Specifically, contract revenues of $158.0 million for Q1 were down 18.7% from the prior year, but exceeded the consensus estimate by $10.3 million as higher maintenance and rivers/lakes project activity helped stem the decline in domestic capital and coastal protection project work. On what proved to be an ugly day for equities overall, shares of Great Lakes Dredge & Dock (GLDD) held up fairly well today after the company reported a better-than-anticipated start to 2023 this morning. A smaller-than-feared loss in Q1 and a promising pickup in bidding activity for more lucrative projects have Great Lakes Dredge & Dock (GLDD) poised to return to profitability later this year.
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