2021-02-17 08:17:32 GLDD Great Lakes Dredge
02/17/21 02/1708:17 02/17/2108:17 | Great Lakes Dredge reports Q4 EPS 16c, two est. 19cReports Q4 revenue $172.1M, two est. $185.6M. Lasse Petterson, CEO and President commented, "This year the COVID pandemic posed a significant challenge to us all. During the year we implemented a number of changes to meet and manage the challenges that impacted so many facets of our lives. We were fortunate to be able to continue working as a federally designated "Critical Infrastructure" company throughout the year. Great Lakes had another exceptional year financially as we continued to act on our long term strategic plan, despite the pandemic's impact on some of our projects. Our record calendar year financial performance was a result of a strong domestic dredging market and our continued focus on improving project performance. We ended the year with full year net income from continuing operations of $66.1 million and Adjusted EBITDA from continuing operations of $151.1 million. Our strong cash flow and improved balance sheet allowed us to not only withstand the economic storm as a result of the pandemic, but positioned us well to invest in our future. In 2020, we contracted to build a new mid-size hopper dredge, we upgraded several large cutter dredges, we decided to move our headquarters to Houston to be closer to our markets and clients and we invested in our shareholders through a $75 million share repurchase program...Although we enter a new year still being challenged by the pandemic, we are confident that the decisions we made over the past year positioned Great Lakes well going into 2021. We continue to remain focused on strong project performance while ensuring the safety and continued protection of our crew members and employees. Great Lakes looks forward to working closely with the U.S. Army Corps of Engineers to ensure safe and successful execution and completion of projects that are critical to protecting our nation's coastlines and strengthening our infrastructure, and to support our energy clients in building and securing our energy supply. We remain confident in our strategy and will continue to utilize our strengths to drive shareholder value and returns." |
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Citadel Advisors reports 5.8% passive stake in AST SpaceMobile »
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Brookfield files to sell 11.2M Class A limited voting shares
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Second Sight files to sell 4.65M shares of common stock for holders »
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EyeGate files to sell 3.93M shares of common stock for holders
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Icahn cuts Tenneco stake to 13.35% from 14.03% »
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PPD CEO sells 100K shares of common stock »
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HP Enterprise participates in a conference call with Wells Fargo »
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Immunic files to sell 581,199 shares of common stock for holders
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Citi files $100M mixed securities shelf
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On The Fly
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Fly Intel: Wall Street's top stories for Friday »
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AnPac Bio reports 5,439 paid cancer tests in Q1, up 130% »
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Closing CBOE SPX and VIX Index summary for April 16th »
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