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Thursday, February 20, 2020
Great Lakes Dredge & Dock (GLDD)
Profitability Remains High and 2020 Outlook Robust
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong execution and higher profitability more than offset lower revenues. While total revenue of $164.3 million was lower than expected by ~$25 million, gross profit of $34.6 million was in line with our estimate, and gross margin improved to 21%, which was above our estimate of 19.0%.
No change to 2020 EBITDA estimate. We’ll further fine-tune our 2020 estimate of $140.3 million, up from 2019 EBITDA of $135.6 million, and introduce a...
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.