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Factors Setting the Tone for Great Lakes' (GLDD) Q2 Earnings
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Great Lakes Dredge & Dock Corporation (GLDD - Free Report) is scheduled to report results for the second quarter of 2024 on Aug 6, before market open.
In the last quarter, earnings and revenues topped the Zacks Consensus Estimate by 416.7% and 12.6%, respectively. Moreover, on a year-over-year basis, the bottom and top lines grew.
The company’s earnings surpassed expectations in three of the trailing four quarters and met on the remaining occasion, the average surprise being 184.3%.
Trend in Estimate Revision
The Zacks Consensus Estimate for second-quarter earnings per share has trended downward to 3 cents from 4 cents over the past 60 days. The current estimate indicates no change year over year.
Great Lakes Dredge & Dock Corporation Price and EPS Surprise
The consensus mark for revenues is pegged at $165 million, indicating 24.4% growth from the year-ago quarter’s level.
Factors at Play
The top line of Great Lakes is expected to have gained year over year in the second quarter on the back of solid contributions from its Capital (U.S.) and Coastal Protection work types, reflecting the increased demand for its dredging services. The Capital work type’s (contributed 35.2% to first-quarter 2024 revenues) performance is likely to have been driven by increased project activity in Texas and Virginia, and the Coastal Protection work type’s (contributed 32.2% to first-quarter revenues) performance is likely to have been attributable to increased project activity in Alabama and New York.
Furthermore, the company is optimistic about the growth trends across its Maintenance (contributed 32.4% to first-quarter revenues) and Rivers & Lakes (contributed 0.2% to first-quarter revenues) work types as well. The uptrend is likely to have been backed by GLDD’s year-over-year dredging backlog growth, enhanced fleet position, and focus on strategic initiatives. Also, continuous strength in support from the Biden Administration and Congress for the dredging industry is likely to have bode well.
The Zacks Consensus Estimate for the revenues of the Capital (U.S.) and Coastal Protection work types is pegged at $55.3 million and $65 million, indicating year-over-year growth of 44.8% and 15%, respectively. The consensus mark for the Maintenance and Rivers & Lakes work types revenues is pegged at $41.2 million and $2.5 million, implying year-over-year growth of 15.1% and 13.6%, respectively.
The bottom line of Great Lakes is expected to remain flat year over year due to increased general and administrative expenses, including higher stock compensation and employee benefit expenses. The headwinds are likely to have been partially offset by improved utilization and project performance as well as fewer drydockings.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Great Lakes this time around. The company does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.
Earnings ESP: GLDD has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Here are some recent earnings releases from the Zacks Construction space.
Quanta Services Inc. (PWR - Free Report) reported mixed results for the second quarter of 2024, wherein adjusted earnings missed the Zacks Consensus Estimate while revenues surpassed the same. Both metrics increased on a year-over-year basis.
PWR’s performance in the second quarter marks a strong base for the rest of 2024, characterized by impressive growth across key metrics. Moreover, the company has raised its 2024 guidance for major metrics, owing to the expected contributions from its recent acquisition of CEI.
KBR, Inc. (KBR - Free Report) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate while revenues missed the same. The bottom and top lines increased on a year-over-year basis.
KBR performed well across key metrics and expects this trend to continue for the rest of the year. Driven by the robust performance in its core business, KBR raised its adjusted EBITDA and cash flow guidance for 2024.
Armstrong World Industries, Inc. (AWI - Free Report) reported solid results for second-quarter 2024, wherein earnings and net sales topped the Zacks Consensus Estimate and increased on a year-over-year basis.
The company’s growth trend was backed by solid contributions from the Mineral Fiber, as well as Architectural Specialties segments. Growth was attributed to the increase in average unit value and volume. Also, contributions from recent acquisitions aided the uptrend.
Image: Shutterstock
Factors Setting the Tone for Great Lakes' (GLDD) Q2 Earnings
Great Lakes Dredge & Dock Corporation (GLDD - Free Report) is scheduled to report results for the second quarter of 2024 on Aug 6, before market open.
In the last quarter, earnings and revenues topped the Zacks Consensus Estimate by 416.7% and 12.6%, respectively. Moreover, on a year-over-year basis, the bottom and top lines grew.
The company’s earnings surpassed expectations in three of the trailing four quarters and met on the remaining occasion, the average surprise being 184.3%.
Trend in Estimate Revision
The Zacks Consensus Estimate for second-quarter earnings per share has trended downward to 3 cents from 4 cents over the past 60 days. The current estimate indicates no change year over year.
Great Lakes Dredge & Dock Corporation Price and EPS Surprise
Great Lakes Dredge & Dock Corporation price-eps-surprise | Great Lakes Dredge & Dock Corporation Quote
The consensus mark for revenues is pegged at $165 million, indicating 24.4% growth from the year-ago quarter’s level.
Factors at Play
The top line of Great Lakes is expected to have gained year over year in the second quarter on the back of solid contributions from its Capital (U.S.) and Coastal Protection work types, reflecting the increased demand for its dredging services. The Capital work type’s (contributed 35.2% to first-quarter 2024 revenues) performance is likely to have been driven by increased project activity in Texas and Virginia, and the Coastal Protection work type’s (contributed 32.2% to first-quarter revenues) performance is likely to have been attributable to increased project activity in Alabama and New York.
Furthermore, the company is optimistic about the growth trends across its Maintenance (contributed 32.4% to first-quarter revenues) and Rivers & Lakes (contributed 0.2% to first-quarter revenues) work types as well. The uptrend is likely to have been backed by GLDD’s year-over-year dredging backlog growth, enhanced fleet position, and focus on strategic initiatives. Also, continuous strength in support from the Biden Administration and Congress for the dredging industry is likely to have bode well.
The Zacks Consensus Estimate for the revenues of the Capital (U.S.) and Coastal Protection work types is pegged at $55.3 million and $65 million, indicating year-over-year growth of 44.8% and 15%, respectively. The consensus mark for the Maintenance and Rivers & Lakes work types revenues is pegged at $41.2 million and $2.5 million, implying year-over-year growth of 15.1% and 13.6%, respectively.
The bottom line of Great Lakes is expected to remain flat year over year due to increased general and administrative expenses, including higher stock compensation and employee benefit expenses. The headwinds are likely to have been partially offset by improved utilization and project performance as well as fewer drydockings.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Great Lakes this time around. The company does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat.
Earnings ESP: GLDD has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Releases
Here are some recent earnings releases from the Zacks Construction space.
Quanta Services Inc. (PWR - Free Report) reported mixed results for the second quarter of 2024, wherein adjusted earnings missed the Zacks Consensus Estimate while revenues surpassed the same. Both metrics increased on a year-over-year basis.
PWR’s performance in the second quarter marks a strong base for the rest of 2024, characterized by impressive growth across key metrics. Moreover, the company has raised its 2024 guidance for major metrics, owing to the expected contributions from its recent acquisition of CEI.
KBR, Inc. (KBR - Free Report) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate while revenues missed the same. The bottom and top lines increased on a year-over-year basis.
KBR performed well across key metrics and expects this trend to continue for the rest of the year. Driven by the robust performance in its core business, KBR raised its adjusted EBITDA and cash flow guidance for 2024.
Armstrong World Industries, Inc. (AWI - Free Report) reported solid results for second-quarter 2024, wherein earnings and net sales topped the Zacks Consensus Estimate and increased on a year-over-year basis.
The company’s growth trend was backed by solid contributions from the Mineral Fiber, as well as Architectural Specialties segments. Growth was attributed to the increase in average unit value and volume. Also, contributions from recent acquisitions aided the uptrend.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.