GLDD - Earnings call transcript Q4 2019 | Great Lakes Dredge & Dock Corporation

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 Great Lakes Dredge & Dock Corp. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today’s conference is being recorded. Instructions] [Operator

like Baginskis. conference Please now speaker to hand Tina today, go to would over the your I ahead.

Tina Baginskis

Good quarterly morning, conference our call. and welcome to

Chief the and Joining Officer, provide Mark an on the the the this business year, will is me events on of call Marinko. will on the Lasse Lasse quarter of and Chief our our Petterson; market Mark update Financial quarter then Officer, morning conclude an coming financial with our years. will the continue with results outlook update the for on year. and an Executive Lasse for update and

their be Following an questions. will there opportunity comments, for

and subsequent factors including make to our understand this These number statements in forth with we earnings will to uncertainties are could statements from a Certain our factors materially actual cause XXXX certain expectations. our other in During Form the differ that our business in results set inherent business. and you release help involve filings. call, risks, filings SEC, forward-looking and our risk XX-K of

measures, call, financial to with EBITDA the Relations certain income continuing earnings our adjusted we data. refer attached EBITDA along release which reconciliation adjusted explained to certain operations also our net to continuing non-GAAP posted and in on from this are website, from During operations, including Investor other operating

to I’ll that, Lasse. call the With over turn

Lasse Petterson

morning. good and Tina, you, Thank

prior These and from full-year of net results million. full-year increase earnings in continuing year our continuing EBITDA and operations including release this fourth EBITDA morning, the results, XX% stated a adjusted of quarter operations. a from As for million over had continuing we income reflect year $XX.X the operations $XXX.X from strong

year Lakes. was an at Great XXXX active

solid cost a program. the financial result market and our of domestic strong and Our reduction XXXX asset rationalization was dredging performance effectiveness continued of

million, by Xx. from and debt-to-adjusted from EBITDA by a healthy over debt prior decreased which continuing net the continuing operations adjusted year the operations $XX EBITDA net $XX from of year, income increased resulted increased $XXX.X in over prior million operations ratio million Net continuing

completion divestiture XXXX our saw the E&I the of also of business.

decided the the the revolving With we decreased over the million years. with strategy next the changes, the will five interest a pricing We $XXX on us and the execute company’s which reduced credit years. these term and and now improvements flexibility renegotiate of and upfront size extend and facility our rates, to to to provide flexibility reduce

projects fewer year. in due with As Christi we the cutter effective in of dry had planned dockings. Corpus finished operation XXXX, deepening hopper Operationally, days Jacksonville full XXXX dredging than fourth dredge this and to continuing were quarter and several XXXX port Charleston, work to

deepening performance port Texas; strong Houston, was impact major project on project; prevention River and Tampa, projects flood deepening and Jacksonville on on in offset The Charleston. the project the San Jacinto by River Delaware in the

In XXXX, channels in maintaining East as also projects, on well number shipping as ports, the were existing for and the a restoration projects Coast depth we in active wetlands on navigational Gulf. and of maintenance both and beach

a with an incident work recordable injury-free Our environment progress decrease to compared XX% XXXX. to drive to and in continued incidents

do. that as the leave better all safely areas a with the committed we we and in projects are ensuring executed established that result environmental We in to state standards will and that works of touch accordance are a

as various and with has this to a restoration. and to Aquarium, groups, To and partnership the Florida velocity, investment conservation last support non-government continue unique a coral year such organizations we conservation who approach in build relationships

development. update on turn the I’ll over updates, to for those results the discuss Mark with and the year and call to for quarter backlog And the an

Mark Marinko

as segment, the consolidated dredging business. that XXXX, specifics of to related with and I discuss you, quarterly discuss. was results Lasse. Please therefore, E&I some will results have not our Thank I second remember from and in included been will operations discontinued in the all annual Okay. and that of sold December the placed our then XX, start results quarter into XXXX, which

were was from of continuing income For $XX.X million, from XXXX, adjusted the $XX.X continuing EBITDA operations and $XXX.X revenues million operations net million. fourth quarter was

