Great Lakes Dredge & Dock Earnings: Here’s Why Investors are Not Excited Now
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 31.44%.
Great Lakes Dredge & Dock Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 91.67% to $0.01 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 30.6% to $207.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Great Lakes Dredge & Dock Corporation reported adjusted EPS income of $0.01 per share. By that measure, the company missed the mean analyst estimate of $0.19. It beat the average revenue estimate of $193.28 million.
Quoting Management: Jonathan Berger, Chief Executive Officer, said “I am deeply disappointed with the issues in our demolition segment, which contributed to the need to restate our second and third quarter financial results, and deferral of the recognition of revenue and Adjusted EBITDA. We will be focusing on improving controls at our demolition segment and throughout the Company. We at Great Lakes are committed to growing our business and increasing shareholder value. The demolition segment is a key part of our growth strategy, and we are committed to having the right personnel and tools in place to effectively grow the segment while maintaining adequate operational and financial controls.”
Key Stats (on next page)…