GLDD - Why Great Lakes Dredge & Dock Stock Is Sinking Today
The largest U.S. dredging company fell short of expectations in terms of both revenue and earnings, and the stock is taking on water as a result. Shares of Great Lakes Dredge & Dock (NASDAQ: GLDD) traded down more than 20% on Wednesday morning following its fourth-quarter earnings release.
Great Lakes plays a vital role in the U.S. transportation system , operating specialized equipment that makes sure waterways are navigable. But the work did not translate into profits in the last three months of 2022.
On Wednesday morning, the company reported a fourth-quarter loss of $0.47 per share on revenue of $146.66 million, falling short of analyst expectations for a $0.14 per-share loss on sales of $161 million. The loss included an $8 million charge related to the retirement of Terrapin Island, one of the company's older dredge boats, but CEO Lasse Petterson said Great Lakes is facing a lot of headwinds right now.
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Why Great Lakes Dredge & Dock Stock Is Sinking Today