Great Lakes Dredge & Dock ( (GLDD) ) has released its Q3 earnings. Here is a breakdown of the information Great Lakes Dredge & Dock presented to its investors.
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, also engages in international projects and is expanding into the offshore wind energy sector.
In its third-quarter 2024 earnings report, Great Lakes Dredge & Dock Corporation announced a net income of $8.9 million and an adjusted EBITDA of $27 million, alongside a record dredging backlog of $1.21 billion, highlighting robust project performance and significant new project awards.
Key financial metrics from the third quarter indicate revenue reaching $191.2 million, a substantial increase from the previous year, driven by higher capital and coastal protection project revenues. The company’s net income saw a notable improvement, up $15.1 million from a net loss in the prior year, attributed to improved operating results despite increased expenses. The company also secured $543 million in new work during the quarter, including significant port deepening and beach renourishment projects. Additionally, Great Lakes is advancing its strategy to penetrate the U.S. offshore wind market with new vessel constructions and secured contracts for major projects.
Looking ahead, Great Lakes is positioned for continued growth with a strong backlog extending into 2026, bolstered by government support for dredging and the expanding offshore wind sector. The company’s strategic initiatives and enhanced fleet are expected to sustain its competitive edge in these markets.
