UPDATE 1-Great Lakes posts surprise Q1 loss
(Recasts; adds details, share movement)
May 6 (Reuters) - Dredging services provider Great Lakes Dredge and Dock Corp (GLDD.O) posted a surprise first-quarter loss, hurt by the mobilization of four of its dredges and repairs to another.
The company posted a net loss of $1.18 million, or 2 cents a share, compared with net income of $964,000, or 2 cents a share, a year earlier. Revenue for the quarter rose 7 percent to $135.7 million.
Analysts on average were expecting earnings of 2 cents a share, excluding special items, on revenue of $125.9 million, according to Reuters Estimates.
Great Lakes said revenues were hit by the mobilization of four dredges to the Middle East, including the dredge Texas, which had been a big contributor to the company's results.
In addition, the dredge New York was in dry dock undergoing repairs, and is expected to resume operations late in the second quarter.
But the company said revenues from foreign markets increased 29 percent to $32.8 million, while it won over 28 percent of the options on capital projects awarded, adding $60 million to its domestic backlog during the quarter.
Shares of the Oak Brookes, Illinois-based company were trading up 31 cents at $6.00 Tuesday morning on Nasdaq. (Reporting by Biswarup Gooptu in Bangalore; Editing by Pratish Narayanan)
