Great Lakes Dredge & Dock Corporation today announced results for the quarter ended September 30, 2017, reporting revenue of $163.3 million, net loss from continuing operations of $4.9 million and Adjusted EBITDA from continuing operations of $11.3 million.
Chief Executive Officer, Lasse Petterson , said: “As communicated in our recent Business Update, we have completed an extensive analysis of the overall Company focused on improving the Company’s results in both the domestic and international markets, allowing us to focus on reducing debt, improving return on capital and enhancing our fleet.”
“In the third quarter of 2017, we recognized a $2.0 million restructuring charge, related entirely to severance. We anticipate that this restructuring charge will total approximately $42-47 million with $39-44 million projected to be non-cash. As stated, we estimate that this restructuring will result in annual EBITDA cost savings of approximately $40 million to be fully realized in 2019.
“These savings are expected to be approximately $16 million of operational improvement to direct costs, approximately $9 million of asset based optimization and approximately $15 million of streamlined overhead and G&A costs.”
Chief Financial Officer, Mark Marinko , added: “During the third quarter of 2017, we experienced delays associated with Hurricanes Harvey, Irma, Maria and Jose, which caused work stoppage on our projects in the impacted areas.”
Third Quarter Highlights
Dredging
Total Company