GLDD - Why Great Lakes Dredge & Dock Is Floating Higher Today
2024-02-14 16:17:20 ET
Great Lakes Dredge & Dock (NASDAQ: GLDD) delivered a surprisingly strong quarter and is optimistic about what lies ahead. Investors are rallying into the shares, sending Great Lakes Dredge stock up 17% as of 3 p.m. ET.
Great Lakes is the largest provider of dredging services in the U.S., offering a range of services to U.S. government and private energy customers. The company sprang a leak in 2022, with a combination of high inflation, weather issues, and delayed bids causing results to suffer.
2023 was advertised as a year of transition, with Great Lakes focusing on improving operations and more reliable business. The effort paid off in the fourth quarter, with Great Lakes reporting earnings of $0.32 per share, well above the $0.10-per-share consensus, on revenue that was roughly in line with expectations at $181.7 million.
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Why Great Lakes Dredge & Dock Is Floating Higher Today