In addition to the unusual weather impacts, Petterson said that its Liberty Island Trailing Suction Hopper Dredge was in scheduled dry dock the entire first quarter and two of the company's cutter dredges were partially idle during the quarter due to project start delays.Īs for the dredging market outlook, the company said: "At the end of 2021 the domestic dredging bid market reached $1.8 billion in projects bid. Although these weather events have short-term impacts to our operations, we expect the resulting damage to add to the recurring nature and increased long-term demand for dredging-related projects." Climate change continues to impact our nation, and our coasts continue to see damage that is a result of severe storms and rising waters. "As previously discussed on our last earnings call, two bomb cyclones brought heavy snow and coastal flooding to the Northeastern United States in January and strong sustained winds impacted several projects in the Southeastern United States pushing production into later quarters. He 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." While the income and revenue numbers increased, Lasse Petterson, President and Chief Executive Officer said the result was a solid one, but still below expectations. The income increase was driven by higher operating income and lower interest expense, offset partially by higher income tax expense, the company said. The higher revenue in the first quarter of 2022 was due to higher domestic capital and coastal protection revenue, offset partially by a decrease in revenue from maintenance dredging, rivers and lakes, and foreign projects. Revenue for the quarter was $194.3 million, an increase of $16.7 million from the first quarter of 2021. Great Lakes Dredge & Dock Corporation reported a first-quarter net income of 11.1 million in the first quarter of 2022 an increase compared to first-quarter 2021 income of $8.8 million.
0 kommentar(er)
