Dredging and coastal protection company Great Lakes Dredge & Dock (NASDAQ:GLDD) will be reporting earnings tomorrow morning. Here’s what investors should know.
Great Lakes Dredge & Dock beat analysts’ revenue expectations by 3.5% last quarter, reporting revenues of $170.1 million, up 28.2% year on year. It was an incredible quarter for the company, with an impressive beat of analysts’ earnings and EBITDA estimates.
Is Great Lakes Dredge & Dock a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Great Lakes Dredge & Dock’s revenue to grow 57.6% year on year to $184.6 million, a reversal from the 26% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.18 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Great Lakes Dredge & Dock has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Great Lakes Dredge & Dock’s peers in the construction and maintenance services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Orion delivered year-on-year revenue growth of 34.5%, missing analysts’ expectations by 3.6%, and MYR Group reported a revenue decline of 5.5%, falling short of estimates by 3.2%. Orion traded up 12.7% following the results while MYR Group was also up 13.7%.
Read our full analysis of Orion’s results here and MYR Group’s results here.
Investors in the construction and maintenance services segment have had steady hands going into earnings, with share prices flat over the last month. Great Lakes Dredge & Dock’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $14 (compared to the current share price of $11.69).
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