|Over a month ago|
Great Lakes Dredge receives $71.6M in awarded work » 09:1603/0203/02/20
Great Lakes Dredge &…
Great Lakes Dredge & Dock announced the receipt of several major dredging awards totaling $71.6M. The Caminada Headland Back Barrier Marsh Creation Project entails dredging suitable marsh fill material from designated offshore borrow areas to create an eight mile long stretch of marsh. This project will help reinforce Louisiana's barrier islands and prevent coastal erosion. Work is expected to commence in the second quarter of 2020. The York Spit Project involves maintenance dredging to remove material from the York Spit Channel, an approach channel for the Port of Baltimore in the Virginia waters of the Chesapeake Bay. Work on this project will begin in the spring of 2020. The West of Shinnecock Inlet Dune Road Project involves emergency shoreline restoration work to replenish sand along the oceanfront that will repair the barrier island breech into Shinnecock Bay which occurred after several storms in the fall of 2019. Work on this project is expected to complete by the end of March 2020. The South Atlantic Region Harbor Dredging Project involves annual maintenance dredging work on Brunswick, Savannah, Wilmington and Morehead City Harbors. Great Lakes was previously awarded $13.9 million for this project in 2019 to complete work in Brunswick, Savannah and Wilmington Harbors. This modification is the award of the Morehead City work. The Mouth of the Colorado Maintenance Project involves maintenance dredging to remove material from the entrance channel with beneficial use onto a designated beach area. This project also includes dredging to remove material from the Intracoastal Waterway channels. Work on this project will commence in the second half of 2020.
Great Lakes Dredge reports Q4 EPS from cont. ops. 23c, two est. 14c » 08:2002/1902/19/20
Reports Q4 revenue…
Reports Q4 revenue $164.3M, two est. $184.05M. CEO Lasse Petterson commented, "2019 was an exceptional year at Great Lakes. Our record financial performance was a result of a strong domestic dredging market and the continued effectiveness of our 2018 asset rationalization and cost reduction program. In the second quarter, Great Lakes successfully completed the sale of the Environmental & Infrastructure business which allowed our team to focus on our core dredging business. We saw an increase of $44.7 million in net income from continuing operations and $35.2 million in adjusted EBITDA from continuing operations over the prior year. Due to the significant improvement in the Company's credit profile and cash position, we were able to reduce the size of our revolving credit facility in the second quarter of the year to $200 million, extend the term five years, improve both the upfront pricing and interest rates, and gain more flexibility to execute on the Company's strategy over the next five years. Our net debt to adjusted EBITDA ratio at December 31, 2019 was 1.00x. Our continued strong operational performance is a validation of our positioning in the dredging marketplace as well as the tremendous efforts and focus turned in by our outstanding employees. Hand in hand with the strong operational and financial results, our drive to an Incident and Injury Free work environment continued to progress with a 30% decrease in recordable injuries year-over-year. As we finished the fourth quarter of 2019, port deepening projects in Charleston, Jacksonville and Corpus Christi were in full operation with work continuing into 2020. Operationally, 2019 had lower dredging activity as compared to prior year, due to several planned vessel dry dockings. The impact of the increased dry dockings was partially offset by strong performance on the San Jacinto flood prevention project in Houston, Texas and the Jacksonville port deepening project in Florida. Although the bid market was lower than expected in the fourth quarter, the total bid market finished strong at $1.8 billion. We expect the dredging market to remain strong for the next two to three years. Our focus remains on port deepening projects as well as coastal protection projects which include the renourishment of coastal beaches that have been damaged after the heavy hurricane seasons of the past three years. Some of these projects are expected to bid in the first half of 2020. We look forward to working closely with the United States Army Corps of Engineers to ensure safe and successful execution and completion of these projects that are critical to protecting our Nation's coastlines and strengthening our infrastructure. We remain confident in our strategy and will continue to utilize our strengths to drive greater shareholder value and returns. "
|Over a quarter ago|
Great Lakes Dredge announces $83M in dredging awards » 16:0712/3012/30/19
Great Lakes Dredge &…
Great Lakes Dredge & Dock Corporation announced the receipt of several major dredging awards totaling $83M. The awarded work includes: Charlotte/Sarasota Regional Beach Project, $30.5M; South Atlantic Region Harbor Dredging, $13.9M; Chester, Pennsylvania Modification Project, $13.7M; Hunting Island State Park Project, $11.4M; and Tybee Island Shore Protection Project, $13.8M.
