Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) reported its shares, as the company, the largest provider of dredging services in the United States, today reported financial results for the second quarter ended June 30, 2024.
Revenue proved to be $170.1 million. Total operating income was $14.6 million. Net income was $7.7 million.
At June 30, 2024, the Company had $807.9 million in dredging backlog as compared to $1.04 billion at December 31, 2023. Dredging backlog does not include approximately $273.1 million of low bids and options pending award and approximately $44.6 million of performance obligations and $12.7 million in options pending award related to offshore wind contracts.
According to CEO Lasse Petterson, “Despite having three dredges in drydock, Great Lakes achieved solid results in the second quarter driven by strong project performance from our active dredges. We ended the second quarter with net income of $7.7 million and adjusted EBITDA of $25.8 million. At the end of the second quarter, our dredging backlog was $807.9 million with an additional $273.1 million in low bids and options pending award and our offshore wind backlog was $44.6 million with an additional $12.7 million in options pending. Post quarter end, Great Lakes was low bidder on additional work for approximately $181.6 million.”
GLDD shares poked ahead 16 cents, or 2%, to $8.26.
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