Q2 2024 Great Lakes Dredge & Dock Corp Earnings Call Transcript
Key Points
- Great Lakes Dredge & Dock Corp (GLDD) delivered solid second quarter results with net income of $7.7 million and adjusted EBITDA of $25.8 million.
- The company has a strong dredging backlog of $807.9 million, with 85% in capital projects.
- The new hopper dredge, Galveston Island, contributed strongly to the solid project performance in the second quarter.
- The US Army Corps of Engineers budget of $8.7 billion for 2024 has created a robust bid market, supporting GLDD's operations.
- GLDD has secured additional liquidity with a $150 million second lien credit agreement to support its newbuild program and financial flexibility.
- Second quarter 2024 G&A expenses increased by $1.7 million compared to the same quarter last year, primarily due to higher employee benefit and incentive costs.
- Net interest expense for the second quarter 2024 increased to $4.2 million from $3.2 million in the second quarter of 2023.
- The Biden Administration's temporary pause on approving new LNG export licenses poses a potential risk to future projects.
- The company had to push some planned maintenance from Q2 to Q3, which may impact third-quarter performance.
- There is uncertainty in the offshore wind market, which could affect the utilization of the Acadia vessel in the short term.
Good day, and thank you for standing by. Welcome to the Q2 2024 Great Lakes Dredge & Dock earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference to your first speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to our second quarter 2024 conference call. Joining me on this call this morning is our President and Chief Executive Officer, Lasse Petterson; and our Chief Financial Officer, Scott Kornblau. Lasse will provide an update on the events of the quarter. Then Scott will continue with an update on our financial results for the quarter. Lasse will conclude with an update on the outlook for the business and markets.
Following their comments, there will be an opportunity for questions. During this call, we will make certain forward-looking statements to help you understand our business. These statements
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