Revenues fourth hopper million decrease, of revenue dry foreign fourth and offset XXXX. an by coastal cutter quarter projects. to the the the both and decrease and from increase in revenue quarter compared capital for to the represented protection of of and XXXX Lower and rivers in contributed dredges, dockings $X.X partially lakes our

Gross million profit with $X the quarter continuing lower compared from operations fourth XXXX. was of

quarter. compared year gross the XX.X% to XX%, in margin However, percentage prior profit was

related was the fourth of increase This of income of over quarter. the claims settlement received the the partially decrease various from which factors by increase prior $XX.X loss is an million of is a a $X.X result from These quarter. million $X.X in Operating million, and year in in of million assets. offset increase vessel to sale construction G&A an were expense $X.X

income quarter net interest to continuing of of of million. The $XX.X million expense was quarter. fourth net net quarter the the year for includes million, operations income of $X and $X.X continuing million $X tax from XXXX income income from prior in current expense operations Net compared an

that The for fourth in is primarily an made the and decrease fourth to adjustment in overall blended income quarter $X.X the of $X.X XXXX the million income interest rate tax tax quarter in XXXX. Net million was of due tax state net included expense in expense. expense

the quarter Adjusted million EBITDA compared quarter operations adjusted EBITDA $XX.X continuing of was of million, XXXX. to fourth from continuing the from operations $XX.X in of XXXX fourth for

Turning full-year our results. to

year was million. increase continuing operations million $XXX.X and the million, from was represent operations. from For net in EBITDA from from December million income XX, of $XX.X $XX.X an in operations continuing results an continuing adjusted a increase XXXX, and operations revenue, year-over-year $XX.X million These revenues $XXX.X in were adjusted million EBITDA of increase ended net income $XX.X continuing

of For tax $X.X net discontinuing operations of net operations million, a XXXX. from compared tax from million company the recognized loss a in $XX.X the full-year, discontinued of to loss of

XX, XXXX, with the zero at of $XXX.X down leaving to turn a in cash XXXX, we debt Next, had million. million of $XXX net it kept quarter sheet, we after revolver on and us first our our we balance balance fully where December paid in

Our were total year expenditures for $XX.X million. capital the

first the purchased made dredge final in the million of During the was the and delivered This $XX quarter of project clamshell on Jacksonville XXXX. the April deepening dredge mechanical Jacksonville XXXX. that during worked payment on was mostly company XXXX, in XXXX –

$X.X pending domestic well XXXX which December the $XXX.X bid previous market XX, currently year-end pending The but flat of award compared XXXX, compared million. at at year does totaled $XXX.X low not this to Finally, totaled billion, additional Contracted above options years. backlog projects formal to backlog. XXXX XXXX and was XX, bids backlog backlog reflect in on $XXX.X million December million, of

back call for outlook forward. Lasse on With over that, to moving his I’ll the the remarks turn

Lasse Petterson

you, Thank Mark.

to the for Turning outlook XXXX.

expect for We robust the the solid dredging and years. domestic market continue to next to be

phases port XXXX for as new ongoing projects, as bids Mobile. of expect see deepening We new to such projects Charleston for and Christi, such of Corpus port the Jacksonville; for and

We beach restoration and good opportunities for also expect continued wetlands projects.

work on the In fact, Florida begun shorelines. several Jersey New the we have already large projects and on

projects for of from spending package, record evidenced strong improvement XXXX the infrastructure the included these budget support Engineers. government, of which another federal Congress-approved the Army All has U.S. by Corps

are Hurricanes wake nourishment and in now passed Florence, to beach were wetlands bid. rebuilds these and Michael coming and of the appropriations supplemental initiatives Federal and

in Gulf port crude strait. and Mexico, needs the and to liquefied gas, several oil the petrochemical accommodate being natural deepenings projects export addition, of are navigational involved creating and developments the the larger In channels vessels widenings developed for in

in are projects to submitted To with domestic energy several bids that technology we for demand, our We the fleet now expected upgrading companies and notice increase existing proceed. new to this equipment productivity. are increase had towards the moving to U.S. meet

we international to bought reallocating the and dredge yard. U.S., build market U.S. have a new from in are now to dredge a the planning the and capacity U.S. fleet and additional We activated other and have market expanded And for the market. equipment U.S. U.S. large our by we importantly,

