Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q1 2023 Earnings Conference Call May 2, 2023 10:00 AM ET

Company Participants

Tina Baginskis - Director of Investor Relations

Lasse Petterson - President and Chief Executive Officer

Scott Kornblau - Senior Vice President and Chief Financial Officer

Conference Call Participants

Joe Gomes - Noble Capital Markets

Adam Thalhimer - Thompson, Davis & Company, Inc.

Jonathan Tanwanteng - CJS Securities, Inc.

Operator

Good day, and thank you for standing by. Welcome to the Q1 2023 Great Lakes Dredge & Dock Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.

Tina Baginskis

Thank you. Good morning, and welcome to our first quarter 2023 conference call. Joining me on the 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 market. 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 involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. 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.

During 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.

With that, I will turn the call over to Lasse.

Lasse Petterson

Thank you, Tina. As stated in our press release, we reported improved results in the first quarter of 2023. The company showed improvements in gross profit margins and adjusted EBITDA compared to each of the prior three quarters. In this winter quarter, we continued to face weather challenges on projects in the Northeast. 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. We ended the quarter with revenues of $158 million and EBITDA of $10.2 million.