Shares of Great Lakes Dredge & Dock (NASDAQ:GLDD) surged 9.54% in pre-market trading after the company reported exceptional first-quarter results that significantly surpassed analyst expectations across multiple financial metrics.
The dredging services provider announced quarterly earnings of $0.49 per share, handily beating the analyst consensus estimate of $0.26 by 88.46%. This impressive performance also represents a 58.06% increase from the $0.31 per share reported in the same period last year. Revenue for the quarter came in at $242.87 million, outpacing analyst projections of $206.70 million by 17.50% and marking a robust 22.25% year-over-year growth from $198.66 million.
Other key financial highlights from the Q1 report include a pretax profit of $45.126 million, nearly doubling the IBES estimate of $23.8 million. The company's adjusted EBITDA reached $60.1 million, significantly exceeding the expected $40.1 million. These strong results demonstrate Great Lakes Dredge & Dock's operational efficiency and market strength, likely contributing to investor enthusiasm and the subsequent pre-market stock price surge.
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