Great Lakes Dredge & Dock (GLDD) Pops As Company Returns To Profitability

Shares of Great Lakes Dredge & Dock (GLDD) popped more than 12% today after the company reported very favorable Q2 results this morning. Specifically, while analysts had been projecting contract revenues to decline just 1.8% for the period to $146.7 million, no one appears to have really been that surprised by the larger 11.2% year-over-year drop to $132.7 million GLDD actually saw, which was consistent with the company’s previously announced expectation for fleet utilization to be lower due to the recent retiring of its Terrapin Island hopper dredge and the cold stacking of two other dredges that were in service for most of the prior-year quarter.