Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Two New Jobs - 3Q2019 Awards Likely Above $265 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.
Refer to full report for price target, fundamental analysis and rating.
- Two new awards add $44 million. Combined with other awards announced earlier in September, total 3Q2019 awards now likely to exceed $265 million. Last Friday, a $11.7 million contract for maintenance dredging in Chesapeake City, Maryland was awarded. Late Monday, a $32.5 million contract for beach re-nourishment in Cape May, New Jersey was awarded. Both awards were officially announced via the Department of Defense web site.
- 2H2019 Backlog rebound remains likely even though win rate has been below average in 2019. There were misses on three large projects in Savannah, Norfolk and Charleston, but low bids are pending on...
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