Great Lakes Dredge & Dock (GLDD) – Great Start to the Year

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Wednesday, May 08, 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.

Results. Great Lakes reported strong revenue of $198.7 million, beating out our expectation of $170 million. Higher capital and coastal protection project revenues led to the $40.7 million increase y-o-y, partially offset by lower rivers and lakes project revenue. Gross profit improved $33.5 million to $45.6 million for the quarter through improved utilization and project mix, resulting in a margin of 22.9%, beating out our expectation of 10.6%.

An Improved Bottom-Line. Following the topline, Great Lakes’ bottom-line greatly improved from last year, beating our estimates, including operating margin of 15.8% from a negative 0.5% (estimated a 2.4% margin) and net income of $21.0 million, or EPS of $0.31, from a net loss of $3.2 million, or a loss of $0.05/sh. We estimated net income of $0.8 million, or EPS of $0.01.

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*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. 


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