This increased budget and additional funding support GLDD’s continued expectation for bidding activity to ramp up significantly in the first half of 2023. In addition, the approval of the Disaster Relief Supplemental Appropriations Act for fiscal year 2023 makes available another $1.48 billion for the Corps to make necessary repairs to infrastructure impacted by hurricanes and other natural disasters and to initiate beach renourishment projects that will increase coastal resiliency. GLDD expects these budgeted appropriations and the 2022 Corps budget to support the funding of several delayed capital port improvement projects including Sabine, Freeport, Mobile, San Juan, Houston, Corpus Christi and additional phases of Norfolk. Of this amount, $2.32 billion is provided for the Harbor Maintenance Trust Fund to maintain and modernize the nation’s waterways. 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 may also be known as or be related to Great Lakes Dredge & Dock, Great Lakes Dredge & Dock CORP, Great Lakes Dredge & Dock Corporation and Great Lakes Dredge and Dock Company.Great Lakes Dredge & Dock (GLDD) finishes 2022 with big loss, but improving bidding activity points to better performance ahead. The data presented on this page does not represent the view of Great Lakes Dredge & Dock and its employees or that of Zippia. None of the information on this page has been provided or approved by Great Lakes Dredge & Dock. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The employee data is based on information from people who have self-reported their past or current employments at Great Lakes Dredge & Dock. Zippia gives an in-depth look into the details of Great Lakes Dredge & Dock, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Great Lakes Dredge & Dock.
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