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 (GLDD) finishes 2022 with big loss, but improving bidding activity points to better performance ahead.

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