![]() Included in the $234 million of award announcements is the $70 million San Jacinto Emergency Flood Protection project. We have commenced execution on several of these projects and have entered a heavy bidding period for additional complex port deepening and coastal protection and restoration projects in the latter half of 2018. Five of the seven projects, with a total value of $150 million, were added to backlog during the second quarter. In July, we announced $234 million of awards in dredging contracts for seven projects. In addition to the stronger operational results that we have seen year to date, these restructuring efforts have allowed us to achieve the planned reduction in our net debt. We remain on track to recognize $20 million of cost savings during 2018, with a full run rate of $40 million expected by year end 2018 and recognized in 2019. During the quarter, we saw dredging margins increase over the prior year quarter and we continue to see the Ellis Island operate at her full design criteria.ĭuring the quarter, we also continued work on our restructuring plan, recognizing a charge of $0.5 million and $1.2 million positive impact on adjusted EBITDA from continuing operations. We look forward to high utilization during the remainder of 2018. June 2018 marked the beginning of our busiest time of the year including high activity on the Charleston Port Deepening project in South Carolina where we have two of our largest cutter dredges and one mechanical dredge in continuous operation. $70 million San Jacinto River project awarded subsequent to quarter end and will be added to backlog in third quarter.Ĭhief Executive Officer Lasse Petterson commented, “Today we announced another improved quarter. Backlog increased $22 million from previous quarter.Net debt decreased by $35 million as compared to year end 2017.Consolidated general and administrative expenses decreased by $2.1 million compared to the second quarter of 2017.Dredging segment’s gross margin percentage increased to 16.4% in the current quarter from 10.5% in the prior year quarter.Adjusted EBITDA from Continuing Operations was $21.4 million, a $6.3 million increase from the prior year quarter.Second Quarter Highlights (includes restructuring) ![]() ![]() For the three months ended June 30, 2018, Great Lakes reported revenue of $150.6 million, net loss from continuing operations of $1.0 million and Adjusted EBITDA from continuing operations of $21.4 million. ![]()
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