Great Lakes Dredge & Dock Corporation (“Great Lakes” or the
“Company”) (Nasdaq: GLDD), the largest provider of dredging
services in the United States, today reported financial results for
the quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Revenue was $132.7 million for the second quarter
- Total operating income was $3.7 million for the second
quarter
- Net income was $1.7 million for the second quarter
- Adjusted EBITDA was $16.6 million for the second quarter
Management Commentary
Lasse Petterson, President and Chief Executive Officer
commented, “The second quarter reflects improved performance,
resulting in improved net income and our highest adjusted EBITDA
since the first quarter of 2022. Although not all challenges are
behind us, our solid quarter is a result of improved project
performance and weather conditions and the benefits from our cost
savings initiatives. Great Lakes ended the quarter with $434.6
million of dredging backlog, which does not include approximately
$50.0 million dollars of performance obligations related to
offshore wind contracts and $487.3 million in low bids and options
pending award. Dredging backlog includes the Freeport Reach
Deepening job which was awarded to Great Lakes for $157.4 million,
which, at the time, was the third largest domestic capital project
the Company has won in its history.
Included in our low bids pending are two liquefied natural gas
("LNG") projects that have been awaiting Notice to Proceed from our
clients. Post quarter end, in July 2023, Great Lakes received
Notice to Proceed on the Rio Grande LNG project, which will now be
the largest project undertaken in our history. Work on this project
is anticipated to start later this year. Post quarter end Great
Lakes was low bidder on an additional $137.0 million of project
work. Currently, backlog and recent pending awardable work is
estimated to be approximately $900 million.
We are executing on our strategy to enter the fast-growing U.S.
offshore wind market. On July 20, 2023, we were honored to
have President Biden attend the steel cutting ceremony for Great
Lakes’ offshore wind rock installation vessel, the Acadia, which
marks another step forward as construction begins with expected
delivery in 2025. In addition, post quarter end, Great Lakes signed
the first ever subcontract for procurement of rock with Carver Sand
& Gravel LLC, a U.S. quarry in the state of New York. Both of
these milestones solidify our entry into the offshore wind market
and will support Great Lakes' awarded rock installation contracts
for the Empire Wind I and II projects with installation windows in
2025 and 2026.
We continue to be proactive on cost reductions and fleet
adjustments including cold stacking of vessels, and we have
adjusted our general and administrative, overhead cost structures
and dredging fleet to reflect the changed market conditions coming
into 2023. Cold stacked vessels can easily be reactivated as the
market continues to improve. These initiatives have led to
substantially reduced costs in 2023 which has allowed us to
navigate impacts from a delayed 2022 bid market and continue our
fleet renewal program which remains on budget with our mid-size
hopper dredge, the Galveston Island, expected to be operational in
the second half 2023 and her sistership, the Amelia Island, has
expected delivery in 2025.
So far this year we have seen a strong overall bid market
including a number of large capital projects. We expect that this,
combined with the fleet adjustments and the cost reduction and
production initiatives we have in place, will continue to provide
improved results into the future."
Operational Update
- Revenue was $132.7 million, a decrease of $16.7 million from
the second quarter of 2022. The lower revenue in the second quarter
of 2023 was due primarily to lower domestic capital project
revenue, offset partially by an increase in coastal protection and
maintenance project revenue.
- Gross profit was $17.9 million, an increase of $7.4 million
compared to the gross profit from the second quarter of 2022. Gross
margin percentage increased to 13.5% in the second quarter of 2023
from 7.0% in the second quarter of 2022 partially due to improved
project performance. In addition, operating costs were
significantly lower due to our continued focus on cost reduction,
as well as improved project performance and fewer drydockings in
the current year quarter. In the quarter we recorded a $2.4 million
gain related to a legal settlement on a previously completed and
closed project.
- Operating income was $3.7 million, which is a $4.0 million
increase compared with the operating loss from the prior year
quarter. The quarter over quarter increase is a result of
$7.4 million higher gross margin, offset partially by higher
general and administrative expenses primarily due to a one-time
non-recurring adjustment in the prior year quarter, higher office
rent due to the expansion of our Houston headquarters and lower
incentive pay and profit sharing in the prior year quarter.
