Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q1 2020 Earnings Conference Call - Final Transcript

May 05, 2020 • 10:00 am ET


Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Good morning, ladies and gentlemen, and welcome to the Q1 2020 Great Lakes Dredge & Dock Corp. Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to our host, Ms. Baginskis. You may begin.

Tina Baginskis

Good morning, and welcome to our quarterly conference call. Joining me on the call this morning is our Chief Executive Officer and President, Lasse Petterson; and our Chief Financial Officer, Mark Marinko. Lasse will provide an update on the events of the quarter, then Mark will continue with an update on our financial results of the quarter. Lasse will conclude with an update on the outlook for the business and market for the remainder of 2020.

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 2019 Form 10-K and subsequent filings.

During this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA from continuing operations, which are explained in the net income to adjusted EBITDA from continuing operations 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. First and foremost, I'd like to recognize that the COVID-19 pandemic has impacted every facet of life in this country. At Great Lakes Dredge & Dock, we've been very fortunate to be able to continue working on a federally designated critical infrastructure company, which means that we were able to keep all of our projects progressing on schedule. We're taking steps during the crisis to ensure the continuing safety of all our employees, especially those dedicated employees that continue to work on our vessel and -- vessels and on our project sites.

In our Oak Brook office, we asked staff to work remotely, and they have effectively transitioned and have continued to work seamlessly in this situation. Further, as it relates to our job sites and vessel crews, we have reviewed and strengthened our safety procedures and adhere to CDC guidelines. I will expand on this in the latter part of the call.

Turning to our financial results. The first quarter of 2020 was an exceptional quarter, driven by strong project performance and the continuous employment of all our vessels on ongoing projects. As stated in our earnings release, net income from continuing operations year to date was $34 million and year-to-date adjusted EBITDA from continuing operations of $61.4 million, which reflects a 40% increase over