Great Lakes Dredge & Dock Corporation (GLDD) reported financial results for the quarter ended March 31, 2022, saying that revenue was $194.3 million in the first quarter.
Also, total operating income was $18.8 million and net income was $11.1 million in the same period.
Lasse Petterson, President and Chief Executive Officer, said: “Although we reported solid results in the first quarter of 2022, we did not fully meet our expectations as we experienced delays from abnormal weather events, production impacts, and some lingering costs from the COVID-19 pandemic that diminished as the quarter progressed.
At the end of 2021, the domestic dredging bid market reached $1.8 billion in projects bid.
“We expect the 2022 bid market to be as strong as 2021 as the market continues to be driven by the large-scale port deepening projects along the east and gulf coasts,” said GLDD.
“We ended the quarter with a 50% bid market share, consisting of several coastal protection projects that will added to our total backlog. In 2022, we expect to see the continuation of port deepening bids in the ports of Norfolk, Freeport, Mobile, Sabine and additional phases in the Houston Ship Channel.”
In addition, the U.S. coasts are subject to climate change, increasing severe weather events like Hurricane Ida, and sea level rise, which can cause an increase in beach erosion and other damage that adds to the recurring nature of GLDD’s business and the need for more frequent coastal protection and port maintenance projects.