Specifically, contract revenues of $146.7 million for the period were down 30.2% from the prior year and missed the consensus estimate by $14.3 million due to significant weather delays on several projects in the Northeast, production issues on a few jobs, the earlier-than-expected retirement of its Terrapin Island hopper dredge, and the longer-than-anticipated drydocking of its Ellis Island and Padre Island hopper dredges. Shares of Great Lakes Dredge & Dock (GLDD) sank more than 20% to start today’s trading session after the company reported much weaker-than-expected 2022 Q4 results this morning. Great Lakes Dredge & Dock (GLDD) finishes 2022 with big loss, but improving bidding activity points to better performance ahead.
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