Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the
largest provider of dredging services in the United States, today
reported financial results for the quarter and year ended December
31, 2020.
Full Year 2020 Highlights
- Revenue was $733.6 million for the full year 2020, a $22.1
million or 3.1% increase over the prior year.
- Gross profit percentage increased to 23.3% in 2020 as compared
to 21.6% in 2019.
- Total operating income was $111.8 million, a $13.7 million or
14.0% increase over the prior year.
- Net income from continuing operations was $66.1 million, a
$10.4 million or 18.7% increase over the prior year.
- Adjusted EBITDA from continuing operations was $151.1 million
as compared to $135.6 million in 2019, a $15.5 million or 11.4%
increase over the prior year.
Management Commentary
Lasse Petterson, Chief Executive Officer 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.
The domestic dredging market remained strong in
2020, despite the many obstacles related to the pandemic. The U.S.
Army Corps of Engineers continued to advertise new projects as
evidenced by the bid market that ended the year at $1.8 billion. In
September, we were awarded a $105 million contract for the
continuation of our work on the Jacksonville Florida Harbor
Deepening Project. This important project contributes to our
backlog of capital, coastal protection and maintenance work as we
enter 2021. In addition, in the fourth quarter we were pleased to
announce the signing of the largest contract in Great Lakes’
history for dredging on the Brownsville LNG project, which will
enter backlog if a notice to proceed is received. We expect the
dredging market to remain strong in 2021 driven by project work
that will include large-scale port deepening projects along the
East and Gulf coasts, as well as coastal protection projects,
including the renourishment of coastal beaches that have been
impacted by the recent major hurricane events.
To meet the increased demand of the U.S.
dredging market, in June 2020, Great Lakes announced the build of a
highly automated new mid-sized hopper dredge that will increase the
capabilities of our hopper fleet in the coastal protection and
maintenance markets. In addition to the build, we continue to
upgrade our existing domestic dredges, which we believe will
improve working efficiency and capabilities to meet future market
demands.
The fourth quarter had two important
announcements that were in line with our long term strategy. In
October, Great Lakes announced the relocation of our corporate
offices to Houston, Texas. We also announced the opening of our
regional offices in Jacksonville, Florida and in New York. These
moves put us closer to clients and key markets for dredging and
offshore wind, which we believe will allow us to continue to grow
in the future. We also believe that the development of offshore
wind generation in the U.S. presents an exciting new opportunity
for the Company. In December, we announced the design and
development of the first U.S. flagged Jones Act compliant, inclined
fall-pipe vessel for subsea rock installation for the windmill
foundations. This vessel would represent a significant critical
advancement in building the U.S. logistics infrastructure to
support the future of the new U.S. offshore wind industry.
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.”
Operational Update
Fourth Quarter 2020
- Revenue was $172.1 million, an
increase of $7.8 million over the fourth quarter of 2019. The
increase was caused by higher domestic capital, maintenance and
rivers & lakes revenue, offset partially by lower coastal
protection and foreign revenue.
- Gross margin percentage was 19.4%
in the fourth quarter of 2020 as compared to 21.0% in the fourth
quarter of 2019. In addition to several vessel drydockings during
the fourth quarter of 2020, we also experienced some excessive
storm activities and delays at our Ponte Vedra beach project in
Florida. This was offset with strong performance on the Sabine Pass
LNG Berth project and the MSCIP Phase 3 & 4 project.
- Operating income was $17.3 million,
which is a $4.9 million decrease from the prior year quarter. The
decrease was due to lower operating margin, a $4.6 million loss of
use claim settlement received in the fourth quarter of 2019 and
higher general and administrative expenses in the fourth quarter of
2020, offset partially by a gain from sale of assets.
- Income from continuing operations
for the quarter was $10.6 million compared to $14.8 million in the
prior year quarter.
Full Year 2020
- Revenue for the full year 2020 was
$733.6 million, an increase of $22.1 million from 2019. This
increase was primarily due to higher domestic capital, maintenance
and coastal protection revenue, offset partially by lower rivers
& lakes and foreign revenue.
- Gross profit for the full year 2020
was $171.2 million, an increase of $17.4 million from 2019. Gross
profit margin percentage improved to 23.3% for the full year 2020
as compared to 21.6% for the full year 2019 based on increased
project revenue and strong project performance. Positive results on
the Jacksonville port deepening, Sabine Pass LNG Berth and Corpus
Christi deepening projects contributed to this increase.
