By the time we reach the bottom line, the situation has worsened even further, with Great Lakes' net profit coming in at negative $0.27 per diluted share.And Great Lakes' operating profit margin - already negative a year ago - declined even further in the first quarter of 2017 to negative 0.4%.Gross profits on those sales, however, plunged 280 basis points to just 9.5%.(For the record, that was about $500,000 ahead of what Wall Street had predicted.) First-quarter sales increased about 5% year over year, to $170.6 million.But for a company of Great Lakes' size (just $277 million in market capitalization), it's actually pretty significant - representing nearly 10% of a quarter's worth of revenues, as you can see from an examination of the company's quarterly report.Įarnings day isn't a great day for Great Lakes Dredge & DockĪs luck would have it, Great Lakes Dredge & Dock reported its fiscal first-quarter 2017 earnings just yesterday.
Granted, in Pentagon-contracting terms, $16.7 million seems like pocket change.
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