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Great Lakes Dredge & Dock (GLDD)
Third Strong Quarter in a Row - 2019 Off to a Great Start.
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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- Staying on track with another quarter of strong execution. For the third quarter in a row, dredging operating results were strong. Adjusted dredging EBITDA of $43.8 million soundly beat our $26.4 million estimate and was well above 1Q2018 adjusted EBITDA of $16.6 million. Continued solid project execution and two unexpected events (~$15 million) had a positive impact.
- Increasing 2019 EBITDA estimate.
Improved execution and dredging market strength reinforces positive outlook. Our 2019 EBITDA estimate moves to $126.1 million from
$120.1 million to reflect the st...
*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.