- Operating income was $111.8
million, an increase of $13.7 million over the prior year. The
increase is a result of improved gross profit offset slightly by an
increase in general and administrative expenses.
- Net income from continuing
operations for the full year was $66.1 million compared to $55.7
million in 2019, an increase of $10.4 million from 2019. This
increase is a result of an increase in operating income and a
decrease in net interest expense, offset partially by an increase
in taxes.
Balance Sheet, Backlog & Capital
Expenditures
- At December 31, 2020, the Company
had $216.5 million in cash and cash equivalents and total debt of
$323.7 million, resulting in a net debt to adjusted EBITDA from
continuing operations ratio of 0.7x.
- At December 31, 2020, the Company
had $559.4 million in backlog as compared to $589.4 million at
December 31, 2019. Low bids and options pending award totaled
$472.3 as of December 31, 2020.
- Total capital expenditures for 2020
were $47.8 million compared to $44.4 million in 2019. The 2020
capital expenditures included $13.6 million related to the
construction of the new mid-sized hopper dredge.
Market Update
As stated previously, the domestic bid market
for 2020 reached $1.8 billion in projects bid. The domestic market
remains strong and continues to be driven by the large-scale port
deepening projects along the east and gulf coasts. We expect that
2021 will see bids for multiple project phases for port deepenings
in Corpus Christi, Mobile, Port Everglades, Norfolk and the Houston
ship channel that will continue for the next several years.
Additionally, strong hurricane and storm seasons have resulted in
an increase in beach erosion and other damage which adds to the
recurring nature of our business and the need for more frequent
coastal protection and port maintenance projects. These projects
are needed as they help to reduce the risk of future damage from
flood and storm events and are important in providing resilience to
protect coastal communities and ecosystems as well as driving job
creation and economic development. We have seen support for the
dredging industry in U.S. Army Corps of Engineers 2021 budget that
was approved at a record high of $7.3 billion. In addition, the
Water Resource Development Act (WRDA) was signed into law and
included some additional reforms to the Harbor Maintenance Trust
Fund (HMTF) that will allow Congress to, for the first time,
drawdown from the $9.3 billion surplus, which is in addition to
having the annual cap lifted on the HMTF earlier in the year in the
Coronavirus Aid, Relief and Economic Security Act. WRDA also
includes significant language encouraging more beneficial use of
dredged material and natural infrastructure, both of which are
important environmental issues.
For offshore wind we see strong increased focus
on securing licenses for developments on the East Coast with plans
for more than 10GW to be installed before 2030.
GLDD remains committed to maintaining the health
and safety of our team members through an Incident & Injury
Free® (IIF®) safety management program. This value-based approach
has allowed us to respond quickly and effectively to the COVID-19
pandemic and any challenges resulting from the pandemic which
helped us minimize the financial impact.
The Company will be holding a conference call at
9:00 a.m. C.S.T. today where we will further discuss these results.
Information on this conference call can be found below.
Conference Call Information
The Company will conduct a quarterly conference
call, which will be held on Wednesday, February 17, 2021 at 9:00
a.m. C.S.T. (10:00 a.m. E.S.T.). The call in number is (877)
377-7553 and Conference ID is 4967097. The conference call will be
available by replay until Friday, February 19, 2021 by calling
(855) 859-2056 and providing Conference ID 4967097. The live
call and replay can also be heard on the Company’s website,
www.gldd.com, under Events & Presentations on the investor
relations page. Information related to the conference call will
also be available on the investor relations page of the Company’s
website.
Classification of Environmental and
Infrastructure Business
During the second quarter of 2019, the Company
completed the sale of its historical environmental &
infrastructure business. The historical environmental &
infrastructure segment has been retrospectively presented as
discontinued operations, and as such, is no longer reflected in
continuing operations.
