GLDD - Why Great Lakes Dredge & Dock Stock Is Up Big Today
2024-05-07 12:59:38 ET
Business is booming for Great Lakes Dredge & Dock (NASDAQ: GLDD) , the largest provider of dredging services in the United States, and the company sees significant opportunities on the horizon. Shares traded up 18% as of 11 a.m. ET on Monday after the company announced that it easily topped first-quarter estimates.
Great Lakes reported earnings of $0.31 per share in the first quarter on revenue of $198.7 million, topping estimates of $0.07 per share on sales of $173 million. Adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA) of $42.9 million were the company's best quarter since 2021, which CEO Lasse Petterson said showed "a return to normalcy" after a year marred by weather delays and a dearth of new work.
The company secured four major contract awards in 2023 and had a backlog of future business totaling $879.4 million at quarter's end. And with the U.S. Army Corps of Engineers managing a $8.7 billion budget in 2024, Great Lakes expects the bid market to remain robust.
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Why Great Lakes Dredge & Dock Stock Is Up Big Today