Great Lakes Q3 2022 Earnings Report

Great Lakes experienced a net loss in Q3 2022 amidst a delayed bid market and inflationary pressures.

Key Takeaways

Great Lakes Dredge & Dock Corporation reported a net loss of $9.9 million for the third quarter of 2022. The company faced challenges including a delayed bid market, increased inflationary pressure, and project-specific issues. Despite these headwinds, Great Lakes secured $338.9 million in dredging projects and open options, ending the quarter with a dredging backlog of $452.6 million.

Net loss for the third quarter was $9.9 million.

Adjusted EBITDA for the third quarter was $1.3 million.

Dredging backlog reached $452.6 million as of September 30, 2022.

The company was awarded $338.9 million in dredging projects and open options during the quarter.