The Incident & Injury Free journey Dave and former CEO Doug Mackie began in 2005 transformed the safety culture of the company and elevated the bar for safe operations for the entire US dredging industry.
In addition to his contributions to the achievements of Great Lakes, he has been recognized for his leadership, innovation, and extensive contributions to the dredging industry. His commitment to project and employee safety, environmental protection, and successful project completion has contributed significantly to the Company’s record years of profitability and project successes. Simonelli, who has spent forty-four years with Great Lakes, became the President of the Company’s Dredging Division in 2010, and Chief Operating Officer in 2018. After his retirement, he will provide consulting services to the Company. Simonelli, will retire effective September 16, 2022. 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.HOUSTON, J(GLOBE NEWSWIRE) - Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ:GLDD), the largest provider of dredging services in the United States announced today that its Chief Operating Officer, David E. 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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