In year. a midsized last design dredge the regulatory hopper for have this respect, we finalized

plus new additional new option discussions delivered to delivery yards provided construction we an are active it. an one for costs Now in in of with the dredge regarding expectation U.S. in on with dredge our XXXX, build for XXXX, be

international quarter, reported As the low. remains last market

working in Bahrain, the reclamation which third currently XXXX. project are we complete to in quarter land of We target a large on

last in Bahrain market our dock the in Ohio, major these to in upgrades, for her U.S. demand. earnings mentioned meet call, of As one domestic engines dry to is dredges and our relocating we her back cutter completion the upgrades of largest to plan Upon pumps.

for last XX U.S. more with as XX earnings capacity years. to coming gigawatts power generation the in power the installation our discussed call, is over generation wind of Also than next planned offshore

these on and U.S.-operated operations. the continuing are both creation being projects U.S.-built As and engage the and U.S.-owned, timeline the developed, value during to for with equipment, to developers partners phase are construction we in and use enhancing local content, these project

In results solid engage projects positively conclusion, a position With the the balance healthy sheet, met performance in year. outlook and solid backlog, and market believe financial the for XXXX we quarter in contributed strong domestic to in fourth and beyond. our expectations in have in we’re a strong new to opportunities

the turn call questions. for that, with And over I’ll

Operator

comes question Your Jon Instructions] CJS [Operator from of Tanwanteng first Securities.

is line open. Your

Jon Tanwanteng

quarter you Good nice questions taking morning, for my year. Thank very gentlemen. and and

Mark Marinko

Jon. Thanks,

Jon Tanwanteng

that just $XXX EBITDA, barely years I of mean, First million a we again, in congratulate contemplate off, and you back. could to couple

and pipeline in still there number you the what that dry Xx have of in upside and is claims backlog XXXX, scheduled into had look you the XXXX? you and your to dockings considering As offsetting what maybe terms headwinds

Mark Marinko

Yep.

level, of docks – in into So, XXXX. Jon, we look improvement expect we as at fewer couple high do we a additional – in We XXXX. have a XXXX, dry

next have had project offsetting little look would exceptional five maybe of XXXX, bit is, year, a seven forward which vessels in we kind we as of we some offset did this that. What’s So performance that some year.

next obviously to But the had – this expect of top increase year, yes, an we line levels not year. the we in do increase not

margin much margins XXXX. your expect flat with percentage, they our gross were level in similar stay in pretty where then And area, to where XXXX. at we to stay the G&A in We about were

Jon Tanwanteng

big what in And some projects hear. talk of your Got it. can the line importantly, in pretty about And more That’s sight? terms on on last of ones your competitors they late are projects the to meaningful good tracking, given year? large to you really bid are are able ones? these, are you took that Which then

Lasse Petterson

the market Charleston Christi. coming I here deepening major phases is Well, year. port as new It for is there and I for to deepening think see market. projects such we and Corpus projects, on And are – covered Jacksonville this always new next the port that – the that’s projects And on as existing continuation opportunities evolving. the

are that uncertain. second-half kind of is little go year that of these XXXX. But there of projects other do a this timing will beginning believe ahead maybe we opportunities in and XXXX, coming The of are Mobile

With year not regards some you’re that competition, as projects been transitioning we typically of have offshore Great deepening project Lakes. as – this larger than is these but offshore in are volumes, when part in work. go large to to and projects on projects. the inshore the contractors the seen have of complex working It’s the the These channel the other

open for So and for other competition it’s players Great Lakes.

