![]() ![]() became the holding company for the firm and its subsidiaries. as a wholly owned subsidiary, and 2 years later Great Lakes Intl. established the North American Trailing Co. Dredging the Cuyahoga River was an annual task, and among other projects managed by the Cleveland office during these years was revamping the breakwater at the Avon Lake Power Plant and performing marine work at the CLEVELAND ELECTRIC ILLUMINATING CO. It also participated in construction of the St. Marie and built the southwest pier at that location to protect the Power Canal from out-of-control freighters. ![]() In the 50-year period 1920-70, Great Lakes Dredge & Dock worked on the McArthur Lock at Sault Ste. In 1914-15 the firm participated in the construction of piers and abutments for the Detroit-Superior and Clark Ave. In addition to dredging and dock construction, Great Lakes has also fabricated and laid pipelines, installed piers for bridges, built up breakwaters, and added sand to eroding beaches. Lydon, the company has grown since then and expanded its operations to Central and South America, as well as the Middle East, Africa, and the Caribbean Islands. ![]() was established when the use of larger ships on the Great Lakes created a need for deeper channels and sturdier docks. 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.GREAT LAKES DREDGE AND DOCK CO. 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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