Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q3 2024 Earnings Call November 5, 2024 10:00 AM ET
Company Participants
Tina Baginskis - Director, Investor Relations
Lasse Petterson - President and Chief Executive Officer
Scott Kornblau - Chief Financial Officer
Conference Call Participants
Joe Gomes - NOBLE Capital
Julio Romero - Sidoti & Company
Adam Thalhimer - Thompson Davis
Jon Tanwanteng - CJS
Operator
Good day and thank you for standing by. Welcome to the Q3 2024 Great Lakes Dredge & Dock Corporation Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Tina Baginskis, Director of Investor Relations. Please go ahead.
Tina Baginskis
Thank you. Good morning, and welcome to our third 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 had a strong third quarter, demonstrating excellent product performance and significant wins in the bid market. For the third quarter, we achieved net income of $8.9 million and adjusted EBITDA of $27 million. During the quarter, Great Lakes secured $543 million in new contracts, including 6 beach renourishment projects that captured 79% of the coastal protection market and 3 port deepening projects that accounted for 81% of the capital project bid market and a significant win was the large hopper dredge project, Sabine-Neches Contract 6 Deepening project with a total value of $235 million. That included both the base scope and open options.