- Net income for the quarter was $1.7 million, which is a $5.7
million increase compared to net loss of $4.0 million in the prior
year second quarter.
- At June 30, 2023, the Company had $42.1 million in cash and
cash equivalents and total debt of $376.8 million, and availability
under its revolving credit facility of $190.7 million with $55.0
million of draws outstanding.
- At June 30, 2023, the Company had $434.6 million in dredging
backlog as compared to $377.1 million at December 31, 2022. Low
bids and options pending award totaled $487.3 million as of June
30, 2023.
- Total capital expenditures for second quarter of 2023 were
$19.4 million compared to $39.2 million in 2022. The 2023 capital
expenditures included $12.5 million for the Amelia Island, $2.0
million for the Galveston Island, and $1.0 million for the build of
the subsea rock installation vessel, the Acadia.
Market Update
We continue to see strong support from the Biden Administration
and Congress for the dredging industry. In December 2022, the
Omnibus Appropriations Bill for fiscal year 2023 was signed into
law which included another record budget of $8.66 billion for the
U.S. Army Corps of Engineers (the "Corps") civil works program of
which $2.32 billion is provided for the Harbor Maintenance Trust
Fund (“HMTF”) to maintain and modernize our nation’s waterways. In
addition, the Disaster Relief Supplemental Appropriations Act for
fiscal year 2023 was approved which included $1.48 billion for the
Corps to make necessary repairs to infrastructure impacted by
hurricanes and other natural disasters and to initiate beach
renourishment projects that will increase coastal resiliency. Some
related projects for beach renourishment have come to bid and we
expect to see additional beach renourishment work in the second
half of the year. This increased budget and additional funding has
resulted in a strong bid market in the first half 2023, which we
expect will continue for the remainder of the year.
The total bid market for the six months ended June 30, 2023, was
$930.4 million, of which Great Lakes won 33.6% of the market.
The increase in the bid market was driven by a strong capital
market which has already seen six bids for port improvement
projects including Freeport, San Juan, Norfolk and Jacksonville.
The total capital bid market for port improvement projects for the
first half of the year totaled $315.1 million of which 55.7% of the
market year to date was won by Great Lakes. We expect the budgeted
appropriations to support the funding of several previously delayed
capital port improvement projects including Sabine, Houston, Corpus
Christi, and additional phases of Norfolk that are still expected
to bid before the end of 2023.
In March 2023, President Biden released the President’s Fiscal
Year 2024 executive budget. The proposed amount for the Corps
targets $7.4 billion, which is a record amount for a President's
budget. In June 2023, the House proposed an increased 2024 budget
of $9.6 billion for the Corps, which is $910 million above
fiscal year 2023 and includes $2.8 billion for the HMTF and $1.5
billion for flood and storm damage reduction. In July 2023, the
budget passed the Senate Committee on Appropriations which targets
$8.9 billion for the Corps. This will move to the Senate floor for
further deliberation and consideration. This proposed budget
is expected to provide for a strong 2024 bid market.
At the end of 2022, the Water Resources Development Act of 2022,
or WRDA 2022, was approved by Congress and signed into law by the
President. WRDA 2022 is on a two-year renewal cycle and includes
legislation that authorizes the financing of Corps’ projects for
flood and hurricane protection, dredging, ecosystem restoration and
other construction projects. WRDA 2022 featured among many other
things authorization for New York and New Jersey shipping channels
to be deepened to 55 feet, estimated at $6 billion, as well as the
Coastal Texas Protection and Restoration Program, estimated at
$34.4 billion which includes dune and marsh restoration to
safeguard the Texas Gulf Coast from hurricane surges. In addition,
this legislation includes policy changes that will allow future
port, waterways, and coastal projects to be more readily approved
and funded.
