#9: Great Lakes Dredge & Dock
Q3 Return: -4%
YTD Return: -17%
Investor: Greg Harmon
Greg Harmon’s pick of Great Lakes Dredge & Dock (GLDD) has been consistent so far this year, but only as a member of the bottom three.
GLDD was actually the biggest Q2 gainer, lifting it out of last place. However, the stock’s 4% slide during the past three months still puts its year-to-date total return an ugly 16% in the red.
Great Lakes Dredge & Dock has been weighed down by a host of issues, including an accounting error that forced the company to restate earnings for the second and third quarters of 2012. That event led to a class-action lawsuit and a selloff.
On top of that, the company’s recent earnings report left a lot to be desired as revenue, gross profit margin and adjusted EBITDA all fell … while expenses and the company’s net loss grew.
That’s a tough turn of events for Harmon, who was banking on the dredging company’s technical strength at the start of the year.