[Third Quarter 2024 Performance Overview](index=1&type=section&id=Third%20Quarter%202024%20Performance%20Overview) Great Lakes reported strong third-quarter 2024 results with significant net income and Adjusted EBITDA, achieving a record dredging backlog of $1.21 billion driven by new project wins and strategic initiatives [Third Quarter 2024 Highlights](index=1&type=section&id=Third%20Quarter%202024%20Highlights) Great Lakes reported strong third-quarter 2024 results, with net income of $8.9 million and Adjusted EBITDA of $27.0 million, achieving a record dredging backlog of $1.21 billion, driven by significant new project wins Q3 2024 Key Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Revenue | $191.2 million | | Total operating income | $16.7 million | | Net income | $8.9 million | | Adjusted EBITDA | $27.0 million | | Record dredging backlog | $1.21 billion | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted a solid third quarter with strong project performance and substantial new work, resulting in a record backlog of $1.21 billion, with key strategic initiatives including progress on the new build program and securing contracts in the U.S. offshore wind market, while strengthening the company's financial position - Awarded **$543.0 million** of new work in Q3, including the **$235 million** Sabine-Neches Contract 6 Deepening project[2](index=2&type=chunk) - Ended Q3 with a record backlog of **$1.21 billion**, with an additional **$465.0 million** in low bids and options pending, providing revenue visibility into 2026[2](index=2&type=chunk) - Progress continues on new vessel construction: the hopper dredge 'Amelia Island' and the subsea rock installation vessel 'Acadia' are both expected for delivery in the second half of 2025[4](index=4&type=chunk)[5](index=5&type=chunk) - The company is entering the U.S. offshore wind market, having secured contracts for Equinor's Empire Wind 1 and Ørsted's Sunrise Wind projects for the 'Acadia' vessel[5](index=5&type=chunk) - Strengthened liquidity by entering a **$150 million** second-lien credit agreement and received a credit rating upgrade from S&P Global Ratings to 'B-' from 'CCC+'[8](index=8&type=chunk) [Financial and Operational Review](index=2&type=section&id=Financial%20and%20Operational%20Review) The company demonstrated significant operational improvements in Q3 2024, with increased revenue and profitability, supported by a strong market outlook driven by robust government funding and growth in the U.S. offshore wind sector [Operational Update](index=2&type=section&id=Operational%20Update) The company saw significant year-over-year improvement in the third quarter of 2024, with revenue increasing by **$74.0 million** to **$191.2 million**, gross profit improving by **$27.2 million**, and net income turning positive at **$8.9 million**, while the dredging backlog grew to **$1.21 billion** and capital expenditures for the quarter were **$38.4 million** primarily for new vessel construction Q3 2024 vs Q3 2023 Operational Performance | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $191.2M | $117.2M | +$74.0M | | Gross Profit | $36.2M | $9.0M | +$27.2M | | Gross Margin | 19.0% | 7.7% | +11.3 ppt | | Operating Income | $16.7M | ($5.1M) | +$21.8M | | Net Income | $8.9M | ($6.2M) | +$15.1M | - At September 30, 2024, the company had **$12.0 million** in cash and cash equivalents and **$412.5 million** in total long-term debt, with no draws on its **$300 million** revolver[9](index=9&type=chunk) - Total capital expenditures for Q3 2024 were **$38.4 million**, including **$19.4 million** for the 'Acadia' and **$13.6 million** for the 'Amelia Island'[9](index=9&type=chunk) [Market Update](index=2&type=section&id=Market%20Update) The market outlook remains positive, with strong government support for the dredging industry through record funding for the U.S. Army Corps of Engineers and bipartisan backing for the Water Resources Development Act (WRDA), while the U.S. offshore wind market is experiencing significant growth, presenting unique opportunities for Great Lakes' new subsea rock installation vessel - The 2024 Energy and Water Appropriations Bill provided a record **$8.7 billion** to the U.S. Army Corps of Engineers, supporting a strong bid market[10](index=10&type=chunk) - The proposed 2025 Corps' budget is expected to be another record, with the House bill at **$9.96 billion** and the Senate bill at **$10.3 billion**[11](index=11&type=chunk) - The U.S. offshore wind development pipeline has expanded by **53%** in the past year, with a potential generating capacity of approximately **80.5 GW** by 2035[16](index=16&type=chunk) - Great Lakes has secured rock installation contracts for the Empire Wind 1 and Sunrise Wind projects, which recently finalized power deals with New York State[15](index=15&type=chunk) [Financial Statements and Supplementary Data](index=5&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) This section provides detailed financial statements, including consolidated statements of operations, Adjusted EBITDA reconciliation, balance sheet highlights, and segment-wise revenue and backlog data, illustrating the company's financial performance and position [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company's statement of operations shows a significant turnaround, with net income of **$8.9 million** (or **$0.13** per diluted share) for the third quarter of 2024, compared to a net loss of **$6.2 million** (or **-$0.09** per share) in the same period of 2023, and for the nine months