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Mar 31, 2022
Great Lakes Q1 2022 Earnings Report
Great Lakes reported first quarter results with a net income of $11.1 million and adjusted EBITDA of $29.7 million.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported solid results in the first quarter of 2022, with a net income of $11.1 million and an adjusted EBITDA of $29.7 million. However, the company experienced delays due to weather events, production impacts, and lingering COVID-19 costs.
Net income for the first quarter was $11.1 million.
Adjusted EBITDA for the first quarter was $29.7 million.
Backlog reached $473.5 million as of March 31, 2022.
The company was awarded a contract for offshore subsea rock installation for the Empire Wind I and II wind farms.
Forward Guidance
The 2022 bid market is expected to be as strong as 2021, driven by large-scale port deepening projects. The company anticipates the continuation of port deepening bids and sees strong support from the Biden Administration for the dredging industry and offshore wind.
Positive Outlook
- Expects the 2022 bid market to be as strong as 2021.
- The market continues to be driven by large-scale port deepening projects along the east and gulf coasts.
- Sees the continuation of port deepening bids in multiple ports.
- Strong support from the Biden Administration for the dredging industry.
- Strong support for offshore wind from the Biden Administration to confront climate change.
Challenges Ahead
- Experienced delays from abnormal weather events.
- Experienced production impacts.
- Some lingering costs from the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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