Great Lakes Dredge & Dock Corporation today reported financial results for the quarter and year ended December 31, 2015.
For the three months ended December 31, 2015, Great Lakes reported revenue of $222.6 million, net loss from continuing operations of $0.8 million and Adjusted EBITDA from continuing operations of $22.2 million.
For the year ended December 31, 2015, Great Lakes reported revenue of $856.9 million, net loss from continuing operations of $6.2 million and Adjusted EBITDA from continuing operations of $83.0 million.
GLDD Chief Executive Officer, Jonathan Berger, said: “During 2015, the Company’s results were driven by a strong performance in our dredging business. Domestically, dredging successfully executed on several port deepening, coastal protection and maintenance projects. Internationally, alongside several international dredging contractors, we completed work on the Suez Canal project.”
“With higher than anticipated production, the Suez Canal project was completed in July, well ahead of schedule, leading to robust contract margin, significantly boosting the Company’s overall performance.”
Mark Marinko, Chief Financial Officer , added: “At December 31, 2015, total assets and total liabilities on our balance sheet remained fairly consistent with year-end 2014. Throughout the year, we continued to deploy our free cash flow to finance the $140.0 million construction cost for our ATB hopper dredge, which is expected to be completed on schedule and on budget at the end of this year.”
Fourth Quarter 2015 Highlights
Dredging
Year Ended December 31, 2015 Highlights
Dredging