Great Lakes Dredge & Dock Corp. (GLDD, Financial) filed Quarterly Report for the period ended 2010-06-30.
Great Lakes Dredge & Dock Corp. has a market cap of $312.1 million; its shares were traded at around $5.33 with a P/E ratio of 13.7 and P/S ratio of 0.5. The dividend yield of Great Lakes Dredge & Dock Corp. stocks is 1.3%.GLDD is in the portfolios of Paul Tudor Jones of The Tudor Group, George Soros of Soros Fund Management LLC.
Gross profit for the 2010 second quarter, increased by 21% to $34.6 million from $28.6 million in 2009, primarily as a result of increased revenue. Gross profit margin (gross profit divided by revenue) decreased slightly to 19.2% from 20% for the same period last year primarily due to the reduced activity in the Middle East that resulted in certain vessels being idle. Gross profit for the six months ended June 30, 2010 increased by $9.5 million to $65.1 million from $55.6 million from the same 2009 period and gross profit margin increased to 19.0% from 17.3.%. The increase in gross profit margin resulted from several factors, including favorable project mix and good project execution. In addition, 2009 gross profit margin was negatively affected when a portion of the one of the Companys largecontracts in Bahrain was reclassified from backlog to an option, reducing the project scope and decreasing the overall project margin. The demolition units gross profit for the first six months improved as that units 2009 gross profit was negatively impacted by a write-off related to a large development contract that had been delayed due to the economic downturn.
Net interest expense of $3.0 million and $6.2 million for the three and six months ended June 30, 2010 was down compared to $4.7 million and $9.0 million for the same 2009 periods, due partly to the lack of borrowings on the Companys revolving credit facility for most of 2010. In addition, the Company recorded gains on its interest rate swaps which were favorable by $1.4 million and $2.2 million for the three and six months ended June 30, 2010, respectively.
Net income attributable to Great Lakes Dredge & Dock Corporation was $10.8 million and earnings per diluted share of $0.18 for the 2010 second quarter in comparison to $7.4 million and $0.13 for the same 2009 period. Net income attributable to Great Lakes Dredge & Dock Corporation and earnings per diluted share for the six months ended June 30, 2010 was $20.1 million and $0.34, respectively, compared to $14.7 million and $0.25 for the same 2009 period.
Dredging revenues for the three and six months ended June 30, 2010 were $165.6 million and $314.6 million, respectively, compared to $128.5 million and $294.8 million for the same periods of 2009. Dredging revenues for the six months ended June 30, 2010 were driven by increased beach and capital projects as foreign work and maintenance work declined. The dredging segment generated operating income of $21.5 million and $41.0 million for the three and six months ended June 30, 2010 compared to operating income of $16.8 million and $35.8 million for the same periods of 2009, due to increased revenue, favorable project mix and good project execution on a number of domestic capital dredging and beach nourishment projects.
Demolition revenues for the three months and six months ended June 30, 2010 totaled $14.5 million and $26.9 million, respectively compared to $13.9 million and $26.8 million for the same 2009 periods. The demolition segment generated an operating loss of $1.2 million and $1.4 million for the three and six months ended June 30, 2010, respectively compared to an operating loss of $0.04 million and $2.6 million for the same periods of 2009. The 2010 operating loss was primarily attributable to unanticipated costs related to a bridge demolition project, one of the demolition segments first projects of this type. Operating income in 2010 continues to be negatively impacted by the lower level of activity from the economic downturn relative to fixed costs. 2009 results include contract losses related to a large development project in downtown Boston that had been delayed due to the economic downturn.
