Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Low Bids Become Awards of $119 million. More Awards Ahead.
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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Low bids converted into final awards of $118.8 million. A $4.3 million award was added after market closed so low bids pending award of $33.6 million remain outstanding. Yesterday, final awards of $118.8 million were announced, including several projects that we highlighted as pending at the start of the week. The awarded work includes capital work of $75.6 million, coastal protection work of $37.0 million and maintenance work of $6.2 million. The two largest projects in Charleston and Freeport represented ~$68.4 million of our low apparent bid estimate, but several low bids on other projects were not included and are pending award. The Fernandina Harbor award of $4.3 million was finalized late yesterday so we consequently estimate that low apparent bids of $33.6 million remain outstanding.
Combined with awards announced in mid-August that totaled ~$118 million, the new awards of $119 million and low bids pending award of $38 million should help stabilize backlog in 3Q2020. In 3Q2020, awards of $237 million have been announced, including $119 million announced yesterday and $118 million announced in mid-August. The scope of work is broad and it includes a total of six projects ...
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.