Jon Tanwanteng

as vessels, And in bring Got back the are here old the U.S., any vessels from new coming you then, or your of capacity scrap you domestically? to it. planning ships into it’s sell whether the fleet the Thank Mideast new current you.

Mark Marinko

some we – are after equipment. pieces smaller of Jon, still rationalizing

looking we’re couple at than the million. both So less $X are

in we like big rationalization XXXX, So did in XXXX. our big nothing

Jon Tanwanteng

– got what make of it. working is decision going – will pick was the of to vessel the the kind the option that? be in to with? new with what Okay, the When shipyard cost or what option, you kind of expected of the happen? you’re when then vessels And up will And know terms

Lasse Petterson

Yes.

active in are with discussions We shipyards. the

as maybe don’t low are with the as good But we a the to want upon I answer. comment level discussions. price going ahead possible So as

in new announce We quarter more be a are our here first hopefully, details will we we we’ll first quarter that back to build at results, – project. some come and decision when looking the with able when on –

the for of a a dredge, spacing option With to negotiations number. But XX well. XX think down as to is regards good that’s one to I more months

Jon Tanwanteng

that Just second on Okay. having about that additional that? option, the And why economics one? for currently, Is demand you have is better for do you or dredge? the talk the it rationale the see

Lasse Petterson

future the here. market, the option, we strong capacity hopper will dredge, would believe foreseeable we definitely fleet. less for at become market the Well, be and to we have way new the we upon some capacity second added our first with it time one then the look to be look we The economical have either over or When the international take that out, dredge. option added take older them them be then substitute either vessels to the operate. could will that then And to the

Jon Tanwanteng

along absolute size to more maybe support is bid for one And bring What – market Okay. capacity five years just the outlook next detail terms of the your over with to of this go all growth online? just bring in that. you

Lasse Petterson

XXXX deepening there all development Well, from Coast the the channels. very LNG, of oil has, the to clearly crude products, export market. the requiring as deepening widening on petrochemicals, shipping you’ve The strong we on the seen, in bid stuff been oil of XXXX, driver the Gulf, East see is the ports and also and a and

increase an hurricanes. severity impacting do for we to in and, let’s an these of that, some see of increasing restoring change the climate restoration. need flood major after and say, the addition increase In see in the storms. see We wetlands beaches We do

are So resilient. need drivers see general, these to increased support Congress all our spending infrastructure services. changes we then and for these make our the and for against increasing defenses do strong on in And in

can I for the – market strong we see next years and there see next the for longer is as market, a So maybe domestically today. the dredging than

Jon Tanwanteng

Great. and congrats, Thanks, Lasse, again.

Operator

question Hinman Co. DeForest from next of & comes line Walthausen of Your the

is open. line Your

DeForest Hinman

working taking so that number Jon for is with? hopper understand What’s because questions but design Hey, we X,XXX of my that thanks them, most bounce the of midsized are hit that kind yards? around, dredge, cubic on on we just

Lasse Petterson

midsize. size midsized, our Yes. X,XXX look we That’s typically X,XXX upon a and cubic between yards. of The

DeForest Hinman

Okay.

Just quarter. the quick the revenue on side in fourth

below? last in there call, fourth the made or that million Was think in about number little that revenue any with revenue I we’re downtime $XXX that. a in talking recognition come bit of issues quarter unplanned below the

Mark Marinko

revenue reclamation quarter The Yes. This our largest actually is with was the Mark. nothing recognition. internationally. in No, driver job land

we there. that to permitting then get burrow needed some equipment because So have that so change have we new that additional to of And burrow delayed. on, we areas area, out was

just work XXXX. got that into So pushed

So that the little international was but unplanned quarter. piece. a the downtime, the We main biggest driver of in job the had was bit

DeForest Hinman

May can tired are getting of And Okay, with is about just you really The call? us where guys senior helpful. sheet the in an that’s give asking in you probably balance good on we But stand me update the it. bonds shape.

