, Freeport, Mobile, Sabine and additional phases in the Houston Ship Channel.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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