Great Lakes Dredge & Dock (GLDD) Reports Q2 Loss Per Share of $0.03; Strategic Review Process Concluded

Great Lakes Dredge & Dock (NASDAQ: GLDD) reported Q2 EPS of ($0.03), versus $0.05 reported last year. Revenue for the quarter came in at $192.2 million, versus $238.9 million reported last year.

Chairman of the Board of Directors, Mike Walsh, commented, “On October 16, 2015 the Company's Board of Directors initiated a process to review potential strategic alternatives for the Company. Since that date, the Board undertook a deliberate and comprehensive evaluation of potential alternatives. The process commenced with the understanding of our advisors that we would execute a transaction only if it provided for the value we see in our expectations for the ATB hopper dredge once it is operational in 2017, as well as our plan to turnaround the Environmental & infrastructure (E&I) segment. The Board, in conjunction with its advisors, concluded that we best serve our stockholders by focusing on executing our current strategic plan, including having the ATB join our hopper fleet and returning the E&I segment to profitability by divesting non-profitable services and focusing on its core strengths. As a result, after a thorough and fulsome analysis, the strategic review process has been concluded.”

For earnings history and earnings-related data on Great Lakes Dredge & Dock (GLDD) click here.

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