Great Lakes Dredge & & Dock Corporation (Nasdaq: GLDD), the biggest service provider of digging up solutions in the United States, today reported monetary outcomes for the quarter and also year finished December 31, 2019.
Fourth
Quarter 2019 Highlights
- Revenue was $ 164.3 million
in the 4th quarter, a decline of $8.9 million compared to the previous
year 4th quarter. - Gross revenue margin portion
boosted to 21.0% in the 4th quarter compared to 20.6% in the previous
year 4th quarter. - Total operating revenue from
proceeding procedures was $22.2 million, a boost of $5.5 million over
the previous year 4th quarter. - Net revenue from proceeding
procedures was $14.8 million, a boost of $9.8 million over the previous
year 4th quarter. - Adjusted EBITDA from proceeding
procedures was $32.6 million, a boost of $4.2 million over the previous
year 4th quarter.
Full
Year 2019 Highlights
- Revenue was $ 711.5 million for
the complete year 2019, a $90.7 million or 14.6% boost over the previous year. - Gross revenue margin portion
boosted to 21.6% in 2019 as contrasted to 18.0% in 2018. - Total operating revenue from
proceeding procedures was $98.1 million, a $45.5 million boost over the
previous year. - Net revenue from proceeding
procedures was $55.7 million, a $44.7 million boost over the previous year. - Adjusted EBITDA from proceeding
procedures was $135.6 million as contrasted to $100.4 million in 2018.
“Our record financial performance was a result of a strong domestic dredging market and the continued effectiveness of our 2018 asset rationalization and cost reduction program,” claimed Chief Executive Officer Lasse Petterson.
“As we finished the fourth quarter of 2019, port deepening projects in Charleston, Jacksonville and Corpus Christi were in full operation with work continuing into 2020,” kept in mindPetterson “Operationally, 2019 had lower dredging activity as compared to prior year, due to several planned vessel drydockings. The impact of the increased drydockings was partially offset by strong performance on the San Jacinto flood prevention project in Houston, Texas and the Jacksonville port deepening project in Florida. Although the bid market was lower than expected in the fourth quarter, the total bid market finished strong at $1.8 billion. We expect the dredging market to remain strong for the next two to three years. Our focus remains on port deepening projects as well as coastal protection projects which include the renourishment of coastal beaches that have been damaged after the heavy hurricane seasons of the past three years. Some of these projects are expected to bid in the first half of 2020. We look forward to working closely with the United States Army Corps of Engineers to ensure safe and successful execution and completion of these projects that are critical to protecting our nation’s coastlines and strengthening our infrastructure.”
