Great Lakes Dredge & Dock Corp. (GLDD) Thursday said it turned to a profit in the first quarter, as revenues increased driven by higher dredging activities.
First quarter net income attributable to Great Lakes Dredge & Dock was $7.31 million or $0.13 per share, compared to net loss of $1.18 million or $0.02 per share in the prior-year quarter.
On average, three analysts polled by Thomson Reuters expected earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly revenues increased to $179.20 million from $135.72 million in the previous year.
Dredging revenue increased 66% to $166.3 million from the 2008 first quarter as fleet utilization improved across all the dredging sectors.
Gross profit margin was 15.1%, compared to 8.8% last year, as a result of increased fleet utilization and operating efficiencies on several domestic projects.
Operating income was $16.45 million, compared to $1.75 million in the same quarter last year.
Contracted dredging backlog as of March 31, 2009 was $344 million, compared with $418 million at December 31, 2008.
GLDD is currently trading at $4.40, up $0.11 or 2.56%, on a volume of 0.20 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.