ended September 30, 2024, net income was **$37.5 million**, a substantial improvement from a net loss of **$7.7 million** in the prior year period Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | $191,173 | $117,185 | $559,919 | $407,896 | | Gross profit | $36,233 | $9,030 | $111,647 | $39,064 | | Operating income (loss) | $16,694 | $(5,123) | $62,758 | $(2,307) | | Net income (loss) | $8,852 | $(6,154) | $37,549 | $(7,652) | | Diluted EPS | $0.13 | $(0.09) | $0.55 | $(0.12) | [Reconciliation of Net Income (Loss) to Adjusted EBITDA](index=6&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20Adjusted%20EBITDA) Adjusted EBITDA for the third quarter of 2024 was **$27.0 million**, a significant increase from **$5.3 million** in the third quarter of 2023, and for the nine-month period, Adjusted EBITDA rose to **$95.7 million** from **$32.2 million** in the prior year, reflecting improved operational performance Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $8,852 | $(6,154) | $37,549 | $(7,652) | | Adjustments | $18,131 | $11,486 | $58,179 | $39,838 | | **Adjusted EBITDA** | **$26,983** | **$5,332** | **$95,728** | **$32,186** | [Selected Balance Sheet Information](index=6&type=section&id=Selected%20Balance%20Sheet%20Information) As of September 30, 2024, the company's balance sheet shows total assets of **$1.15 billion** and total equity of **$425.4 million**, with cash and cash equivalents standing at **$12.0 million** and total long-term debt at **$412.5 million** Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $12,037 | $22,841 | | Total assets | $1,145,339 | $1,110,840 | | Total long-term debt | $412,531 | $412,070 | | Total equity | $425,409 | $385,548 | [Revenue and Backlog Data](index=6&type=section&id=Revenue%20and%20Backlog%20Data) Third-quarter 2024 revenue was driven by strong performance in the Capital - U.S. and Coastal protection segments, which saw significant year-over-year increases, and the total dredging backlog reached a record **$1.21 billion** as of September 30, 2024, up from **$1.04 billion** at the end of 2023, with Capital - U.S. and Coastal protection backlogs showing substantial growth Revenues by Segment (in thousands) | Segment | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Capital - U.S. | $108,682 | $54,602 | | Coastal protection | $43,913 | $23,567 | | Maintenance | $37,867 | $33,816 | | Rivers & lakes | $711 | $5,200 | | **Total revenues** | **$191,173** | **$117,185** | Backlog by Segment (in thousands) | Segment | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Capital - U.S. | $898,898 | $741,839 | | Coastal protection | $218,321 | $138,394 | | Maintenance | $89,050 | $152,104 | | Rivers & lakes | $6,870 | $6,765 | | **Total Dredging Backlog** | **$1,213,139** | **$1,039,102** | [Other Information](index=3&type=section&id=Other%20Information) This section provides details on the upcoming conference call, defines non-GAAP financial measures, offers a brief company overview, and includes a cautionary note regarding forward-looking statements and associated risks [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company will host a conference call on Tuesday, November 5, 2024, at 9:00 a.m. C.S.T. to discuss the quarterly results, with details for pre-registration and accessing the live call and replay provided - A conference call is scheduled for Tuesday, November 5, 2024, at 9:00 a.m. C.S.T (10:00 a.m. E.S.T.)[17](index=17&type=chunk) [Use of Non-GAAP Measures](index=3&type=section&id=Use%20of%20Non-GAAP%20measures) This section defines Adjusted EBITDA, a non-GAAP measure used by the company, calculated by adjusting net income for net interest expense, taxes, depreciation, amortization, and other specific items, which the company believes helps stakeholders evaluate operating trends and period-to-period performance - Adjusted EBITDA is defined as net income (loss) adjusted for net interest expense, income taxes, depreciation and amortization, and other specified items[19](index=19&type=chunk) [Company Overview](index=4&type=section&id=The%20Company) Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and is expanding into the offshore wind energy industry, with over 134 years of history and operating the largest and most diverse fleet in the U.S. dredging industry, comprising approximately 200 specialized vessels - Great Lakes is the largest provider of dredging services in the U.S. and is expanding into the offshore wind energy sector[21](index=21&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section contains a standard safe harbor statement, warning that forward-looking statements in the press release are subject to various risks and uncertainties, listing numerous factors that could cause actual results to differ materially from expectations, such as government funding, project delays, and costs associated with new vessel construction - The press release contains forward-looking statements that are not guarantees of future performance and are subject to risks and uncertainties[22](index=22&type=chunk) - Key risks include reduction in government funding, cost over-runs, timing of contracts, and unforeseen delays and costs related to the construction of new vessels[22](index=22&type=chunk)[23](index=23&type=chunk)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three and nine months ended September 30, 2024 on Tuesday, November 5, 2024 at 7:00 a.m. C.S.T. A conference call with the Company will be held the same day at 9:00 a.m. C.S.T. Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain imme ...

