Friday, January 13, 2023
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, Senior Research Analyst, 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.
Investor Conference. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau recently hosted an investor conference. While short on financials for the disappointing 2022 full year as results are not yet in, management did provide a pathway for improved performance in 2H23 and into 2024, with a longer term goal of exceeding the $150 million of EBITDA generated in 2020.
The Table Is Set. After a disappointing level of bid activity in 2022, the table appears to be overflowing for 2023. Record funding of $8.66 billion for the Army Corp of Engineers, an additional $1.48 billion under the Disaster Relief Supplemental Appropriations Act, and passage once again of the Water Resource Development Act should drive the 2023 bid cycle, including a significant number of high margin capital projects, Great Lakes’ specialty.
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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.
