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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.