NASDAQ$GLDD
Great Lakes Dredge & Dock Corporation · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported a challenging third quarter due to vessel drydocks and idle equipment, but ended with a solid backlog.
Great Lakes Dredge & Dock Corporation reported a net loss of $6.2 million for the third quarter of 2023. Despite challenges, the company secured $519.7 million in capital projects and $235.6 million in maintenance and coastal protection projects, ending the quarter with a dredging backlog of $1.03 billion.
- Third quarter net loss was $6.2 million.
- Adjusted EBITDA for the third quarter was $5.3 million.
- Dredging backlog reached $1.03 billion as of September 30, 2023.
- Added $519.7 million in capital projects to the backlog in the third quarter.
Headline financials
Revenue & EPS history
Great Lakes · Revenue · Quarterly
$117M
Forward guidance
Great Lakes anticipates improved results into 2024 and beyond, driven by an improved dredging bid market, fleet adjustments, and cost reduction initiatives. The company is also focused on expanding into the U.S. offshore wind market.
Tailwinds
- Improved dredging bid market expected to continue.
- Fleet adjustments and cost reduction initiatives underway.
- Newest hopper dredge, the Galveston Island, expected to be operational in the fourth quarter of 2023.
- Entry into the U.S. offshore wind market with rock installation contracts for Empire Wind I and II projects.
- Strong support from the Biden Administration and Congress for the dredging industry.
Headwinds
- Potential impacts to Empire Wind projects due to refusal to renegotiate power purchase agreements.
- Delays or cancellations of offshore wind projects due to higher interest rates and inflation.
- Challenging quarter due to vessel drydocks and idle equipment.
- Market delays from 2022 and the first half of 2023.
- Government is operating under a continuing resolution until the budget is approved.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2023
-0.8%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+3.2%
Avg return
30 days after
46%
30 / 65 earnings
Positive
+30.5%
Q1 2024
Best reaction
-24.5%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | -0.1% | +0.5% | +0.6% | |
| Q3 2025 | +12.1% | +7.6% | +13.1% | |
| Q2 2025 | +7.9% | +8.9% | +9.8% | |
| Q1 2025 | +5.0% | +12.2% | +20.8% | |
| Q4 2024 | -18.4% | -23.5% | -15.2% | |
| Q3 2024 | +7.3% | +9.3% | +9.3% | |
| Q2 2024 | +5.9% | +7.8% | +13.2% | |
| Q1 2024 | +30.5% | +28.8% | +30.7% | |
| Q4 2023 | +18.2% | +14.4% | +6.7% | |
| Q3 2023 | -16.7% | -15.5% | -6.8% | |
| Q2 2023 | +7.6% | +3.5% | +5.1% | |
| Q1 2023 | +1.0% | -1.4% | +19.0% | |
| Q4 2022 | -9.1% | -5.9% | -28.4% | |
| Q3 2022 | -6.1% | -10.2% | -5.3% | |
| Q2 2022 | -24.5% | -24.4% | -26.6% | |
| Q1 2022 | +7.5% | +2.3% | +7.3% | |
| Q4 2021 | +6.4% | +3.1% | +5.1% | |
| Q3 2021 | -2.7% | -1.2% | -2.9% | |
| Q2 2021 | -5.1% | -4.0% | +2.8% | |
| Q1 2021 | -11.8% | -12.2% | -7.9% | |
| Q4 2020 | -5.8% | -1.9% | -9.0% | |
| Q3 2020 | +0.1% | +2.5% | +10.6% | |
| Q2 2020 | +10.6% | +11.2% | +6.8% | |
| Q1 2020 | +6.2% | +3.8% | +17.3% | |
| Q4 2019 | +3.2% | +3.5% | -19.4% | |
| Q3 2019 | -7.8% | -9.4% | +5.2% | |
| Q2 2019 | +1.9% | -4.9% | +3.0% | |
| Q1 2019 | +13.1% | +19.7% | +14.7% | |
| Q4 2018 | +7.1% | +9.9% | +20.1% | |
| Q3 2018 | +22.0% | +23.5% | +20.4% | |
| Q2 2018 | -1.9% | +0.9% | +1.5% | |
| Q1 2018 | +8.9% | +13.3% | +15.6% | |
| Q4 2017 | -0.5% | -1.1% | -2.2% | |
| Q3 2017 | -9.7% | -7.8% | -1.0% | |
| Q2 2017 | -7.5% | -5.0% | +1.3% | |
| Q1 2017 | -3.2% | -3.2% | -8.5% | |
| Q4 2016 | -6.2% | -8.2% | -11.3% | |
| Q3 2016 | -12.0% | -9.9% | +21.1% | |
| Q2 2016 | -14.4% | -12.2% | -11.0% | |
| Q1 2016 | -2.6% | — | — | |
| Q4 2015 | -3.4% | — | — | |
| Q3 2015 | -4.0% | — | — | |
| Q2 2015 | +12.0% | — | — | |
| Q1 2015 | -4.3% | — | — | |
| Q4 2014 | -13.2% | — | — | |
| Q3 2014 | +0.4% | — | — | |
| Q2 2014 | +0.8% | — | — | |
| Q1 2014 | -11.5% | — | — | |
| Q4 2013 | +2.3% | — | — | |
| Q3 2013 | +3.0% | — | — | |
| Q2 2013 | -5.9% | — | — | |
| Q1 2013 | +12.2% | — | — | |
| Q4 2012 | -13.9% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2011 | +0.6% | — | — | |
| Q1 2012 | -4.6% | — | — | |
| Q4 2009 | -0.6% | — | — | |
| Q4 2011 | -0.6% | — | — | |
| Q3 2011 | -2.7% | — | — | |
| Q3 2010 | -2.7% | — | — | |
| Q2 2010 | -14.3% | — | — | |
| Q4 2010 | -14.3% | — | — | |
| Q2 2011 | -14.3% | — | — | |
| Q1 2010 | +6.7% | — | — |
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