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Great Lakes Dredge & Dock Corp. has a market cap of $312.1 million; its shares were traded at around $5.33 with a P/E ratio of 13.7 and P/S ratio of 0.5. The dividend yield of Great Lakes Dredge & Dock Corp. stocks is 1.3%.GLDD is in the portfolios of Paul Tudor Jones of The Tudor Group, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Capital projects include large port deepenings and other infrastructure projects including land reclamations. Domestic capital dredging revenue nearly doubled to $72.2 million in the 2010 second quarter compared to $37.7 million for the same period in 2009. Domestic capital dredging revenue increased 26% to $116.3 million for the six months ended June 30, 2010 from $92.2 million for the same 2009 period. Domestic capital revenue in the quarter and year to date was primarily generated by projects in the Ports of New York, New Jersey and Jacksonville, Florida and coastal restoration in Louisiana. Foreign revenue decreased $31.9 million and $50.6 million, or 70% and 56%, in the 2010 second quarter and first half, respectively, compared to the same 2009 periods. Foreign revenue has declined due to the slowdown of work in the Middle East region since the middle of 2009. Foreign revenue was driven by three projects in Bahrain and one project in the United Arab Emirates.Gross profit for the 2010 second quarter, increased by 21% to $34.6 million from $28.6 million in 2009, primarily as a result of increased revenue. Gross profit margin (gross profit divided by revenue) decreased slightly to 19.2% from 20% for the same period last year primarily due to the reduced activity in the Middle East that resulted in certain vessels being idle. Gross profit for the six months ended June 30, 2010 increased by $9.5 million to $65.1 million from $55.6 million from the same 2009 period and gross profit margin increased to 19.0% from 17.3.%. The increase in gross profit margin resulted from several factors, including favorable project mix and good project execution. In addition, 2009 gross profit margin was negatively affected when a portion of the one of the Companys largecontracts in Bahrain was reclassified from backlog to an option, reducing the project scope and decreasing the overall project margin. The demolition units gross profit for the first six months improved as that units 2009 gross profit was negatively impacted by a write-off related to a large development contract that had been delayed due to the economic downturn.
Net interest expense of $3.0 million and $6.2 million for the three and six months ended June 30, 2010 was down compared to $4.7 million and $9.0 million for the same 2009 periods, due partly to the lack of borrowings on the Companys revolving credit facility for most of 2010. In addition, the Company recorded gains on its interest rate swaps which were favorable by $1.4 million and $2.2 million for the three and six months ended June 30, 2010, respectively.
Net income attributable to Great Lakes Dredge & Dock Corporation was $10.8 million and earnings per diluted share of $0.18 for the 2010 second quarter in comparison to $7.4 million and $0.13 for the same 2009 period. Net income attributable to Great Lakes Dredge & Dock Corporation and earnings per diluted share for the six months ended June 30, 2010 was $20.1 million and $0.34, respectively, compared to $14.7 million and $0.25 for the same 2009 period.
Dredging revenues for the three and six months ended June 30, 2010 were $165.6 million and $314.6 million, respectively, compared to $128.5 million and $294.8 million for the same periods of 2009. Dredging revenues for the six months ended June 30, 2010 were driven by increased beach and capital projects as foreign work and maintenance work declined. The dredging segment generated operating income of $21.5 million and $41.0 million for the three and six months ended June 30, 2010 compared to operating income of $16.8 million and $35.8 million for the same periods of 2009, due to increased revenue, favorable project mix and good project execution on a number of domestic capital dredging and beach nourishment projects.
Demolition revenues for the three months and six months ended June 30, 2010 totaled $14.5 million and $26.9 million, respectively compared to $13.9 million and $26.8 million for the same 2009 periods. The demolition segment generated an operating loss of $1.2 million and $1.4 million for the three and six months ended June 30, 2010, respectively compared to an operating loss of $0.04 million and $2.6 million for the same periods of 2009. The 2010 operating loss was primarily attributable to unanticipated costs related to a bridge demolition project, one of the demolition segments first projects of this type. Operating income in 2010 continues to be negatively impacted by the lower level of activity from the economic downturn relative to fixed costs. 2009 results include contract losses related to a large development project in downtown Boston that had been delayed due to the economic downturn.
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