Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q2 2024 Results Conference Call August 6, 2024 10:00 AM ET
Company Participants
Tina Baginskis - Director, IR
Lasse Petterson - President and CEO
Scott Kornblau - CFO
Conference Call Participants
Adam Thalhimer - Thompson Davis
John Tanwanteng - CJS Securities
Julio Romero - Sidoti & Company
Joe Gomes - NOBLE Capital
Operator
Good day, and thank you for standing by. Welcome to the Q2 2024 Great Lakes Dredge & Dock Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.
I would now like to hand the conference to your first speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.
Tina Baginskis
Thank you. Good morning, and welcome to our second quarter 2024 conference call. Joining me on this 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 Dredge & Dock delivered solid second quarter results driven by excellent project performance, well-executed dry-dock program and disciplined cost control. For the second quarter, we achieved net income of $7.7 million and adjusted EBITDA of $25.8 million. This is a very strong result considering we had pre dredges in dry-dock in preparation for the new capital LNG projects, which have commenced in full now in the third quarter.
With a record 2024 U.S. Army Corps of Engineers' budget of $8.7 billion, the bid market has been robust for the first half of the year and is expected to remain so for the rest of the year, particular in our prime markets for capital port deepenings and coastal protection projects.