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May 11, 2021 By John Shoulberg
Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, on May 4 reported net income of $8.8 million for the first quarter of 2021, on revenue of $177.6 million. A year ago, Great Lakes reported net income of $34 million on revenue of $217.7 million.
The company reported lower coastal protection and capital dredging revenue, offset by an increase in revenue from maintenance dredging projects. Two of the company’s dredges, the Carolina and Dredge 55, were in drydock for the entire quarter, but are expected to return to work in the second quarter. A year ago, there were no vessels in drydock during the first quarter.
(Photo: Georgia Ports Authority)
For dredging company officials, the first quarter of 2021 was a pretty good start to a new year. In a tough business, challenges and pitfalls are always expected. But from a bigger picture perspective markets, regulations and policies company officials couldn’t be faulted if a bit of optimism infused their worldview.
There are a number of reasons for this. Many are well known and don’t need to be detailed here. Just quickly, though, WRDA 2020 would be at the top of the list. WRDA, passed last December, provides new funding and policies that will expand dredging opportunities.
GLDD posts first quarter results – $177.6M revenue May 5, 2021, by Eldin Ganic
Great Lakes Dredge & Dock Corporation (GLDD) yesterday reported financial results for the quarter ended March 31, 2021, saying that the revenue was $177.6 million in the first quarter.
Commenting the latest report,
Lasse Petterson, President and Chief Executive Officer, said: “During 2020 as the COVID-19 pandemic hit our nation, Great Lakes was able to adjust and navigate the difficulties and challenges the pandemic posed to our operations. However, as the 3
rd wave of the pandemic spread through our population, we started to see significant additional direct costs and operational interruptions in the first quarter of 2021.”