Great Lakes Dredge & Dock Corporation reported significant financial improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $191.2 million, a 63% increase from $117.2 million in Q3 2023. For the nine months, revenues rose 37% to $559.9 million from $407.9 million. The growth was driven primarily by a 99% increase in domestic capital dredging revenue, which amounted to $108.7 million in Q3 2024, up from $54.6 million in Q3 2023.
The company achieved a gross profit of $36.2 million in Q3 2024, a substantial increase of 302% from $9.0 million in Q3 2023, resulting in a gross profit margin of 19.0%, up from 7.7%. For the nine-month period, gross profit surged 185% to $111.6 million, with a margin of 19.9%, compared to 9.6% in the prior year. Operating income also turned positive, reaching $16.7 million in Q3 2024, compared to an operating loss of $5.1 million in Q3 2023.
Net income for Q3 2024 was $8.9 million, a significant turnaround from a net loss of $6.2 million in Q3 2023. For the nine months, net income totaled $37.5 million, compared to a net loss of $7.7 million in the same period last year. Basic earnings per share improved to $0.13 for Q3 2024, up from a loss of $0.09 in Q3 2023.
The company’s total assets increased to $1.145 billion as of September 30, 2024, from $1.111 billion at the end of 2023. Total equity rose to $425.4 million, up from $385.5 million, with retained earnings significantly increasing to $107.8 million from $70.2 million. However, cash and cash equivalents decreased to $12.0 million from $22.8 million at the end of 2023.
Strategically, Great Lakes entered a $150 million second lien credit agreement in April 2024, borrowing $100 million initially. This funding was utilized to repay existing debts and support general corporate purposes. The company also reported a total dredging backlog of $1.213 billion as of September 30, 2024, an increase from $1.039 billion at the end of 2023, reflecting ongoing project awards and a robust bidding environment.
The company continues to focus on expanding its market share in the offshore wind sector, with several contracts awarded for projects expected to commence in the coming years. The overall outlook remains stable, supported by recent credit rating upgrades from S&P Global Ratings and Moody’s Investor Services.
About Great Lakes Dredge & Dock CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.