Delayed Bids, Fuel Inflation Pinch Great Lakes Dredge & Dock

Supply chain delays impacted the drydocking of the *Carolina,* shown here in the Port of Houston several years ago.
*Photo courtesy of Port Houston*

Prolonged dry dockings, supply chain woes, fuel inflation and poor weather combined to hurt financial results in 2022's first half for Great Lakes Dredge & Dock, the largest dredging contractor in the U.S.

Bidding for beach and maintenance projects also was slower than usual in the first half of the year, said Lasse Petterson, company CEO, in a conference call with investment analysts on Aug. 2.

The Houston-based company (GLDD-NASDAQ) recorded a net loss of $4 million on revenue of $149.4 million in the second quarter ending June 30, compared to net income of $2.1 million on revenue of $169 million in the same quarter last year.

Great Lakes Dredge & Dock ranks at No. 130 on ENR's Top 400 Contractors list, reporting $726.2 million in construction related revenue last year.

Supply chain delays impacted drydockings of two dredges, slowing mobilization for projects, the firm said. Inflation drove up costs for labor and supplies, too. The company now says it will account for inflation and supply chain risk in bids and for severe weather in earnings estimates.

Gross profit margin percentage declined to 7% in the second quarter, down from 13.5% in the same period in 2021.

The company continues to see market opportunities, it says, and is building one new dredge while starting work on another in anticipation of new projects.

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KEYWORDS: Great Lakes

Deputy Editor Richard Korman helps run ENR's business and legal news and investigations, selects ENR's commentary and oversees editorial content on ENR.com. In 2023 the American Society of Business Publication Editors awarded Richard the Stephen Barr Award, the highest honor for a single feature story or investigation, for his story on the aftermath of a terrible auto crash in Kentucky in 2019, and in 2015 the American Business Media awarded him the Timothy White Award for investigations of surety fraud and workplace bullying. A member of Investigative Reporters and Editors, Richard has been a fellow on drone safety with the McGraw Center for Business Journalism at the Craig Newmark Graduate School of Journalism at CUNY. Richard's freelance writing has appeared in the Seattle Times, the New York Times, Business Week and the websites of The Atlantic and Salon.com. He admires construction projects that finish on time and budget, compensate all team members fairly and record zero fatalities or serious injuries.

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