Great Lakes Dredge & Dock (GLDD) closed at $11.52 in the latest trading session, marking a -1.62% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.27%. On the other hand, the Dow registered a gain of 0.65%, and the technology-centric Nasdaq increased by 0.26%. Coming into today, shares of the provider of dredging and dock-contracting services had gained 11.84% in the past month. In that same time, the Construction sector lost 2.03%, while the S&P 500 gained 2%. The ...

Great Lakes Dredge & Dock Corporation (GLDD) is benefiting from its focus on the new build program and the ongoing demand strength for dredging services. The consistent award wins reflect the favorable market trends and the strategic initiatives undertaken by the company. Other industry players that share space with GLDD, including EMCOR Group, Inc. (EME) , Granite Construction Incorporated (GVA) and MasTec, Inc. (MTZ) , are also benefiting from the favorable market trends and solid demand for public constr ...

Company Performance - Great Lakes Dredge & Dock (GLDD) closed at $11.62, reflecting a -0.09% change from the previous session, underperforming the S&P 500's gain of 0.71% [1] - Over the past month, GLDD shares have increased by 23.85%, surpassing the Construction sector's gain of 8.51% and the S&P 500's gain of 6.41% [1] Earnings Projections - The upcoming EPS for GLDD is projected at $0.18, indicating a 300% increase compared to the same quarter of the previous year [2] - Revenue is forecasted to be $180.8 million, representing a 54.28% growth compared to the corresponding quarter of the prior year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $0.80 per share, reflecting a +471.43% change from the prior year [3] - Revenue for the fiscal year is estimated at $749.53 million, indicating a +27.12% change from the previous year [3] Analyst Estimates - Changes in analyst estimates for GLDD are crucial as they reflect near-term business trends, with positive revisions indicating a favorable business outlook [4] - The Zacks Rank system, which incorporates estimate changes, currently ranks GLDD at 3 (Hold) [6] Valuation Metrics - GLDD has a Forward P/E ratio of 14.54, which is below the industry average of 22.04, suggesting it is trading at a discount [7] - The company has a PEG ratio of 0.42, significantly lower than the industry average PEG ratio of 2.19 [8] Industry Context - The Building Products - Heavy Construction industry, which includes GLDD, holds a Zacks Industry Rank of 159, placing it in the bottom 37% of over 250 industries [9] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [9]

