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Jun 30, 2022
Great Lakes Q2 2022 Earnings Report
Reported a net loss in the second quarter and faced challenges due to supply chain delays, inflation, and adverse weather.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported a net loss of $4.0 million for the second quarter. The company faced challenges including supply chain delays, inflationary pressures, and adverse weather conditions, which impacted project production and financial results. Bidding activity is expected to increase, and the company anticipates stronger results in the second half of the year.
Second quarter net loss was $4.0 million.
Adjusted EBITDA for the second quarter was $10.2 million.
Backlog reached $373.8 million as of June 30, 2022.
Expect bidding to increase substantially for the remainder of the year.
Forward Guidance
The company expects stronger results in the second half of 2022 but does not anticipate meeting full year expectations due to issues encountered in the first half of the year. The outlook for Great Lakes remains strong with increased market demand and government support.
Positive Outlook
- Market demand is increasing.
- There is strong government support for dredging projects.
- New LNG export facilities are expected to benefit Great Lakes.
- The new build program is on schedule, with the Galveston Island expected to be ready for operations in the first half of 2023 and her sister ship expected to be ready for operations in 2025.
- Great Lakes' entry into the U.S. offshore wind market is solidified by a major project award.
Challenges Ahead
- Second quarter results did not meet expectations.
- The company continues to face a challenging environment driven by external factors including supply chain delays.
- The company continues to face a challenging environment driven by inflationary pressures.
Historical Earnings Impact
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