In 2021, the Biden Administration announced the ambitious goal
of 30 GW of offshore wind by 2030 and provided $3.0 billion in
federal loan guarantees for offshore wind projects. As stated
previously, Great Lakes was awarded the rock installation contracts
for the Empire Wind I and II projects, with installation windows in
2025 and 2026, which is expected to power more than 1 million homes
in the State of New York. In July 2023, the Federal Government
further showed their support for offshore wind by providing
approval for New Jersey’s first offshore wind farm to begin
construction, which is the first of at least three more projects
that the state has planned on the East Coast. Also in July 2023,
the Department of the Interior issued the final sale notice for the
first-ever offshore wind lease sale in the Gulf of Mexico, which
will take place at the end of August. This historic sale has an
estimated clean energy potential to power almost 1.3 million homes.
This lease will include one lease area of 102,480 acres offshore
Lake Charles, Louisiana, and two lease areas totaling nearly
200,000 acres offshore Galveston, Texas. Great Lakes continues to
tender bids on multiple offshore wind projects for our subsea rock
installation vessel and additional contract awards are anticipated
in 2023.
The Company will be holding a conference call at 9:00 a.m.
C.D.T. today, August 1, 2023, 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 Tuesday, August 1, 2023, at 9:00 a.m. C.D.T (10:00 a.m.
E.D.T.). Investors and analysts are encouraged to pre-register for
the conference call by using the link below. Participants who
pre-register will be given a unique PIN to gain immediate access to
the call. Pre-registration may be completed at any time up to the
call start time.
To pre-register, go to
https://register.vevent.com/register/BIabb3d057c7e84c51b2a20c2b0ca3887d.
The live call and replay can also be heard at
https://edge.media-server.com/mmc/p/eaob2spr and on the
Company’s website, www.gldd.com, under Events on the Investor
Relations page. A copy of this press release will be available on
the Company’s website.
Use of Non-GAAP measures
Adjusted EBITDA, as provided herein, represents net income
(loss) from continued operations, 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 is not a measure
derived in accordance with GAAP. The Company presents Adjusted
EBITDA as an additional measure by which to evaluate the Company's
operating trends. The Company believes that Adjusted EBITDA is a
measure frequently used to evaluate performance of companies with
substantial leverage and that the Company's primary stakeholders
(i.e., its stockholders, bondholders and banks) use Adjusted EBITDA
to evaluate the Company's period to period performance.
Additionally, management believes that Adjusted EBITDA 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 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, 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
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 (loss) to measure the Company's operating
performance and uses Adjusted EBITDA only as a supplement. Adjusted
EBITDA 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 is the largest provider of dredging services
in the United States, which is complemented with a long history of
performing significant international projects. In addition, Great
Lakes is fully engaged in expanding its core business into the
rapidly developing offshore wind energy industry. The Company
employs experienced civil, ocean and mechanical engineering staff
in its estimating, production and project management
functions. In its over 133-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 approximately 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-and 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 are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining of these terms or comparable
language, or by discussion of strategy or intentions. These
cautionary statements 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: project delays related
to the increasingly negative impacts of climate change or other
unusual, non-historical weather patterns; rising costs related to
inflation, particularly with the cost of materials needed for
general maintenance of our dredges and increasing costs to
operate and maintain aging vessels and comply with applicable
regulations or standards; the inability of our largest customer,
the Corps, to bring projects to market; impacts to our supply chain
for procurement of new vessel build materials or maintenance on our
existing vessels; the timing of our performance on contracts and
new contracts being awarded to us; equipment or mechanical
failures: our ability to obtain and retain federal government
dredging and other contracts, which is impacted by the amount of
government funding for dredging and other projects and the degree
