![]() “We have taken swift and proactive action on cost reductions and fleet adjustments. The company’s improved first quarter performance is primarily due to more project work for our vessels and adjustments we have made to the business and operations to improve profitability. “Despite facing continued challenges related to weather delays in the Northeast and a lower-than-normal amount of capital work, we ended the quarter with revenues of $158.0 million and adjusted EBITDA of $10.2 million. “We reported improved results in the first quarter of 2023, showing improvements in gross profit margins and adjusted EBITDA from the prior three quarters,” said GLDD president and CEO Lasse Petterson. Despite the red ink, all this was an improvement on what had gone before. GLDD President and CEO Lasse Petterson: “The port deepening and widening projects that were delayed in 2022 are starting to enter the market.”Īmerica’s largest provider of dredging services Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported first quarter 2023 results that included a total operating loss of $0.9 million, a net loss of $3.2 million and adjusted EBITDA of $10.2 million. port strike resumes as union walks away from tentative deal
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