Great Lakes Dredge & Dock (NASDAQ: GLDD) reported Q3 EPS of $0.18, $0.13 better than the analyst estimate of $0.05. Revenue for the quarter came in at $204.3 million versus the consensus estimate of $186.75 million.

Chief Executive Officer Lasse Petterson commented, “Today we announced continued strong performance including a record quarter for Great Lakes’ Adjusted EBITDA from continuing operations. During the quarter, we saw strong results from our dredging operations, in particular on our Charleston II project where three of the largest dredges in the United States produced at expectations despite delays caused by Hurricanes Florence and Michael. The third quarter also benefited from high equipment utilization, solid project execution and savings from our restructuring plan.

In addition to excellent results in the third quarter, we also made significant progress on our goal to de-lever and reduce our net debt. Compared to year end 2017, we have decreased net debt by $85 million and we plan to continue to de-lever throughout the fourth quarter and beyond.

We continued implementing our restructuring plan, and as of September 30, 2018, we have realized $22.5 million of cost savings and expect to remain on track to achieve the full run rate savings of $40 million by year end 2018 and to be recognized in 2019. As planned, we recognized a restructuring charge of $4.5 million in third quarter which reduced adjusted EBITDA from continuing operations by $3.2 million.

During the quarter, we announced two significant awards for capital deepening work in the ports of Jacksonville and Tampa. The Jacksonville Deepening award was $210 million comprised of a base contract of $113 million and options of $97 million expected to be awarded in the third quarter of 2019. We are commencing operations on this project in November and expect the project with all options to be completed in the second quarter of 2021. The Tampa Deepening award was $74 million divided into a $48 million base contract and $26 million of options which are expected to be awarded by year end 2018. Operations commenced on this project in October and are expected to finish in the third quarter of 2019.”

For earnings history and earnings-related data on Great Lakes Dredge & Dock (GLDD) click here.