Great Lakes reports Q1 2015 revenue of $174.6 million
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and remediation services, today reported financial results for the quarter ended March 31, 2015, the Company said in a press release.
For the quarter ended March 31, 2015, Great Lakes reported Revenue of $174.6 million, Net loss of $8.4 million, and Adjusted EBITDA from continuing operations of $4.4 million.
In the first quarter of 2015, we were awarded $208 million, or 84% of the domestic dredging bidding market, with the $135 million Savannah project accounting for a significant portion of our awards. The Savannah project will commence this summer and is expected to be completed by summer 2018. We were also awarded a $23 million coastal protection project in New York and $46 million in maintenance dredging awards.
Chief Executive Officer Jonathan Berger commented, "Our first quarter performance was impacted by expected business cyclicality losses in the environmental & remediation segment. The expected operating loss was further negatively impacted by pending change orders and claims. Change orders are being negotiated, and we are confident that their resolution will result in revenues and net income in subsequent quarters that will partially offset first quarter losses.
Oak Brook, Illinois headquartered Great Lakes Dredge & Dock Company (GLDD) was founded in 1890. GLDD is a leading provider in the North American market of dredging service provider, and is the only U.S. Company with substantial dredging operations overseas. GLDD owns over 200 specialized maritime vessels and operates marine yards in six locations nationwide.