We are proactively taking steps to minimize the impact of these external factors as we are rationalizing older assets like the previously announced retirement of the Terrapin Island, cold stacking several of our oldest and least productive dredges and aggressively reducing other costs. Lasse Petterson, President and Chief Executive Officer at Great Lakes commented, “This has been a challenging year driven by an extremely slow bid market in the first half of 2022, rampant inflation, supply chain delays and more than the usual number of differing site conditions on projects. General and administrative expense and net interest expense are expected to remain relatively flat from the prior quarter. The Padre Island is now out of drydock and in operation and the Ellis Island is out of drydock and expected to be in operation before year end. Additionally, unexpected drydocking scope increases resulted in additional costs and delays for the hopper dredges Ellis Island and Padre Island. These results were impacted by the earlier than expected retirement of the Terrapin Island hopper dredge, significant weather delays on several projects in the northeast and some project production issues. Revenues and gross profit margins for fourth quarter 2022 are expected to be lower than previously anticipated. 20, 2022 (GLOBE NEWSWIRE) - Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced an update on its fourth quarter 2022 operations.
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