By Chris Wack
Great Lakes Dredges & Dock shares were up 10% to $9.25 after the company reported a surprise second-quarter earnings gain.
The dredging services company has quarterly earnings of $1.7 million, or 3 cents a share, compared to a loss of $4 million, or 6 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $6.8 million, or 14 cents a share.
Revenue for the quarter was $132.7 million, compared to last year’s $149.4 million and the $146.7 million analysts were expecting.
The company said its second-quarter results were from improved cost-savings initiatives, weather conditions and improved project performance. Great Lakes ended the quarter with $434.6 million of dredging backlog.
Write to Chris Wack at [email protected]
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