GLDD - Great Lakes Dredge sinks to four-year low after Q4 loss

Great Lakes Dredge & Dock ( NASDAQ: GLDD ) -21.1% Wednesday to its lowest in more than four years after reporting a much larger than expected Q4 loss while revenues fell 20% Y/Y to $146M.

Great Lakes Dredge ( GLDD ) swung to a Q4 loss of $16.2M, or $0.47/share, from a $53M profit, or $0.37/share, in the year-earlier quarter, and gross margin percentage fell to negative 11% compared to positive 25.2% in Q4 2021, citing the earlier than expected retirement of the Terrapin Island hopper dredge, significant weather delays on several projects in the Northeast, fewer high margin capital projects, high inflation, and a significantly delayed bid market.

Q4 adjusted EBITDA loss totaled $24.2M compared with a year-ago profit of $48.2M.

The company expects to see the dredging bid market pick up in H1, as "the port deepening and widening projects that were delayed in 2022 are expected to bid in the first and second quarters of 2023, with dredging anticipated to start in the second half of the year," President and CEO Lasse Petterson said.

Great Lakes Dredge & Dock ( GLDD ) shares have lost 7.5% so far this year and 62% during the past year .

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