Mark Marinko

Yep.

DeForest Hinman

would just thought, then down – and another And is sense. along like keep and also separately the then the or an the the in redo seems just update It bond that of just can bond? that use May? on on line, capital side make structure – a it debt that it lot of And same Is with pay that whole redo some cash? we bond

Mark Marinko

a those these bond knows, market XXX of that’s – bonds. very options. XXXX, now right we the it’s call – for but actually to we’re good May – bond types as in So do But first XXXX, of at looking our of premium. everyone But is They’re mature market, a of all – call. specifically in first May can the the to we

today we’re different So lot we’re an – of get talking a looking of to the with engaging market. assessment banks

the – at size It’s to is today, market, was was are – at the the definitely good. would opportunity this refinance it have today. if we they market them The point the

and rate do interest that You your can reduce now.

attractive on market a You It’s can longer right have these a tenor bonds. very now.

about a for it these it’s at dredges. we’re investments very capital and we’re good But making, look close at we considering But as just first that two yes, are we a us right in taking now. of entire particular, opportunity looking kind structure the talk the

DeForest Hinman

backing of going any that that or you questioning, we that line where vessel. this would anything we’re term well? financing that, on can place to revolvers to bids as out construction definitive that get a – for put related sounds loans debt for and specific that rate there bid boats like pretty could or or that have it government be vessel this in preferred And like things just Jones for special put Okay. new Is anything or vessel for

Mark Marinko

mean, if I if not you you – period we’ve would and – the from Yes. some can of perspective, overtime front. this really this stuff, government not – mentioned types small there’s the two-year to But these are size of an a not during over the – be this but time, paid up before, XX-month, so it’s builds released utilize. essentially build all

this. capital and this to of have the refinancing the all at do availability do structure. part we the and overall So of point size bonds the equation cash to the the bonds related It’s the

a from hand we’re on good options. any government balance sheet whether use us get good gives but some have that there’s we a nothing position financing perspective in cash to So really advantage, or the

DeForest Hinman

XXXX. G&A Okay. the on comment And you just made clarity then for

You flat of flat I basis revenue that said flat a or dollar on you said on – think, basis? year-over-year. Is a percentage

Mark Marinko

Flat basis. on a dollar

DeForest Hinman

Okay, helpful. you press operating operating think. flow Can full-year? what tell number, it cash the I cash In didn’t that’s us for the flow have release, the the was

Mark Marinko

year, the second. hang For a on

have you I don’t one. me the give off to head. top have of Sorry, that my

DeForest Hinman

Okay. can It margins you said earnings outlook think some that. know a for moves you there’s Well, help in would revenues I be looking sounds higher, like you’re XXXX. for growth. working bit. us the capital up Maybe about

Mark Marinko

That’s correct.

DeForest Hinman

for either operating cash flow... outlook What’s the

Mark Marinko

Sure.

DeForest Hinman

…or free cash like year XXXX? flow a in

Mark Marinko

thought answer to Yes. going That’s you. what me. – you’re ask for I what That’s have I that

That made think next – of give million about has decision at, expect next kind kind say, in $XX been year, looking if $XXX So if year, on build. including million this you CapEx, don’t yet. you we X of this guidance year, this of look just at, vessel not not this

a buy million. about on piece out can bit – we there’s $X little leases couple a smaller more of There’s equipment of

million take $XX with buyouts. CapEx $XXX So the million, for this start you and out lease can

We rate May, if XX anything the do we have stays interest. – about the $XX same, interest until of million can’t

the we’ve right a billings excess zero revenue. kind side, $XX of been very it million I year negative sheet then we expect deferred – balance And next but to of in capital, positive you’re had year the related exactly on to revenue, be on working about this

next that free $XX you million-ish for in million, flow of cash XXXX. math, kind that’ll you’re year. do of XX So flip When this

DeForest Hinman

very Okay, my questions. Thank for taking all helpful. you

Mark Marinko

Sure.

