Great Lakes Dredge CEO says third quarter results “in line with expectations”
Written by Nick Blenkey
Great Lakes Dredge & Dock Corporation (Nasdaq:GLDD), the largest provider of dredging services in the U.S., reported financial results for the quarter ended September 30, 2019, that saw third quarter revenue of $169.8 million in the third quarter. This was down from $178.7 million in the same quarter last year, but brought year-to-date revenue to $547.2 million, an increase of $99.6 million over the same period in the prior year.
Gross margin percentage decreased to 18.8% in the third quarter from 22.2% in the prior year quarter.
“Bidding activity increased significantly, with over $1.0 billion in projects bid in the third quarter,” said CEO Lasse Petterson. “Bidding activity increased significantly, with over $1.0 billion in projects bid in the third quarter. The third quarter reflects solid project performance which produced results in line with our expectations. Operationally, the quarter had lower dredging activity, due to several vessel drydockings. Most of these drydockings are now complete and those vessels are actively engaged on projects in the fourth quarter. The impact was partially offset by improved performance on the San Jacinto flood prevention project in Houston, Texas and the Jacksonville port deepening project in Florida. Strong performance is also a result of safe project execution as we continue to focus on improving safety on our projects.”
