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Wednesday, November 6, 2019
Great Lakes Dredge & Dock (GLDD)
Backlog rebounded and set up for strong finish to year
Great Lakes Dredge & Dock is a marine and environmental infrastructure contractor, and the largest dredging company in the United States. Headquartered in suburban Chicago, the company provides port expansion and maintenance, coastal restoration, river dredging and environmental restoration for public and private entities worldwide. In June 2019, the Environmental & industrial (E&I) business was sold for $17.5 million in cash and the company is now pure play on the dredging market.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- A down quarter due to equipment downtime, but rebound underway. Revenue of $169.8 million and EBITDA of $27.1 million were below our estimates due to equipment downtime and two hurricanes (Barry/Dorian), but profitability was steady even with heavy drydock activity.
- Fine-tuning 2019 EBITDA estimate of $131 million with positive 4Q2019 outlook. Maintaining our 2020 EBITDA in the $140 million range. Current backlog is positive, plus the Clamshell 52 and...
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 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.