Great Lakes Dredge reports Q4 EPS (47c), consensus (14c)

Reports Q4 revenue $146.658M, consensus $160.97M. Lasse Petterson, President and Chief Executive Officer commented, "The fourth quarter continued to be impacted by a significantly delayed bid market combined with high inflation, significant weather delays on projects in the Northeast, fewer high margin capital projects, dredging project production issues, higher than anticipated drydock costs, and the retirement of the Terrapin Island… Great Lakes ended the year with $377.1 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts. In addition, we ended the quarter with $584.7 million in open dredging options pending award. The Company’s awarded work represents 33.1% of the fourth quarter bid market. Our fleet renewal program remains on budget with our mid-size hopper dredge, the Galveston Island, expected to be operational mid-year 2023 and her sistership, which will be named the Amelia Island, is expected to be delivered in 2025. The two multicats, the Cape Hatteras and the Cape Canaveral, will be operational in 2023, and we have already taken delivery of three new scows. We are executing on our strategy to enter the fast-growing U.S. offshore wind market. Construction of our U.S. flagged Jones Act-compliant inclined fallpipe vessel for subsea rock installation is on budget and expected to be delivered and operational in the first half of 2025. In 2022, Great Lakes was awarded rock installation contracts for the Empire Wind I and II projects by Equinor and BP, with installation windows in 2025 and 2026. We are currently bidding several other offshore wind farm projects with rock installations planned for 2025 and beyond."