Great Lakes Dredge & Dock Files Q3 2024 10-Q
Ticker: GLDD · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 1372020
| Field | Detail |
|---|---|
| Company | Great Lakes Dredge & Dock CORP (GLDD) |
| Form Type | 10-Q |
| Filed Date | Nov 5, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, dredging
TL;DR
GLDD Q3 10-Q filed. Financials and dredging ops detailed.
AI Summary
Great Lakes Dredge & Dock Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and segment performance, particularly in dredging operations, are presented.
Why It Matters
This filing provides investors with a detailed look at Great Lakes Dredge & Dock's financial health and operational performance during the third quarter, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial information and potential for market-moving disclosures.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 20241105 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Great Lakes Dredge & Dock Corp. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- 2024-11-05 (date) — Filing date
- 9811 KATY FREEWAY, SUITE 1200, HOUSTON, TX 77024 (address) — Company's business and mailing address
- Lasse Petterson (person) — Member associated with the company
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 5, 2024.
What is the company's primary business classification?
The company is classified under HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600].
What is the company's state of incorporation?
The company is incorporated in Delaware (DE).
What is the company's fiscal year end?
The company's fiscal year ends on December 31 (1231).
Filing Stats: 4,514 words · 18 min read · ~15 pages · Grade level 17.9 · Accepted 2024-11-05 16:01:01
Key Financial Figures
- $0.0001 — ch registered Common Stock (Par Value $0.0001) GLDD Nasdaq Stock Market, LLC In
Filing Documents
- gldd-20240930.htm (10-Q) — 1685KB
- gldd-ex31_1.htm (EX-31.1) — 13KB
- gldd-ex31_2.htm (EX-31.2) — 13KB
- gldd-ex32_1.htm (EX-32.1) — 8KB
- gldd-ex32_2.htm (EX-32.2) — 8KB
- img153258958_0.jpg (GRAPHIC) — 61KB
- 0000950170-24-121429.txt ( ) — 7030KB
- gldd-20240930.xsd (EX-101.SCH) — 887KB
- gldd-20240930_htm.xml (XML) — 1266KB
Financial Information (Unaudited)
Part I Financial Information (Unaudited) 3 Item 1
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 Item 4
Controls and Procedures
Controls and Procedures 27
Other Information
Part II Other Information 28 Item 1
Legal Proceedings
Legal Proceedings 28 Item 1A
Risk Factors
Risk Factors 28 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3 Defaults Upon Senior Securities 28 Item 4 Mine Safety Disclosures 28 Item 5 Other Information 28 Item 6 Exhibits 29 Signature 30 2 P ART I — Financial Information
F inancial Statements
Item 1. F inancial Statements. GREAT LAKES DREDGE & DOCK CORPORATION AND SUBSIDIARIES C ondensed Consolidated Balance Sheets (Unaudited) (in thousands, except per share amounts) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 12,037 $ 22,841 Accounts receivable—net 42,506 54,810 Contract revenues in excess of billings 91,799 68,735 Inventories 34,961 33,912 Prepaid expenses 1,441 1,486 Other current assets 31,988 44,544 Total current assets 214,732 226,328 PROPERTY AND EQUIPMENT—Net 681,552 614,608 OPERATING LEASE ASSETS 66,522 88,398 GOODWILL 76,576 76,576 INVENTORIES—Noncurrent 84,016 86,325 OTHER 21,941 18,605 TOTAL $ 1,145,339 $ 1,110,840 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 94,612 $ 83,835 Accrued expenses 44,062 37,361 Operating lease liabilities 23,435 28,687 Billings in excess of contract revenues 15,613 29,560 Total current liabilities 177,722 179,443 LONG-TERM DEBT 412,531 412,070 OPERATING LEASE LIABILITIES—Noncurrent 44,406 61,444 DEFERRED INCOME TAXES 73,501 62,232 OTHER 11,770 10,103 Total liabilities 719,930 725,292 COMMITMENTS AND CONTINGENCIES (Note 9) EQUITY: Common stock—$. 0001 par value; 90,000 authorized, 67,272 and 66,623 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively. 7 6 Additional paid-in capital 320,971 317,337 Retained earnings 107,769 70,220 Accumulated other comprehensive loss ( 3,338 ) ( 2,015 ) Total equity 425,409 385,548 TOTAL $ 1,145,339 $ 1,110,840 See notes to unaudited condensed consolidated financial statements. 3 Great Lakes Dredge & Dock Corporation and Subsidiaries C ondensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share amounts) Three Months Ended Ni