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Great Lakes Dredge & Dock Corp. (GLDD)
NASDAQ:GLDD
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Earnings Data
Report Date
Feb 12, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.23Last Year’s EPS
$0.32Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 05, 2024
|% Change Since: 0.95%
|Next Earnings Date:Feb 12, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a strong overall performance for Q3 2024, with significant revenue growth, a record backlog, and strategic advancements in the offshore wind market. While there are some challenges related to dry docking costs and the shipyard sale, the company's financial position and future prospects appear robust.Company Guidance
In the third quarter of 2024, Great Lakes Dredge & Dock Corporation (GLDD) reported a net income of $8.9 million and adjusted EBITDA of $27 million, reflecting strong market performance. The company secured $543 million in new contracts, including 79% of the coastal protection market and 81% of the capital project bid market, leading to a record backlog of $1.2 billion. This backlog, along with $465 million in pending awards, ensures revenue visibility into 2026. The company's revenue for the quarter was $191.2 million, an increase of $74 million from the prior year, with gross profit and margin increasing to $36.2 million and 19%, respectively. Capital expenditures for the quarter totaled $38.4 million, primarily for new vessel construction, with full-year guidance remaining between $130 million and $150 million. The company expects continued strong performance into the fourth quarter, driven by increased utilization and favorable project mix, potentially leading to higher margins.Strong Third Quarter Performance
Achieved net income of $8.9 million and adjusted EBITDA of $27 million. Revenues increased to $191.2 million, up $74 million from the prior year's third quarter.
Record Backlog and New Contracts
Secured $543 million in new contracts and achieved a record backlog of $1.2 billion, with an additional $465 million in pending awards and low bids.
Successful Project Delivery
Delivered strong project performance with a gross profit margin of 19%, up from 7.7% in the prior year quarter.
Offshore Wind Market Expansion
Continued progress in entering the U.S. offshore wind market with the Acadia under construction and contracts for the Empire Wind and Sunrise Wind projects.
Improved Financial Position
S&P upgraded the corporate credit rating to B- from CCC+, demonstrating improvements in balance sheet and cash flows.
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GLDD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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GLDD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 05, 2024 | $11.61 | $11.61 | 0.00% |
| Aug 06, 2024 | $8.10 | $8.56 | +5.68% |
| May 07, 2024 | $7.04 | $8.75 | +24.29% |
| Feb 14, 2024 | $8.08 | $9.52 | +17.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Great Lakes Dredge & Dock Corp. (GLDD) report earnings?
Great Lakes Dredge & Dock Corp. (GLDD) is schdueled to report earning on Feb 12, 2025, TBA Not Confirmed.
What is Great Lakes Dredge & Dock Corp. (GLDD) earnings time?
Great Lakes Dredge & Dock Corp. (GLDD) earnings time is at Feb 12, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GLDD EPS forecast?
GLDD EPS forecast for the fiscal quarter 2024 (Q4) is $0.23.
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