We ended the quarter with $327.1 million of dredging backlog, which does not include approximately $50 million of performance obligation related to offshore wind contracts. In the first quarter of 2023, we had a total bid market that reached over $300 million, which is approximately $125 million greater than the first quarter of 2022, and we were low bidder on 41% of this market. Fortunately, we have started to see positive developments in 2023 with both a larger number of projects coming out to bid and a better mix of projects coming to the market. Our fleet utilization in the first quarter was strong, but project revenues came primarily from maintenance projects, which typically provide lower margin work. We ended the quarter with revenues of $158 million and EBITDA of $10.2 million. And as in the previous quarter, we had a lower-than-normal amount of capital work due to the delay in the bid market for large port deepenings and coastal protection projects in 2022. In this winter quarter, we continued to face weather challenges on projects in the Northeast. The company showed improvements in gross profit margins and adjusted EBITDA compared to each of the prior three quarters. As stated in our press release, we reported improved results in the first quarter of 2023. With that, I will turn the call over to Lasse. Certain risk factors inherent in our business are set forth in our earnings release and in filings with the SEC, including our 2022 Form 10-K and subsequent filings.ĭuring this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website, along with certain other operating data. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Following their comments, there will be an opportunity for questions.ĭuring this call, we will make certain forward-looking statements to help you understand our business.
MOVING DOCK TOSIDE UPDATE
Lasse will conclude with an update on the outlook for the business and market.
Then Scott will continue with an update on our financial results for the quarter. Lasse will provide an update on the events of the quarter. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Petterson and our Chief Financial Officer, Scott Kornblau. Good morning, and welcome to our first quarter 2023 conference call. I would now like to hand the conference over to your speaker today, Tina Baginskis, Director of Investor Relations. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Welcome to the Q1 2023 Great Lakes Dredge & Dock Corporation Earnings Conference Call. Jonathan Tanwanteng - CJS Securities, Inc.
Scott Kornblau - Senior Vice President and Chief Financial OfficerĪdam Thalhimer - Thompson, Davis & Company, Inc. Lasse Petterson - President and Chief Executive Officer Tina Baginskis - Director of Investor Relations Great Lakes Dredge & Dock Corporation ( NASDAQ: GLDD) Q1 2023 Earnings Conference Call 10:00 AM ET
0 kommentar(er)
