Great Lakes Dredge & Dock Corporation (GLDD) has reported 1,361.54 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $4.56 million in the quarter, compared with $0.31 million for the same period last year.
Revenue during the quarter dropped 9.93 percent to $198.87 million from $220.80 million in the previous year period. Gross margin for the quarter contracted 83 basis points over the previous year period to 10.08 percent. Total expenses were 93.53 percent of quarterly revenues, down from 95.61 percent for the same period last year. This has led to an improvement of 208 basis points in operating margin to 6.47 percent.
Operating income for the quarter was $12.86 million, compared with $9.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $29.10 million compared with $23.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 419 basis points in the quarter to 14.63 percent from 10.45 percent in the last year period.
chief executive officer Jonathan Berger stated, “During the third quarter, the Dredging segment executed well on several domestic capital, coastal protection and maintenance projects. The domestic performance was offset by weak international project performance as a project in Saudi Arabia went into a loss position, and the segment did not benefit from having a large, profitable project such as the Suez Canal deepening in this year.
Working capital drops significantlyGreat Lakes Dredge & Dock Corporation has witnessed a decline in the working capital over the last year. It stood at $71.22 million as at Sep. 30, 2016, down 51.02 percent or $74.20 million from $145.43 million on Sep. 30, 2015. Current ratio was at 1.29 as on Sep. 30, 2016, down from 1.77 on Sep. 30, 2015. Days sales outstanding went down to 25 days for the quarter compared with 52 days for the same period last year.
Debt comes downGreat Lakes Dredge & Dock Corporation has recorded a decline in total debt over the last one year. It stood at $317.76 million as on Sep. 30, 2016, down 12.55 percent or $45.62 million from $363.38 million on Sep. 30, 2015. Total debt was 35.15 percent of total assets as on Sep. 30, 2016, compared with 40.11 percent on Sep. 30, 2015. Interest coverage ratio improved to 2.67 for the quarter from 1.33 for the same period last year. 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
