Army Corps of Engineers civil works program. What’s more, the recent passing of the Omnibus Appropriations Bill for fiscal year 2023 included another record budget of $8.66 billion for the U.S. And further hurt by a lower mix of high-margin capital projects, inflationary pressures and higher-than-projected costs related to the unexpected scope increases of the drydockings, GLDD swung from a 37-cent per share profit last year to a 47-cent loss, which was much worse than the loss of 14 cents analysts had been projecting. 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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