The most recent trading session ended with Great Lakes Dredge & Dock (GLDD) standing at $11.27, reflecting a -0.62% shift from the previouse trading day's closing. This move lagged the S&P 500's daily loss of 0.17%. Meanwhile, the Dow lost 0.44%, and the Nasdaq, a tech-heavy index, lost 0.04%. Shares of the provider of dredging and dock-contracting services witnessed a gain of 21.28% over the previous month, beating the performance of the Construction sector with its gain of 3.88% and the S&P 500's gain of ...

Great Lakes Dredge & Dock Corporation (GLDD) has announced receiving $342.3 million worth of several dredging awards, thus further enhancing its backlog and revenue visibility in the upcoming years. Besides this, the company also has approximately $350 million in low bids and options pending award. This includes three works for which GLDD was a low bidder in the past two months, thereby bringing its potential total pipeline of work to more than $1.5 billion. More on Great Lakes' New Awards The company highl ...

Core Insights - Great Lakes Dredge & Dock Corp (GLDD) shares increased by 9.84% on October 2, reaching an intraday high of $11.78, which is 0.04% below its 52-week high and 92.56% above its 52-week low of $6.12 [1] - The average target price for GLDD, based on forecasts from 4 analysts, is $14.00, indicating an upside potential of 18.90% from the current price [2] - The average brokerage recommendation for GLDD is 1.7, suggesting an "Outperform" status, with a rating scale from 1 (Strong Buy) to 5 (Sell) [2] Stock Performance - GLDD's stock closed at $11.78, up from the previous close of $10.72, with a trading volume of 492,764 shares, which is 91.7% of the average daily volume of 537,448 [1] - The stock's performance places it at 0.04% below its 52-week high and 92.56% above its 52-week low [1] Analyst Projections - The high estimate for GLDD's price target is $15.00, while the low estimate is $13.00 [2] - GuruFocus estimates the GF Value for GLDD in one year to be $10.76, suggesting a downside of 8.62% from the current price [2]

HOUSTON, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the receipt of several dredging awards totaling $342.3 million. The awarded work includes: Sabine-Neches Waterway Channel Improvement, Contract 6 Project (Capital, Texas, $219.1 million) Canaveral Harbor Sand Bypass Project 5 (Coastal Protection, Florida, $40.6 million) Brigantine Inlet to Great Egg H ...

Company Performance - Great Lakes Dredge & Dock (GLDD) closed at $10.58, with a daily increase of +0.86%, outperforming the S&P 500's gain of 0.4% [1] - The stock has increased by 5.43% over the last month, surpassing the Construction sector's gain of 2.56% and the S&P 500's gain of 1.71% [1] Upcoming Earnings - The company is projected to report earnings of $0.18 per share, indicating a year-over-year growth of 300% [2] - Revenue is estimated at $180.8 million, reflecting a 54.28% increase from the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are expected to be $0.80 per share, representing a growth of +471.43% [3] - Revenue for the fiscal year is projected at $749.53 million, indicating a +27.12% change from the previous year [3] Analyst Forecasts - Recent revisions to analyst forecasts are crucial, as upward revisions indicate positive sentiment towards the company's operations and profit generation capabilities [4] Zacks Rank and Valuation - Great Lakes Dredge & Dock currently holds a Zacks Rank of 2 (Buy), with a proven track record of outperformance [6] - The Forward P/E ratio is 13.11, which is a discount compared to the industry average of 21.46 [7] - The PEG ratio stands at 0.37, significantly lower than the industry average of 2.5, indicating favorable valuation metrics [7] Industry Context - The Building Products - Heavy Construction industry is part of the Construction sector and has a Zacks Industry Rank of 13, placing it in the top 6% of over 250 industries [8]