Thursday, May 09, 2024
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Performance. Limited drydockings during the quarter and record backlog led the charge in a strong first quarter. The Galveston Island, the Company’s new hopper dredge, also started operations during the quarter, contributing to the performance. The record backlog, consisting mostly of capital projects which carry higher margin, provides Great Lakes with revenue visibility throughout the fiscal year and improved margins, in our view.
Improved Environment. With the passage of the budget, the overall dredging environment has improved, in our view. We expect to see an uptick in project awards in the second and third quarters, with a couple of major capital projects to be included. Great Lakes is well positioned to win its fair share of the awards.
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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.
