Great Lakes announces its full year 2021 results, with only a 1.0% decline in revenue
Great Lakes announces its full year revenue has declined 1.0% to $726.1 million in 2021. Despite the challenges from the COVID-19 (coronavirus) pandemic, the company continued to perform essential and critical infrastructure work. Although the company did not perform as strong as it intended, it hopes to grow with its new venture into the US offshore wind generation market. The company plans to issue a contract for the construction of the first Jones Act-compliant rock installation vessel, with expected delivery in 2024.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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