Great Lakes Dredge & Dock Corporation (GLDD) today posted financial results for the three months ended September 30, 2018, reporting revenue of $204.3 million, net income from continuing operations of $11.7 million and Adjusted EBITDA from continuing operations of $35.9 million.
Commenting the latest news, GLDD Chief Executive Officer, Lasse Petterson, said: “ Today we announced continued strong performance including a record quarter for Great Lakes’ Adjusted EBITDA from continuing operations.”
“During the quarter, we saw strong results from our dredging operations, in particular on our Charleston II project where three of the largest dredges in the United States produced at expectations despite delays caused by Hurricanes Florence and Michael. The third quarter also benefited from high equipment utilization, solid project execution and savings from our restructuring plan.”
“During the quarter, we announced two significant awards for capital deepening work in the ports of Jacksonville and Tampa. The Jacksonville Deepening award was $210 million comprised of a base contract of $113 million and options of $97 million expected to be awarded in the third quarter of 2019.
“We are commencing operations on this project in November and expect the project with all options to be completed in the second quarter of 2021. The Tampa Deepening award was $74 million divided into a $48 million base contract and $26 million of options which are expected to be awarded by year end 2018. Operations commenced on this project in October and are expected to finish in the third quarter of 2019 ,” added Petterson.
Third Quarter Highlights (includes restructuring):