Great Lakes Reports First Quarter

Great Lakes Dredge & Dock Corp. reported financial results for the quarter that ended March 31 with revenues of $174.6 million a net loss of $8.4 million and an adjusted EBITDA from continuing operations of $4.4 million.

In the first quarter of 2015 Great Lakes was awarded $208 million or 84 percent of the domestic dredging bidding market with the $135 million for the Savannah project accounting for a significant portion of the awards. Great Lakes was also awarded $23 million in coastal protection projects in New York and $46 million in maintenance dredging awards.

Chief Executive Officer Jonathan Berger said “Dredging activity has picked up in the second quarter with more of our year-end backlog expected to be worked off compared to the first quarter and our environmental & remediation segment is beginning to enter its busy season.”

Dredging revenues decreased in the first quarter compared to last year with lower costal protection and rivers and lakes dredging revenue  and higher foreign domestic capital and maintenance dredging.