Chek the Channels
Monday, April 13, 2020
Great Lakes Dredge & Dock (GLDD)
Disappointing News, But Favorable Outlook Intact
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.
No go on Corpus Christi. Last week, Callan Marine won the $97.9 million award for dredging and other related work in Corpus Christi. The addition of the General Mac Arthur, a new 32-inch cutter suction dredge, last year allowed Callan to win. GLDD was one of the other two bidders, but limited info is available since it was a RFP process.
No change in dredging market outlook, but competition has increased. We believe that the widespread disruption caused by the Coronavirus will have a minimal impact on operations since dredging is defined as an essential service, per the Department of Homeland Security (DHS). Our dredging market outlook remains favorable, but competition has escalated, with Callan Marine 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 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.