Great Lakes Dredge & Dock rises on Q3 revenue above analyst estimates
Great Lakes Dredge & Dock Corp. (Nasdaq: GLDD) shares are up in morning trading after the provider of dredging and demolition services reported its third-quarter revenue rose to $116.46 million, above Wall Street estimates of $108.73 million and up 43% from $81.7 million a year earlier.
“The company’s strategy of increasing our international presence paid significant dividends in the quarter in terms of revenue growth,” CEO Douglas B. Mackie said in a statement. “The company’s purchase of two additional dredges during the fourth quarter will complement equipment purchases made earlier this year to further increase our capacity internationally.”
The firm swung to a quarterly profit $0.64 million, or $0.01 per share, below analyst estimates of $0.04 per share and compared with a loss of $0.97 million, or $0.33 per share, during the same period of 2006.
The Oak Brook, Ill.-based company’s order backlog at the end of the quarter was $290.9 million, versus $239.6 million a year earlier.
In morning trading, GLDD shares are up 1.01%, or $0.09, at $8.96. Over the last 52 weeks, shares have ranged from $5 to $10.27.