Great Lakes Dredge announces receipt of $178M in awarded work » 09:1810/0210/02/19
Great Lakes Dredge &…
Great Lakes Dredge & Dock announced the receipt of several major dredging awards totaling $178M. The awarded work includes: Mississippi Coastal Improvements Program, Comprehensive Barrier Island Restoration Plan; Great Egg/Peck Beach New Jersey; Post-Florence Renourishment Project; Kings Bay Entrance Channel; Six additional maintenance and coastal protection awards totaling $46.2M. Great Lakes will be working on the Ship Island Phases 3 and 4 of the MSCIP Barrier Island Restoration Plan, which is a continuation of, and final phases for, the restoration of Ship Island in the Gulf Islands National Seashore barrier island chain. This project supplements the initial closure of the Camille Cut breach that restored Ship Island back to a single contiguous barrier island and was performed by Great Lakes' ATB hopper dredge Ellis Island in 2018. This project is expected to commence in 2019 with completion by October 2020. Great Egg/Peck Beach New Jersey project involves beach protection and restoration for Ocean City Beach, Upper Township Beach and Sea Isle City Beach in New Jersey. Work on this project will commence in the spring of 2020. The Post-Florence Renourishment Project is the second phase of beach nourishments that replace sand lost in the hurricane. Work performed will enhance the shorelines at Emerald Isle, Pine Knoll Shores and Atlantic Beach. Great Lakes completed phase one in April 2019. This project will commence January 2020 with completion by April 2020. The Kings Bay Entrance Channel project involves maintenance dredging of the entrance channel and parts of the inner channel to the Kings Bay Submarine Naval Base and the port of Fernandina. In addition, the project includes a beneficial use component placing dredged sand on the beach near Fort Clinch State Park and the northern portion of Fernandina Beach in Nassau County. Work is expected to commence in December 2019 with completion by the end of March 2020.
Great Lakes Dredge announces receipt of $141M in awarded work » 16:0909/1109/11/19
Great Lakes Dredge &…
Great Lakes Dredge & Dock announced the receipt of several major dredging awards totaling $141M David Simonelli, President of Dredging commented, "We are pleased to announce these significant capital and maintenance dredging awards for our Company. We expect these projects to contribute positively to Great Lakes' performance this year and in 2020 and contribute to the strengthening of the U.S. infrastructure."
Jefferies to hold a conference » 08:1208/0808/08/19
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Global Industrials Conference will be held in New York on August 6-8 with webcasted company presentations to begin on August 8 at 8 am; not all company presentations may be webcasted. Webcast Link
Great Lakes Dredge reports Q2 EPS 13c, two est. 12c » 08:1107/3107/31/19
Reports Q2 revenue…
Reports Q2 revenue $184.8M, two est. $181.65M. Chief Executive Officer Lasse Petterson commented, "The second quarter was another active period for the Company, marking our fourth consecutive quarter showing improvement in both revenue and adjusted EBITDA from continuing operations when comparing to the prior year quarter. As we noted in our last earnings release, planned dry dockings of certain vessels had an impact on second quarter results, several of which continue into the third quarter with two hopper dredges entering dry dock in the third quarter. During the quarter we experienced better than expected production on the Jacksonville deepening project, along with strong execution on several coastal protection projects. Strong performance is also a result of safe project execution as we continue to focus on improving safety on our projects."
Great Lakes Dredge receives $91M in dredging awards » 16:0706/2406/24/19
Great Lakes Dredge…
Great Lakes Dredge announced the receipt of dredging awards totaling $91M. The scope of work for the coastal protection projects includes nourishment of beachfronts with sand excavated from off-shore borrow which is then used to rebuild dunes and restore the shorelines eroded by winter storms. The projects will be executed in the second half of 2019 and into 2020 and will be performed by hopper dredges with a minimal disruption to the local communities with a view to increasing the resilience of our coastal environments to challenges from rising sea levels. The Galveston ship channel project is a contract to restore the Galveston ship channel in Texas to its authorized navigable depth. Some of the dredged material will be pumped on Galveston beaches as beneficial use. Work on this project will be completed by the end of this year. Within the Freeport LNG Terminal basin, Great Lakes will perform maintenance dredging to make way for the commissioning of Freeport LNG Terminal's first cargo. The San Jacinto variation order is an extension to the project Great Lakes performed in the first half of this year. The San Jacinto project was the first major Houston-area flood-control project after Hurricane Harvey and is continuing the work of reducing the flood risk and restoring a 2 mile-long stretch of the San Jacinto River to its pre-Harvey state. This project will be executed in the second half of 2019. For the Missouri River floods emergency levee repair project, Great Lakes is a subcontractor to Western Contracting, using the cutter suction dredge Iowa. The goal is to stop the flow of water through the breeched levees so repairs can be made to areas behind the damaged levee. This work will be executed this summer.
Fly Insider: RE/MAX, Great Lakes Dredge among week's notable insider trades » 13:3306/1006/10/19
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Great Lakes Dredge reports Q1 EPS 27c, two estimates 7c » 08:0504/3004/30/19
Reports Q1 revenue…
Reports Q1 revenue $192.6M, two estimates $180.2M. CEO Lasse Petterson commented, "The first quarter of 2019 was an exceptional quarter driven by strong project performance, resulting in net income from continuing operations of $20.5 million and an adjusted EBITDA from continuing operations of $43.8 million. During the quarter, we saw better than expected productivity on the Tampa Big Bend project which was completed ahead of schedule in the quarter and the San Jacinto project which we expect will be completed in the second quarter. We also had a contract modification to increase the scope of work on a project in Delaware that was not budgeted to contribute in 2019. While the first quarter of 2019 was operationally very strong, our planned dry docking of certain vessels will start to have an impact on results starting in the second quarter and continuing into the third quarter."