Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
Tina Baginskis - Director, IR and Financial Planning
Lasse Petterson - President and CEO
Scott Kornblau - CFO
Conference Call Participants
Joe Gomes - Noble Capital
Adam Thalhimer - Thompson Davis
Jon Tanwanteng - CJS Securities
Poe Fratt - Alliance
Operator
Good day, and thank you for standing by. Welcome to the Q2 2022 Great Lakes Dregde & Dock Corporation Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Tina Baginskis, Director, Investor Relations and Financial Planning. Please go ahead.
Tina Baginskis
Good morning, and welcome to our second quarter conference call. Joining me on the call this morning is our President and Chief Executive Officer, Lasse Petterson; and our Chief Financial Officer, Scott Kornblau. Lasse will provide an update on the events of the quarter, then Scott will continue with an update on our financial results for the quarter. Lasse will conclude with an update on the outlook for the business and market. Following their comments, there will be an opportunity for questions.
During this call, we will make certain forward-looking statements to help you understand our business. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from our expectations. Certain risk factors inherent in our business are set forth in our earnings release and in filings with the SEC, including our 2021 Form 10-K and subsequent filings. During this call, we also refer to certain non-GAAP financial measures, including adjusted EBITDA, which are explained in the net income to adjusted EBITDA reconciliation attached to our earnings release and posted on our Investor Relations website, along with certain other operating data.
With that, I will turn the call over to Lasse.
Lasse Petterson
Thank you, Tina.
As stated in our earnings release, our second quarter results did not meet expectations. As we navigated a challenging environment, driven by external factors, including supply chain delays, inflationary pressures and adverse weather conditions, combined with some atypical dredging project challenges.
During the quarter, we had three projects encountering differing and unanticipated site conditions, which negatively impacted production and internal margins. We are now working to resolve the cost impacts through contractual discussions with our customers. However, revenue and profit recognition is delayed until these discussions are agreed upon and finalized. We also had several projects impacted by unseasonably rough sea conditions along the East Coast.