Great Lakes Docks and Dredging: A Mixed Bag for Q1 2022 Results

In its recent earnings report, Great Lakes Dredge & Dock Corporation revealed a mixed bag of results for the first quarter of 2022. While the company's income and revenue numbers increased compared to the same period last year, they still fell short of expectations due to various factors.

According to Lasse Petterson, President and Chief Executive Officer, despite reporting solid results, the company did not fully meet its expectations in Q1 2022. Abnormal weather events, production impacts, and lingering COVID-19 pandemic costs all contributed to these delays. The income increase was driven by higher operating income and lower interest expense, although this was partially offset by a hike in income tax expense.

The revenue picture was also mixed, with higher domestic capital and coastal protection revenue offsetting the decline in revenue from maintenance dredging, rivers and lakes, and foreign projects. Revenue for the quarter stood at $194.3 million, up $16.7 million from Q1 2021.

In terms of net income, Great Lakes Dredge & Dock Corporation reported a first-quarter net income of $11.1 million in 2022, an increase compared to the $8.8 million recorded in Q1 2021. While these results are certainly encouraging, they still fall short of the company's expectations.

Overall, while Great Lakes Docks and Dredging's Q1 2022 results show some positive signs, such as increased revenue and net income, there are also signs that the company is still grappling with challenges from abnormal weather events and lingering pandemic costs. As the company continues to navigate these challenges, investors will be watching closely to see how it adapts and adjusts its strategy to achieve its full potential.

Great lakes docks and dredging