to which government funding is directed to the Corps and certain
other customers, which in turn could be impacted by extended
federal government shutdowns or declarations of additional national
emergencies; impairments of our goodwill or other intangible
assets; our ability to qualify as an eligible bidder under
government contract criteria and to compete successfully against
other qualified bidders in order to obtain government dredging and
other contracts; cost over-runs, operating cost inflation and
potential claims for liquidated damages, particularly with respect
to our fixed cost contracts; significant liabilities that could be
imposed were we to fail to comply with government contracting
regulations, including proposed regulations which may be
promulgated capital and operational costs due to environmental
regulations; market and regulatory responses to climate change
including proposed regulations concerning emissions reporting and
future emissions reduction goals; contract penalties for any
projects that are completed late; force majeure events, including
natural disasters, pandemics and terrorists’ actions; changes in
the amount of our estimated backlog; significant negative changes
to large, single customer contracts; our ability to obtain
financing for the construction of new vessels, including our new
offshore wind vessel; potential inability to secure contracts to
utilize our new offshore wind vessel; unforeseen delays and cost
overruns related to maintenance of our existing vessels and
the construction of new vessels, including potential mechanical and
engineering issues, supply chain issues and unforeseen
changes in environmental regulations; any failure to comply with
Section 27 of the Jones Act provisions on coastwise trade, or if
those provisions were modified or repealed; adverse rulings by
Customs and Border Protection concerning the Jones Act or other
matters impacting our business; fluctuations in fuel prices,
particularly given our dependence on petroleum-based products;
impacts of nationwide inflation on procurement of new build
materials; 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;
acquisition integration and consolidation, including transaction
expenses, unexpected liabilities and operational challenges and
risks; divestitures and discontinued operations, including retained
liabilities from businesses that we sell or discontinue; potential
penalties and reputational damage as a result of legal and
regulatory proceedings; any liabilities imposed on us for the
obligations of joint ventures, partners and subcontractors;
increased costs of certain material used in our operations due to
newly imposed tariffs; unionized labor force work stoppages; any
liabilities for job-related claims under federal law, which does
not provide for the liability limitations typically present under
state law; operational hazards, including any liabilities or losses
relating to personal or property damage resulting from our
operations; our ability to identify and contract with qualified MBE
or DBE contractors to perform as subcontractors; our substantial
amount of indebtedness, which makes us more vulnerable to adverse
economic and competitive conditions; restrictions on the operation
of our business imposed by financing covenants; impacts of adverse
capital and credit market conditions on our ability to meet
liquidity needs and access capital; our ability to maintain or
expand our credit capacity; limitations on our hedging strategy
imposed by statutory and regulatory requirements for derivative
transactions; foreign exchange risks, in particular, as it relates
to the new offshore wind vessel build; losses attributable to our
investments in privately financed projects; restrictions on foreign
ownership of our common stock; restrictions imposed by Delaware law
and our charter on takeover transactions that stockholders may
consider to be favorable; restrictions on our ability to declare
dividends imposed by our financing agreements and Delaware law;
significant fluctuations in the market price of our common stock,
which may make it difficult for holders to resell our common stock
when they want or at prices that they find attractive; changes in
previous recorded net revenue and profit as a result of the
significant estimates made in connection with our methods of
accounting for recognized revenue; maintaining an adequate level of
insurance coverage; our ability to find, attract and retain key
personnel and skilled labor; disruptions, failures, data
corruptions, cyber-based attacks or security breaches of the
information technology systems on which we rely to conduct our
business; and the impact of COVID-19 or new worldwide infections
and related responsive measures, including negative supply chain
impacts. 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,
2022.
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.