Operator

comes Wynnefield. question of next of Your the Nelson from line Obus

line Your is open.

Nelson Obus

questions. there. I Yes. two had Hi,

traditionally as are number dredging all, get which of? your them. you of areas, First of realize into aware I mentioned you what you not caveats type market, have legacy of been a

same. So, the they you all type of just opportunities whether may be the not But see I’m curious there? same

Lasse Petterson

Yes, Nelson. market dredging in And when looking at on extending building the looking and new it that markets And instance, clearly position. looking at, opportunities, is wind is domestic have we today. we for market, our that a are we in-house currently our we are strong are at capabilities the

modifying equipment supporting in at in So participate to preparation our the structures. we of looking are the and site the

So looking our in we who with a exist very U.S. and and not offshore are overextended. today. large This players get and are in wind within some equipment not our market, coming that is much does competence international established very capability at there’s level staying that lifting vessels the

have into. planning that are that So to we capabilities we is not and don’t get

do let’s a, say, are what of So what and very today. today capabilities much extension our we

Nelson Obus

to maybe seemed mentioning were I’m mentioned earlier obviously wheelhouse the your away things of that about with deal What Army Army of do wind. remarks, I mentioned in your nothing – it even was Corps, wrong, I’m or earlier some But and within dredging. you like I I do coral, the the opportunities they remarks? sorry. Corps like in they you Army – Corps, wasn’t thinking from dealing the more with to comparable are you’ve with things your wind,

Lasse Petterson

every we what in enough. call focus is care of it environment our And – sustainability work in make the that The strongly is is day. sure they’re that Yes. also on it safe of taken very people, or I’ll to ESG. And that, we our care make being taking is sure

protecting are executing way. in and We a sustainable work that our

us help are area. not And and that It’s partnering and organizations in not advancing that that can we in to related in that coral is with work that our direction. respect, – getting we in ability other up directly are capability activity into

Nelson Obus

Okay.

correct? – we’re that some really the moving might you not So we’re – really that it’s if of right arena out not with customers these work in you’re now additional of for,

Lasse Petterson

In aspect, no. that

Nelson Obus

into somebody downside, of second and a that My mentioned of in quite comes risk, of question those wondering Board call Xx issue? Obviously, the With kind follow number blessings years a Is the arena. in Board us acquisitions on you’ve slew I’m earlier. a dividend terms company last And entered is? of opining the of achievement Where’s the of the are overcapitalized amazed new in the leverage, with what of addressing Okay. them with brings whole this who every as at the a of on lot overcapitalization? carry and unthinkable, Board terms investors.

Lasse Petterson

start I’ll Well, Mark that will continue with out, and comments. of couple a then

that we of say, plan company our forward, position, we with. such in the what going now we a options very are And than sheet plan balance have quicker and strong and as the restructuring as started out are a evaluating you that Our actually we we executed we forward. had have going restructuring

the to is clearly make position sure the focused U.S. are our options to and here future domestic for our in the opportunities. market on strategic and dredging organization The solidify fleet

with as on that that direction. the get investments on is, market. would come that contribute one there into we strong other wind if like of the opportunity, decide to in that to clearly, we then contribution really basis can And do market offshore to a how which M&A call, we development, is some go evaluate mentioned is believe into that will this where The the have I we we

comes have… you Mark, dividends, When it to

Mark Marinko

Yes.

laid out well. Lasse think, that I

to we the how these us we’re to the balance at of as all In of kind the today. Board, Board – do of priorities has sheet the and looks the to in terms look looking options asked at, relation talk

into these close Lasse offshore very markets two, as like would priority, third the be what refresh M&A, one we So to that just the get fleet; wind; one mentioned. number do are number

those And are lower three. – dividend, but at, on buybacks, would but then, we’re compared priority I’d the say, this at I those to are first the table now is that’s discussing, point. we the way everything we’re right share And say a looking

Nelson Obus

really cash your a Yes. not take flow. too who really, dividends, do new free away dividends. of from doesn’t mandated I’m bring personally much big group to Well, are buyers companies whole a buy small a they fan with dividend in of but

should aware is and I your say is the of shareholders of So this think Board be management that. virtues have But all that by case I great textbook the deleveraging of a would a benefited.

keep up. it So

Lasse Petterson

Thank you.

