Shares of Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) plummeted 7.21% on November 5th, 2024, despite the company reporting solid third-quarter results. The Houston-based dredging services provider posted a net income of $8.9 million for the quarter, a significant improvement from the $6.2 million net loss recorded in the same period last year.
GLDD's revenue surged to $191.2 million, up 63.1% from $117.2 million in Q3 2023, driven by higher capital, coastal protection, and maintenance project revenues. The company's gross profit soared to $36.2 million, with the gross margin percentage increasing to 19.0% from 7.7% in the prior-year quarter, reflecting improved project performance.
The company's backlog reached a record high of $1.21 billion at the end of September 2024, providing solid revenue visibility well into 2026. GLDD secured several significant project wins during the quarter, including three port deepening projects and six beach renourishment projects, capturing a substantial share of the bid markets.
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