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Great Lakes Dredge & Dock (GLDD)
Two New Awards Bolster Confidence in 2019 Outlook
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The Company operates in two operating segments namely Dredging and Environmental, and Infrastructure.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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- New contracts announced and 2019 outlook remains solid. Two new contracts for $41.3 million of work were awarded over the past several days. The first award is a $20.97 million contract for hopper dredging in Galveston, Texas and the second award is a $20.3 million contract for a beach rehab project in Virginia Beach, Virginia.
- Backlog dropped in 1Q2019, but should rebound over 2H019. 1Q2019 backlog dropped about $132 million to $575 million in 1Q2019. Arguably, bidding activity is...
*Analyst certification and important disclosures included in 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.