Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Incremental Awards of $24.6 million Announced
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only's operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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Final awards of $88.1 million announced, including known awards of $54.5 million and new work of $24.6 million. Four awards for $71.0 million will add to 3Q2021 backlog and the other work for $17.1 million will add to 4Q2021 backlog. Please note that three awards were previously discussed in research notes so Oak Island Renourishment ($17.1 million) and Mobile Harbor ($7.5 million) were incremental awards.
3Q2021 awards now total $308.0 million. Three of four announced 3Q2021 awards were known and included in previous 3Q2021 award estimate 3Q2021 backlog will include Sea Bright to Manasquan, Portsmouth Harbor, South Hutchinson Island, and Mobile Harbor project for $71.0 million. Combined with previously announced 3Q2021 awards of $237.0 million, 3Q2021 awards now total $308.0 million, or close to our previous estimate of $302.9 million. Expanded work of $7.5 million in Mobile Harbor more than offset reduction of...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.