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Dec 31, 2023
Great Lakes Q4 2023 Earnings Report
Great Lakes reported solid Q4 2023 results with a record dredging backlog.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported strong fourth quarter results, ending the year with a record backlog of $1.04 billion. The company saw increased bidding activity, particularly in capital and coastal protection markets, and made progress on its new build program and entry into the offshore wind market.
Reported fourth quarter net income of $21.6 million.
Achieved record dredging backlog of $1.04 billion at the end of 2023.
Experienced a robust bid market driven by a strong market for capital projects.
Advanced strategic initiatives in offshore wind, including the steel cutting ceremony for the Acadia vessel.
Forward Guidance
Great Lakes anticipates a robust dredging bid market and believes the Company is well positioned for the future with its record backlog, improved fleet and strategic initiatives.
Positive Outlook
- Dredging bid market will remain robust.
- Company is well positioned for the future.
- Record backlog.
- Improved fleet.
- Strategic initiatives.
Challenges Ahead
- Several cancellations of Power Purchase Agreements (PPA’s).
- Inflation and interest rate hikes eroded the profitability of PPA’s.
- Clients terminated Empire Wind II contract.
- Market is facing some short-term challenges.
- Equinor and bp terminated contract.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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