Great Lakes Dredge & Dock Corporation (GLDD) reported first-quarter net income of $11.1 million, up from $8.8 million for the same quarter of 2021. Revenue for the quarter was $194.3 million, an increase of $16.7 million from the first quarter of 2021. The increase was due to higher domestic capital and coastal protection revenue, offset partially by a decrease in revenue from maintenance dredging, rivers and lakes and foreign projects, the company said. "Although we reported solid results in the first quarter of 2022, we did not fully meet our expectations as we experienced delays from abnormal weather events, production impacts and some lingering costs from the COVID-19 pandemic that diminished as the quarter progressed," said Lasse Petterson, president and CEO, in the May 3 earnings announcement.
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