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Great Lakes Dredge & Dock (GLDD)
3Q2019 Awards Could Exceed $220 million
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.
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- Three new awards for $82 million out shortly. Combined with $141 million of other awards, total 3Q2019 awards likely to exceed $220 million. A Mississippi Senator announced that $56.6 million of MsCIP work was awarded recently, a $8.7 million Florida beach project was awarded on Tuesday, and a $16 million dredging project was awarded on September 13th.
- 2H2019 Backlog rebound remains likely even though GLDD was not the low bidder on three large projects in Savannah, Norfolk and Charleston. Low bids are pending on other projects and bids on several larger projects should be...
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*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.