The contract was awarded June 2 for $7,335,450. These harbors serve as vital links to rail and highway transportation systems in the region, helping to deliver products and commodities to and from global markets.” “The Memphis District is responsible for maintenance dredging of 10 harbors along the Mississippi River. “Dredging these harbors involves removing sediment from the authorized navigation channel to maintain a specific depth for safe navigation in and out of the harbors,” Project Delivery Team Manager Vickie Watson said. And while continued significant weather delays on several projects in the Northeast and the unfavorable shift in mix from the higher-margin capital projects to more lower-margin maintenance jobs had GLDD go from earning 17 cents in the prior-year quarter to losing 6 cents, this too was much better than the loss of 17 cents analysts had been projecting thanks to the swift and proactive actions the company has taken in the last six months on reducing costs and adjusting its fleet.The Memphis Engineer District has contracted with Great Lakes Dredge & Dock for the rental of a 24-inch hydraulic cutterhead dredge, discharge pipe and attendant plant to dredge nine harbors this year. Specifically, contract revenues of $158.0 million for Q1 were down 18.7% from the prior year, but exceeded the consensus estimate by $10.3 million as higher maintenance and rivers/lakes project activity helped stem the decline in domestic capital and coastal protection project work. On what proved to be an ugly day for equities overall, shares of Great Lakes Dredge & Dock (GLDD) held up fairly well today after the company reported a better-than-anticipated start to 2023 this morning. A smaller-than-feared loss in Q1 and a promising pickup in bidding activity for more lucrative projects have Great Lakes Dredge & Dock (GLDD) poised to return to profitability later this year.
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