Operator

[Operator the next of Chris Capital. Instructions] line NOBLE from Your Bliska question of comes

Your line open. is

Christian Bliska

great share the quarter you that? relative quarter, can morning. a on sheet continued Mark, any a comment improvement. $XX.X and that million, to little Good could gentlemen, if you Is G&A looked just model. on the Congratulations, on I balance our wondered color there the EBITDA in improvement especially high

Mark Marinko

much. not bit a It’s little consulting Yes. that some It’s dollars. just of

opportunities ideas. do There’s some by had some terms just those looking opportunities in company one. of truly little – and things not little As forward just looking bunch at versus we’ve a there. organization nothing what to outlier It’s No of driven with big that. are It’s XXXX. the the

Christian Bliska

of of timing that? What that the on repairs that question Thank on you. of redeployment vessel timing would Any are Great. then the Bahrain. just sense be done? in the And after

Lasse Petterson

Yes.

towards takes here so repairs her to U.S, back then of get the first to planning the the to sometime quarter, end during the she complete probably and QX. are now back We it here

Christian Bliska

you Very good. much. Thank

Lasse Petterson

Chris. Thanks, Sure.

Operator

Feeley Your next question comes the of line Capital. Feeley of William from

Your line is open.

William Feeley

morning, part gentlemen. And first Good of I call. the the missed very

large these some projects is wind financing, they’re seeing this And But I’m that obviously. if are sorry So getting redundant. of internationally endeavors.

fair? that Is going seem know not I awfully some trying you mentioned forth. capital do presume lifting an of site So required But market. to preparation, so to the opportunity. be that expenditure do is equipment I tower that looking and would How for work? much that does at interesting be to specialized

Lasse Petterson

Yes.

Once capital activities are we to going at and We that a are looking looking to we close do. that site the new what dredge, is to on if today are are we is also they’re place we The preparation have what that at build some do can work in structures. working equipment. on we extent, and similar to investments

major. So market, huge at and vessel it’s the X,XXX in the that first today. least developments come not It’s such from there vessel tonne DP-operated will is a for the international in no installation U.S. not crane

William Feeley

Thank you. it. Got

Operator

There are no of line further Tim of Abbott questions. from Twin question Oh, Management. your comes the next Lions

is line open. Your

Tim Abbott

wanted Hi, guys. market I just for on the XXXX. totals follow-up bid to

you wondering, my I was billion the full-year. billion So implies for said know $X.X that just it by QX. I��m math, $X.XX for

So that’s can you correct? just QX? Lakes you Great first, number the And in then confirm can that that won give also

Mark Marinko

bid market for quarter just the XX% – don’t QX. the about that won number we QX, the it’s in QX. the front me, close, sounds fourth in yep. I about XX% I right have of right but but don’t remember in exact points, XX

Tim Abbott

know Okay. up XXXX? do expect And in you strong, but $X.X expect to said then versus be the in billion you be the XXXX, you bid I to market it year-over-year

Mark Marinko

as as the it good Right to be market XXXX. was in now, expect we bid

Tim Abbott

it. Got

Thanks, that’s guys. Okay, helpful.

Tim Abbott

Thanks.

Operator

no over lines back to the are turn presenters. questions the phone this at further There over the time. call I

Tina Baginskis

in Thank our you. us you We business. the for our appreciate this shareholders, and initiatives with in speaking our you. discussion forward you about look and Thank developments joining We of the and to important support discussion. during earnings we next employees partners, thank business

Operator

today’s conference concludes call. This

You disconnect. may now

Great Lakes Dredge & Dock (GLDD) 19 Feb 202019 Q4 Earnings call transcript