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Great Lakes reports third quarter 2023 financial results

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 08/11/2023 Great Lakes Dredge & Dock Corporation

Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), a leading U.S. dredging services provider, has announced its Q3 2023 financial results. During this period, the company reported a revenue of $117.2 million, despite facing challenges.

The total operating loss for the quarter was $5.1 million, and the net loss amounted to $6.2 million, showing resilience in navigating difficulties. Additionally, the quarter saw an adjusted EBITDA of $5.3 million, underscoring the company's commitment to financial stability and growth. Lasse Petterson, President and CEO, highlighted the impact of vessel drydocks and market delays but emphasized their strong backlog of $1.03 billion.

Petterson also noted that 71.2% of the backlog comprises capital projects, including major LNG projects. The revenue for the third quarter was $117.2 million, representing a decrease of $41.1 million compared to the same period last year. The gross profit for the quarter was $9.0 million, with the gross margin increasing to 7.7%. The operating loss for the quarter was $5.1 million, a significant $4.4 million YoY improvement, and the net loss was $6.2 million, a notable $3.7 million YoY improvement.

Great Lakes highlighted ongoing support from the Biden Administration and Congress for the dredging industry and the increased budget appropriations for the U.S. Army Corps of Engineers and the Harbor Maintenance Trust Fund. They reported a strong bid market for 2023, driven by capital projects.

In the offshore wind sector, the company emphasized strong government support and aims to achieve 30 GW of U.S. offshore wind by 2030. They highlighted their rock installation contracts for Equinor and BP's Empire Wind I and II projects and their continued efforts to secure new offshore wind projects.

Great Lakes Dredge & Dock Corporation remains committed to cost efficiency, project performance, and safety, positioning itself for continued growth in the dredging and offshore wind sectors.

For more information about offshore wind farm projects across the globe, click here.


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