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.
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