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.
Source Fool.com
