- Great Lakes Dredge & Dock press release ( NASDAQ: GLDD ): Q3 GAAP EPS of -$0.15 misses by $0.23 .
- Revenue of $158.3M (-6.1% Y/Y) misses by $5.7M .
- Gross margin percentage declined to 2.4% in the third quarter of 2022 from 21.5% in the third quarter of 2021.
- Operating loss was $9.5 million, which is a $30.9 million decrease in operating income from the prior year quarter.
- At September 30, 2022, the Company had $38.8 million in cash, total long-term debt of $321.4 million, and our $300 million revolving credit facility remains undrawn.
- At September 30, 2022, the Company had $452.6 million in dredging backlog, compared to $598.5 million in dredging backlog at September 30, 2021.
- Capital expenditures for the third quarter of 2022 were $33.7 million, which includes $11.1 million for our new scows and multicats, $8.5 million for the Galveston Island build, $8.2 million for other maintenance capital expense, $5.1 million for the second new hopper, and $0.8 million for the subsea rock installation vessel.
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Great Lakes Dredge & Dock GAAP EPS of -$0.15 misses by $0.23, revenue of $158.3M misses by $5.7M