Great Lakes Dredge & Dock Corporation |
|
Condensed Consolidated Statements of
Operations |
|
(Unaudited and in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Contract revenues |
$ |
132,667 |
|
|
$ |
149,428 |
|
|
$ |
290,711 |
|
|
$ |
343,777 |
|
Gross profit |
|
17,899 |
|
|
|
10,481 |
|
|
|
30,034 |
|
|
|
43,536 |
|
General and administrative
expenses |
|
14,462 |
|
|
|
10,820 |
|
|
|
27,479 |
|
|
|
25,424 |
|
(Gain) loss on sale of
assets—net |
|
(243 |
) |
|
|
3 |
|
|
|
(261 |
) |
|
|
(318 |
) |
Operating income (loss) |
|
3,680 |
|
|
|
(342 |
) |
|
|
2,816 |
|
|
|
18,430 |
|
Interest expense—net |
|
(3,175 |
) |
|
|
(3,424 |
) |
|
|
(6,560 |
) |
|
|
(7,449 |
) |
Other income (expense) |
|
2,024 |
|
|
|
(1,120 |
) |
|
|
2,251 |
|
|
|
(1,525 |
) |
Income (loss) before income taxes |
|
2,529 |
|
|
|
(4,886 |
) |
|
|
(1,493 |
) |
|
|
9,456 |
|
Income tax (provision)
benefit |
|
(796 |
) |
|
|
853 |
|
|
|
(5 |
) |
|
|
(2,432 |
) |
Net income (loss) |
$ |
1,733 |
|
|
$ |
(4,033 |
) |
|
$ |
(1,498 |
) |
|
$ |
7,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
Basic weighted average shares |
|
66,462 |
|
|
|
66,071 |
|
|
|
66,363 |
|
|
|
65,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
0.11 |
|
Diluted weighted average shares |
|
66,805 |
|
|
|
66,071 |
|
|
|
66,363 |
|
|
|
66,480 |
|
Great Lakes Dredge & Dock Corporation |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
1,733 |
|
|
$ |
(4,033 |
) |
|
$ |
(1,498 |
) |
|
$ |
7,024 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense—net |
|
3,175 |
|
|
|
3,424 |
|
|
|
6,560 |
|
|
|
7,449 |
|
Income tax provision (benefit) |
|
796 |
|
|
|
(853 |
) |
|
|
5 |
|
|
|
2,432 |
|
Depreciation and amortization |
|
10,937 |
|
|
|
11,614 |
|
|
|
21,787 |
|
|
|
22,930 |
|
Adjusted EBITDA |
$ |
16,641 |
|
|
$ |
10,152 |
|
|
$ |
26,854 |
|
|
$ |
39,835 |
|
Great Lakes Dredge & Dock Corporation |
|
Selected Balance Sheet Information |
|
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
$ |
42,066 |
|
|
$ |
6,546 |
|
Total current assets |
|
|
|
|
|
190,358 |
|
|
|
182,841 |
|
Total assets |
|
|
|
|
|
1,007,596 |
|
|
|
981,780 |
|
Total current liabilities |
|
|
|
|
|
141,331 |
|
|
|
160,333 |
|
Total long-term debt |
|
|
|
|
|
376,795 |
|
|
|
321,521 |
|
Total equity |
|
|
|
|
|
368,522 |
|
|
|
368,220 |
|
Great Lakes Dredge & Dock Corporation |
Revenue and Backlog Data |
(Unaudited and in thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
Revenues |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Dredging: |
|
|
|
|
|
|
|
|
|
|
|
Capital -
U.S. |
$ |
38,157 |
|
|
$ |
89,693 |
|
|
$ |
70,632 |
|
|
$ |
190,704 |
|
Coastal
protection |
|
56,490 |
|
|
|
45,119 |
|
|
$ |
107,795 |
|
|
|
117,036 |
|
Maintenance |
|
35,809 |
|
|
|
12,648 |
|
|
$ |
107,737 |
|
|
|
32,460 |
|
Rivers & lakes |
|
2,211 |
|
|
|
1,968 |
|
|
$ |
4,547 |
|
|
|
3,577 |
|
Total
revenues |
$ |
132,667 |
|
|
$ |
149,428 |
|
|
$ |
290,711 |
|
|
$ |
343,777 |
|
|
|
|
|
|
As of |
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
Backlog |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Dredging: |
|
|
|
|
|
|
|
|
|
|
|
|
Capital -
U.S. |
|
|
|
|
$ |
243,646 |
|
|
$ |
148,429 |
|
|
$ |
246,042 |
|
Coastal
protection |
|
|
|
|
|
34,835 |
|
|
|
97,819 |
|
|
$ |
76,978 |
|
Maintenance |
|
|
|
|
|
147,143 |
|
|
|
125,671 |
|
|
$ |
43,561 |
|
Rivers & lakes |
|
|
|
|
|
8,931 |
|
|
|
5,221 |
|
|
$ |
7,220 |
|
Total backlog |
|
|
|
|
$ |
434,555 |
|
|
$ |
377,140 |
|
|
$ |
373,801 |
|
For further information contact: Tina
BaginskisDirector, Investor
Relations630-574-3024
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