Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET

Company Participants

Tina Baginskis - Director, IR
Lasse Petterson - President and CEO
Scott Kornblau - CFO

Conference Call Participants

Joe Gomes - Noble Capital
Jon Tanwanteng - CJS Securities
Adam Thalhimer - Thompson Davis

Operator

Good day and thank you for standing by. Welcome to the Q1 2024 Great Lakes Dredge & Dock Corp. Earnings Call Conference Call. At this time, everybody is in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference call is being recorded.

I would now like to hand over the conference to our first speaker today, Tina Baginskis, Director of Investor Relations. Go ahead Tina.

Tina Baginskis

Thank you. Good morning and welcome to our first quarter 2024 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 2023 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. Great Lakes concluded the first quarter with good financial results, marking the best EBITDA quarter since the fourth quarter of 2021. During the quarter, the majority of our fleets were active on projects and performing well.

Additionally, our new hopper dredge, the Galveston Island was successfully commissioned and started operations contributing to the project performance in the first quarter. After suffering the after effects of COVID and delays in bidding on major projects from the Army Corps of Engineers the last two years, we are now back to more normal operations.