2Q22 Operating Results. Revenue of $149.3 million fell short of our $185 million estimate and consensus $181 million. Gross margin declined to 7.0% versus our 21.6% expectation. Adjusted EBITDA for the quarter was $10.15 million versus our $35.8 million estimate. The Company reported a loss of $4.0 million, or $0.06 per share, for the quarter, compared to our estimate of net income of $15.4 million, or $0.23 per share.It Pours. Just about anything that could go wrong during the quarter did: supply chain delays which impacted ship availability, inflationary pressures, which impacted margins on previously won business, adverse weather conditions, with three times as many weather days during the quarter during the same period in 2021, and atypical dredging project challenges at three projects. Read More >>