Use of Non-GAAP measures
Adjusted EBITDA from continuing operations, as
provided herein, represents net income (loss) attributable to
common stockholders of Great Lakes Dredge & Dock Corporation,
adjusted for net interest expense, income taxes, depreciation and
amortization expense, debt extinguishment, accelerated maintenance
expense for new international deployments, goodwill or asset
impairments and gains on bargain purchase acquisitions. Adjusted
EBITDA from continuing operations is not a measure derived in
accordance with GAAP. The Company presents adjusted EBITDA from
continuing operations as an additional measure by which to evaluate
the Company's operating trends. The Company believes that adjusted
EBITDA from continuing operations is a measure frequently used to
evaluate performance of companies with substantial leverage and
that certain of the Company's primary stakeholders (i.e., its
stockholders, bondholders and banks) use adjusted EBITDA from
continuing operations to evaluate the Company's period to period
performance. Additionally, management believes that adjusted EBITDA
from continuing operations provides a transparent measure of the
Company’s recurring operating performance and allows management and
investors to readily view operating trends, perform analytical
comparisons and identify strategies to improve operating
performance. For this reason, the Company uses a measure based upon
adjusted EBITDA to assess performance for purposes of determining
compensation under the Company's incentive plan. Adjusted EBITDA
from continuing operations should not be considered an alternative
to, or more meaningful than, amounts determined in accordance with
GAAP including: (a) operating income as an indicator of operating
performance; or (b) cash flows from operations as a measure of
liquidity. As such, the Company's use of adjusted EBITDA from
continuing operations, instead of a GAAP measure, has limitations
as an analytical tool, including the inability to determine
profitability or liquidity due to the exclusion of accelerated
maintenance expense for new international deployments, goodwill or
asset impairments, gains on bargain purchase acquisitions, net
interest expense and income tax expense and the associated
significant cash requirements and the exclusion of depreciation and
amortization, which represent significant and unavoidable operating
costs given the level of indebtedness and capital expenditures
needed to maintain the Company's business. For these reasons, the
Company uses operating income to measure the Company's operating
performance and uses adjusted EBITDA from continuing operations
only as a supplement. Adjusted EBITDA from continuing operations is
reconciled to net income (loss) attributable to common stockholders
of Great Lakes Dredge & Dock Corporation in the table of
financial results. For further explanation, please refer to the
Company's SEC filings.
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes” or the “Company”) is the largest provider of
dredging services in the United States. In addition, the Company
has a long history of performing significant international
projects. The Company employs experienced civil, ocean and
mechanical engineering staff in its estimating, production and
project management functions. In its over 130-year history, the
Company has never failed to complete a marine project. Great Lakes
owns and operates the largest and most diverse fleet in the U.S.
dredging industry, comprised of over 200 specialized vessels. Great
Lakes has a disciplined training program for engineers that ensures
experienced-based performance as they advance through Company
operations. The Company’s Incident & Injury Free® (IIF®) safety
management program is integrated into all aspects of the Company’s
culture. The Company’s commitment to the IIF® culture promotes a
work environment where employee safety is paramount.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 21E of the
Securities Exchange Act of 1934 (the "Exchange Act"), the Private
Securities Litigation Reform Act of 1995 (the "PSLRA") or in
releases made by the Securities and Exchange Commission (the
"SEC"), all as may be amended from time to time. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Statements that are not historical
fact are forward-looking statements. Forward-looking statements can
be identified by, among other things, the use of forward-looking
language, such as the words "plan," "believe," "expect,"
"anticipate," "intend," "estimate," "project," "may," "would,"
"could," "should," "seeks," “are optimistic,” or "scheduled to," or
other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion
of strategy or intentions. These cautionary statements are being
made pursuant to the Exchange Act and the PSLRA with the intention
of obtaining the benefits of the "safe harbor" provisions of such
laws. Great Lakes cautions investors that any forward-looking
statements made by Great Lakes are not guarantees or indicative of
future performance. Important assumptions and other important
factors that could cause actual results to differ materially from
those forward-looking statements with respect to Great Lakes,
include, but are not limited to: impacts resulting from or
attributable to the COVID-19 pandemic; our ability to obtain
federal government dredging and other contracts; uncertainties in
federal government budgeting; extended federal government
shutdowns, which may lead to funding issues, the incurrence of
costs without payment or reimbursement under our contracts, and
delays or cancellations of key projects; the risk that the
President of the United States may divert funds away from the U.S.
