![]() ![]() “We are adjusting to the current situation by taking swift and proactive action on cost reductions and fleet adjustments,” Petterson said. “The fourth quarter continued to be impacted by a significantly delayed bid market combined with high inflation, significant weather delays on projects in the Northeast, fewer high margin capital projects, dredging project production issues, higher than anticipated drydock costs and the retirement of the Terrapin Island,” said Lasse Petterson, president and CEO. For the full year, revenue was $648.8 million, down from $726.1 million a year ago. Revenue for the fourth quarter of 2022 was $146.7 million, down from $210 million for the fourth quarter of 2021. The fourth-quarter and full-year numbers were negatively impacted by an $8.1 million charge for the retirement of the hopper dredge Terrapin Island in the fourth quarter, the company said.Ī year ago, the company reported net income of $24.7 million for the fourth quarter of 2021 and $49.4 million for the full year. Great Lakes Dredge & Dock Corporation reported last month that its fourth quarter net loss was $31.2 million, which made up the bulk of the company’s full-year net loss of $34.1 million. ![]()
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