Great Lakes Dredge & Dock Earnings: Here’s Why Investors are Not Excited Now
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 6.59%.
Great Lakes Dredge & Dock Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.42 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Decreased 8.21% to $152.86 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Great Lakes Dredge & Dock Corporation reported adjusted EPS loss of $0.42 per share. By that measure, the company missed the mean analyst estimate of $0.08. It missed the average revenue estimate of $191.83 million.
Quoting Management: Jonathan Berger, Chief Executive Officer stated, “For the three months ended June 30, 2013, Great Lakes reported Revenue of $152.9 million, a Net Loss of $25.2 million and Adjusted EBITDA of $11.0 million. Included in the Net Loss is a $21.5 million noncash charge for goodwill impairment related to the demolition segment.”
Key Stats (on next page)…
Revenue decreased 19.06% from $188.85 million in the previous quarter. EPS decreased to $-0.42 in the quarter versus EPS of $0.01 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.10 to a profit $0.11. For the current year, the average estimate is a profit of $0.32, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)