Great Lakes Dredge Shares Tumble After Surprise Loss >GLDD

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By Colin Kellaher

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Shares of Great Lakes Dredge & Dock Corp. slid more than 15% on Tuesday after the provider of dredging services posted a surprise quarterly loss and said it doesn’t expect to meet its full-year guidance.

The Houston company reported a second-quarter loss of 6 cents a share amid a 12% drop in revenue to $149.4 million.

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Analysts polled by FactSet, on average, were expecting a quarterly profit of 10 cents a share on revenue of $175.8 million.

Great Lakes said that its quarterly results reflect supply-chain delays, inflationary pressures, adverse weather conditions and some atypical dredging project challenges, adding that three of its larger projects encountered differing and unanticipated site conditions that hurt production.

The company said that it expects its results in the second half of the year to be stronger than in the first half, but that it doesn’t expect to meet its 2022 expectations.

Great Lakes shares were recently changing hands at $10.87, down 16%, after hitting a 52-week low of $10.30 earlier in the session.

Write to Colin Kellaher at [email protected]

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Credit: www.marketwatch.com /

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