Great Lakes Dredge & Dock Corporation (GLDD) provided an update on their first quarter results for 2021 on May 7. The company reported a net loss of $289,000, or $0.00 per diluted share, compared to a net income of $3.3 million, or $0.09 per diluted share, in the first quarter of 2020. This decrease in profitability was attributed to higher costs and lower volume of work due to delays caused by the COVID-19 pandemic.
Despite the challenges faced in the first quarter, GLDD reported an increase in revenue to $174.6 million, compared to $170.5 million in the same period last year. The company’s backlog also increased to $597.6 million, up from $522.5 million at the end of 2020. These positive indicators suggest that GLDD is well-positioned to capitalize on opportunities in the dredging and marine construction markets in the coming months.
GLDD’s CEO, Lasse Petterson, expressed optimism about the company’s performance and outlook for the rest of the year. He highlighted the successful completion of several key projects in the first quarter, including the Jacksonville Deepening Project and the Freeport LNG Project. Petterson also emphasized GLDD’s commitment to safety, environmental protection, and delivering high-quality results for their customers.
In response to the ongoing challenges posed by the COVID-19 pandemic, GLDD has implemented a number of initiatives to ensure the health and safety of their employees and maintain business continuity. These measures include enhanced cleaning protocols, social distancing guidelines, remote work arrangements, and regular communication with employees and stakeholders. The company remains focused on navigating the uncertain business environment while continuing to deliver value for their clients.
Looking ahead, GLDD is optimistic about the opportunities in the dredging and marine construction markets. The company has a strong backlog of projects and is actively pursuing new contracts and partnerships to drive growth and profitability. With a focus on innovation, efficiency, and sustainable practices, GLDD is well-positioned to capitalize on emerging trends in the industry and deliver long-term value for their shareholders.
In conclusion, GLDD’s first quarter update reflects the company’s resilience and adaptability in the face of challenging market conditions. Despite the impact of the COVID-19 pandemic on their financial performance, GLDD has shown positive revenue growth and a healthy backlog of projects. With a strong focus on safety, quality, and customer satisfaction, GLDD is well-positioned to navigate the current business environment and capitalize on opportunities for growth and success in the dredging and marine construction markets.