Great Lakes Dredge & Dock Corporation (GLDD) today reported its second straight quarter of better-than-expected earnings per share. In response, shares have moved higher by more than 6% so far Tuesday, which makes GLDD a top-performing Zacks #1 Rank company.

Volume is at approximately 223,000 shares at the moment, compared to the daily average of nearly 191,000.

GLDD is the largest provider of dredging services in the U.S. and one of the largest U.S. providers of commercial and industrial demolition services. GLDD is the only company from the Bldg-Heavy Cnst industry on today’s 232-stock Zacks #1 Rank List.

Second Quarter Beats

“During the first half of the year, the company experienced a high level of utilization and an improvement in domestic margins,” stated President and CEO Douglas B. Mackie. “We were able to achieve these results due to our sizable backlog, successful bidding in the domestic market, favorable weather conditions and minimal mobilization and mechanical downtime.”

GLDD announced second-quarter earnings per share of 13 cents; a 160% year-over-year improvement from 5 cents. The result also topped the Zacks Consensus Estimate of 7 cents by more than 85%. In the first quarter, EPS beat by 550%.

Total revenue came in at $142.5 million, which was only slightly below the year-ago result of $145.3 million. Dredging revenue advanced 16%, thanks in part to the American Recovery and Reinvestment Act, while demolition revenue was down due to the uncooperative economy and soft construction activity.

Earnings Estimates

Analysts haven’t moved earnings estimates very much on GLDD of late, although 1 of 4 analysts did revise higher over the past 30 days for both this year and next. Nevertheless, the Zacks Consensus Estimate for both periods remain well above levels from 3 months ago.

For this year, analysts currently predict 28 cents per share, which is up 75% from 90 days ago. Meanwhile, the Zacks Consensus Estimate for next year is at 32 cents, or more than 77% better than 2 months ago and also more than 14% atop the outlook for the current year.

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