Army Corps of Engineers in response to a national emergency; our
ability to qualify as an eligible bidder under government contract
criteria and to compete successfully against other qualified
bidders; risks associated with cost over-runs, operating cost
inflation and potential claims for liquidated damages, particularly
with respect to our fixed cost contracts; the timing of our
performance on contracts; significant liabilities that could be
imposed were we to fail to comply with government contracting
regulations; risks related to international dredging operations,
including instability and declining relationships amongst certain
governments in the Middle East and the impact this may have on
infrastructure investment, asset value of such operations, and
local licensing, permitting and royalty issues; increased cost of
certain material used in our operations due to newly imposed
tariffs; a significant negative change to large, single customer
contracts from which a significant portion of our international
revenue is derived; changes in previous-recorded net revenue and
profit as a result of the significant estimates made in connection
with our methods of accounting for recognizing revenue;
consequences of any lapse in disclosure controls and procedures or
internal control over financial reporting; changes in the amount of
our estimated backlog; our ability to obtain bonding or letters of
credit and risks associated with draws by the surety on outstanding
bonds or calls by the beneficiary on outstanding letters of credit;
increasing costs to operate and maintain aging vessels; equipment
or mechanical failures; acquisition integration and consolidation
risks; liabilities related to our historical demolition business;
impacts of legal and regulatory proceedings; unforeseen delays and
cost overruns related to the construction of new vessels, including
potential mechanical and engineering issues; our becoming liable
for the obligations of joint ventures, partners and subcontractors;
capital and operational costs due to environmental regulations;
unionized labor force work stoppages; maintaining an adequate level
of insurance coverage; information technology security breaches;
our substantial amount of indebtedness; restrictions imposed by
financing covenants; the impact of adverse capital and credit
market conditions; limitations on our hedging strategy imposed by
statutory and regulatory requirements for derivative transactions;
foreign exchange risks; changes in macroeconomic indicators and the
overall business climate; and losses attributable to our
investments in privately financed projects. For additional
information on these and other risks and uncertainties, please see
Item 1A. "Risk Factors" of Great Lakes' Annual Report on Form 10-K
for the year ended December 31, 2019, Item 1A. “Risk Factors” of
Great Lakes’ Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2020, June 30, 2020 and September 30, 2020, in Item
1A.”Risk Factors” of the Annual Report on Form 10-K and in other
securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans,
intentions and expectations reflected in or suggested by such
forward-looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Great Lakes' future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Great Lakes
does not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
subsequent events or otherwise, unless otherwise required by
law.
For further information
contact:Tina BaginskisDirector,
Investor Relations630-574-3024
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Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Contract revenues |
|
$ |
172,145 |
|
|
$ |
164,295 |
|
|
$ |
733,601 |
|
|
$ |
711,518 |
|
Gross profit |
|
|
33,387 |
|
|
|
34,561 |
|
|
|
171,228 |
|
|
|
153,757 |
|
General and administrative expenses |
|
|
17,494 |
|
|
|
16,184 |
|
|
|
62,757 |
|
|
|
59,110 |
|
Proceeds from loss of use claim |
|
|
— |
|
|
|
(4,619 |
) |
|
|
(1,723 |
) |
|
|
(4,619 |
) |
(Gain) loss on sale of assets—net |
|
|
(1,387 |
) |
|
|
805 |
|
|
|
(1,571 |
) |
|
|
1,138 |
|
Total operating income |
|
|
17,280 |
|
|
|
22,191 |
|
|
|
111,765 |
|
|
|
