Great Lakes Dredge & Dock Corporation (GLDD) saw its loss widen to $16.79 million, or $0.27 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.04 million, or $0.07 a share. Revenue during the quarter grew 4.58 percent to $170.59 million from $163.12 million in the previous year period. Gross margin for the quarter contracted 277 basis points over the previous year period to 9.49 percent. Operating margin for the quarter stood at negative 0.37 percent as compared to a negative 0.05 percent for the previous year period.
Operating loss for the quarter was $0.62 million, compared with an operating loss of $0.09 million in the previous year period.
However, the adjusted EBITDA from continuing operations for the quarter stood at $14.16 million compared with $12.96 million in the prior year period. At the same time, adjusted EBITDA margin improved 35 basis points in the quarter to 8.30 percent from 7.95 percent in the last year period.
Chief Executive Officer Lasse Petterson, added, "I am pleased to have recently taken over as Chief Executive Officer at Great Lakes. My appointment to the Board of Directors at the end of last year has allowed me to begin to build a foundation of knowledge on the Company’s business and has enabled me to hit the ground running as CEO. I look forward to the future opportunities at GLDD, particularly our expectation that our new ATB hopper dredge, the Ellis Island, will be operational in the third quarter of this year. I’d like to thank Mark for his willingness to step in as interim CEO while my U.S. citizenship was finalized. His steady leadership is much appreciated."
Working capital declines
Great Lakes Dredge & Dock Corporation has witnessed a decline in the working capital over the last year. It stood at $112.37 million as at Mar. 31, 2017, down 11.32 percent or $14.35 million from $126.71 million on Mar. 31, 2016. Current ratio was at 1.63 as on Mar. 31, 2017, down from 1.74 on Mar. 31, 2016. Days sales outstanding went down to 34 days for the quarter compared with 65 days for the same period last year.
Debt moves up
Great Lakes Dredge & Dock Corporation has witnessed an increase in total debt over the last one year. It stood at $401.74 million as on Mar. 31, 2017, up 9.45 percent or $34.70 million from $367.04 million on Mar. 31, 2016. Total debt was 45.78 percent of total assets as on Mar. 31, 2017, compared with 42.07 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
