Great Lakes Dock and Dredge: A Year of Challenges and Adjustments

The fourth quarter of 2022 marked a challenging period for Great Lakes Dredge & Dock Corporation, with the company reporting a net loss of $31.2 million. This significant decline was largely attributed to an $8.1 million charge incurred from the retirement of the hopper dredge Terrapin Island in the same quarter. As a result, the corporation's full-year revenue declined by 10% to $648.8 million, compared to the previous year's total of $726.1 million.

Breaking down the quarterly results further, the company reported a fourth-quarter revenue of $146.7 million, which represents a significant drop from the $210 million recorded in the same quarter of 2021. This decline is largely attributed to the aforementioned charge for the retirement of the hopper dredge Terrapin Island.

Despite these challenges, Great Lakes Dredge & Dock Corporation's net income still managed to exceed expectations, with the company reporting a net loss of $34.1 million for the full year 2022. This figure is an improvement from the previous year's net loss of $49.4 million.

In conclusion, while the fourth quarter of 2022 presented significant challenges for Great Lakes Dredge & Dock Corporation, the company has demonstrated its resilience and ability to adapt to changing circumstances. As it continues to navigate the complex landscape of the dredging industry, Great Lakes Dredge & Dock remains committed to delivering high-quality services and achieving long-term success.

Great lakes dock and dredge