98,128 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
|
(6,511 |
) |
|
|
(6,450 |
) |
|
|
(26,585 |
) |
|
|
(27,524 |
) |
Other income |
|
|
1,510 |
|
|
|
44 |
|
|
|
1,110 |
|
|
|
317 |
|
Income from continuing operations before income taxes |
|
|
12,279 |
|
|
|
15,785 |
|
|
|
86,290 |
|
|
|
70,921 |
|
Income tax provision |
|
|
(1,670 |
) |
|
|
(973 |
) |
|
|
(20,187 |
) |
|
|
(15,253 |
) |
Income from continuing operations |
|
$ |
10,609 |
|
|
$ |
14,812 |
|
|
$ |
66,103 |
|
|
$ |
55,668 |
|
Income (loss) from discontinued operations, net of income
taxes |
|
|
— |
|
|
|
1,161 |
|
|
|
— |
|
|
|
(6,329 |
) |
Net income |
|
$ |
10,609 |
|
|
$ |
15,973 |
|
|
$ |
66,103 |
|
|
$ |
49,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
attributable to income from continuing operations |
|
$ |
0.16 |
|
|
$ |
0.23 |
|
|
$ |
1.02 |
|
|
$ |
0.88 |
|
Basic earnings (loss) per
share attributable to income (loss) on discontinued operations, net
of income taxes |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
(0.10 |
) |
Basic earnings per share |
|
$ |
0.16 |
|
|
$ |
0.25 |
|
|
$ |
1.02 |
|
|
$ |
0.78 |
|
Basic weighted average shares |
|
|
64,793 |
|
|
|
64,041 |
|
|
|
64,743 |
|
|
|
63,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
attributable to income from continuing operations |
|
$ |
0.16 |
|
|
$ |
0.23 |
|
|
$ |
1.00 |
|
|
$ |
0.86 |
|
Diluted earnings (loss) per
share attributable to income (loss) on discontinued operations, net
of income taxes |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
(0.10 |
) |
Diluted earnings per
share |
|
$ |
0.16 |
|
|
$ |
0.25 |
|
|
$ |
1.00 |
|
|
$ |
0.76 |
|
Diluted weighted average shares |
|
|
66,000 |
|
|
|
65,284 |
|
|
|
65,872 |
|
|
|
65,042 |
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA from
Continuing Operations |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net income |
|
10,609 |
|
|
15,973 |
|
|
66,103 |
|
|
49,339 |
|
Income (loss) from
discontinued operations, net of income taxes |
|
— |
|
|
1,161 |
|
|
— |
|
|
(6,329 |
) |
Income from continuing
operations |
|
10,609 |
|
|
14,812 |
|
|
66,103 |
|
|
55,668 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
6,511 |
|
|
6,450 |
|
|
26,585 |
|
|
27,524 |
|
Income tax provision |
|
1,670 |
|
|
973 |
|
|
20,187 |
|
|
15,253 |
|
Depreciation and amortization |
|
10,599 |
|
|
10,373 |
|
|
38,183 |
|
|
37,145 |
|
Adjusted EBITDA from
continuing operations |
$ |
29,389 |
|
$ |
32,608 |
|
$ |
151,058 |
|
$ |
135,590 |
|
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
Selected Balance Sheet Information |
(Unaudited and in thousands) |
|
|
|
|
|
As of |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
216,510 |
|
$ |
186,995 |
Total current assets |
|
362,693 |
|
|
300,712 |
Total assets |
|
958,024 |
|
|
897,552 |
Total short-term debt |
|
- |
|
|
- |
Total current liabilities |
|
176,287 |
|
|
203,933 |
Total long-term debt |
|
323,735 |
|
|
322,843 |
Total equity |
|
346,668 |
|
|
279,399 |
Great Lakes Dredge & Dock Corporation and
Subsidiaries |
Revenue and Backlog Data |
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
Revenues |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital - U.S. |
|
$ |
90,980 |
|
$ |
85,038 |
|
$ |
336,163 |
|
$ |
299,706 |
Capital - foreign |
|
|
5,262 |
|
|
9,096 |
|
|
25,892 |
|
|
48,619 |
Coastal protection |
|
|
35,693 |
|
|
48,472 |
|
|
201,361 |
|
|
182,369 |
Maintenance |
|
|
30,961 |
|
|
14,842 |
|
|
148,767 |
|
|
104,753 |
Rivers & lakes |
|
|
9,249 |
|
|
6,847 |
|
|
21,418 |
|
|
76,071 |
Total revenues |
|
$ |
172,145 |
|
$ |
164,295 |
|
$ |
733,601 |
|
$ |
711,518 |
|
As of |
|
December 31, |
|
December 31, |
Backlog |
2020 |
|
2019 |
|
|
|
|
|
|
Capital - U.S. |
$ |
320,920 |
|
$ |
347,377 |
Capital - foreign |
|
6,865 |
|
|
30,571 |
Coastal protection |
|
97,986 |
|
|
141,039 |
Maintenance |
|
125,090 |
|
|
60,891 |
Rivers & lakes |
|
8,515 |
|
|
9,528 |
Total backlog |
$ |
559,376 |
|
$ |
589,406 |
Great Lakes Dredge and D... (NASDAQ:GLDD)
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From Jul 2024 to Jul 2024
Great Lakes Dredge and D... (NASDAQ:GLDD)
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From Jul 2023 to Jul 2024