Great Lakes Dredge & Dock (GLDD) Misses Q2 EPS by 5c

Great Lakes Dredge & Dock (NASDAQ: GLDD) reported Q2 EPS of ($0.02), $0.05 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $176.9 million versus the consensus estimate of $201.7 million.

Chief Executive Officer Lasse Petterson commented, “During my first three months as CEO, I have continued to immerse myself in company operations, meeting with various stakeholders of our business including multiple shareholders last month in New York City. Operationally, as expected, our margins in dredging have increased compared to the first quarter of 2017, but based on project mix for the current year, we do not expect margins to reach the levels we experienced in 2016. In the E&I business, the Company continues to see the benefits of the divestiture of the Terra assets and the strong project risk controls put into place. While we are pleased with the improvements in both segments in the quarter, we recognize that there is further work to be done to improve margins and the bottom line. We are currently in the midst of a deep-dive review to address overall company performance including operating margin, asset efficiencies and G&A expenses. The goal of this review is to align our production and support functions with the current and future market conditions. We expect that this review will position us in our market as we welcome the Ellis Islandto our working fleet in the third quarter of 2017 and prepare to bid on multiple large and complex port deepening projects in which we are well suited to perform.”

For earnings history and earnings-related data on Great Lakes Dredge & Dock (GLDD) click here.

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