Great Lakes Dredge & Dock (GLDD) – Corrected Copy: Income Statement Model

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Monday, August 08, 2022

Great Lakes Dredge & Dock (GLDD)
Corrected Copy: Income Statement Model

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.

Corrected Model. An incorrect Income Statement model was attached to our second quarter update entitled “When It Rains…” and published August 3, 2022. A corrected version is attached. The error involves our full year 2022 revenue and adjusted EBITDA. The correct numbers are $692.8 million and $89.5 million, respectively, compared to $751.4 million and $89.9 million, respectively, in the prior consolidated income statement. The quarterly information is correct. Throughout the report we reference the correct $692.8 million revenue number. In certain instances, we do reference the incorrect $89.9 million adjusted EBITDA number but the de minimis difference between the two figures does not impact our investment case or valuation of GLDD shares.

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. 


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