Great Lakes Dredge and Dock Corporation (GLDD) released its financial results for the first quarter of 2021 on May 7. The company reported a net income of $8.8 million, or $0.23 per diluted share, compared to a net loss of $3.6 million, or $0.09 per diluted share, in the same period last year. GLDD’s revenue for the quarter was $185.5 million, an increase of 3.5% compared to the first quarter of 2020. The company’s backlog of work at the end of the quarter was $746.2 million, a decrease from the $784.9 million reported at the end of 2020.
One of the key drivers of GLDD’s strong financial performance in the first quarter was its performance in the dredging segment. The segment reported revenue of $160.4 million, an increase of 7.6% compared to the same period last year. This increase was driven by higher domestic dredging revenue, which was partially offset by lower international dredging revenue. The company’s environmental & infrastructure segment also performed well in the first quarter, with revenue of $25.1 million, compared to $19.9 million in the first quarter of 2020.
GLDD’s President and CEO, Lasse Petterson, highlighted the company’s strong performance in the first quarter and expressed optimism for the rest of the year. He noted that the company’s backlog of work remains strong and that they are well-positioned to capitalize on opportunities in the market. Petterson also emphasized GLDD’s commitment to sustainability and innovation, pointing to the company’s recent investment in the construction of a new hopper dredge, which is expected to be one of the most efficient and environmentally friendly dredges in the world.
In addition to its financial results, GLDD also announced that it has been awarded several new contracts in the first quarter of 2021. These contracts include a $47.2 million contract for beach renourishment in Galveston, Texas, and a $38.1 million contract for coastal protection in New Jersey. The company also secured a $28.7 million contract for maintenance dredging in Louisiana and a $21.3 million contract for work on the Philadelphia Airport project.
Looking ahead, GLDD is optimistic about its prospects for the rest of 2021. The company expects to benefit from a strong backlog of work, continued investment in its fleet and equipment, and a recovery in the global economy. GLDD’s leadership team remains focused on executing its strategic plan, which includes expanding its market share, improving operational efficiency, and driving long-term value for its shareholders. With a solid foundation in place and a positive outlook for the future, GLDD is well-positioned for success in the coming quarters.
