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Great Lakes Dredge & Dock (GLDD)
More Awards Announced. Expect 2H2019 Backlog Rebound.
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. 2Q2019 awards total at least $91 million and confidence in the 2019 outlook remains solid. Late yesterday, six projects with a total of $91 million were awarded. In addition to two awards for $41.5 million that we discussed last week, another $49.0 million of work was added in 2Q2019. The total awards consisted of $42.9 million in Coastal Protection, $25.8 million in Maintenance and $21.8 million in Rivers&Lakes awards.
- Backlog rebound expected over 2H019. While backlog dropped about $132 million in 1Q2019 to $575 million, we expect the backlog to stabilize in...
*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.