Thursday, August 25, 2022
Great Lakes Dredge & Dock (GLDD)
More Awards, More Work
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.
More Awards Announced. Great Lakes Dredge & Dock announced yesterday the Company has received eight new awards that total $107.0 million, with the awards to be completed by the end of the fiscal 2022 year through the second half of the 2023 year. These awards include maintenance projects, an improvement project, and an access channel dredging project.
Maintenance Projects. The Company was given several maintenance projects, with the largest award ($15.4 million) being in South Carolina and dredging in the Charlestown Lower Harbor. The second largest ($13.0 million, $14.5 million with options) is in Florida and dredging in the Tampa Harbor Entrance Channel. Four smaller projects were bundled in the announcement, but the projects total $14.8 million in awards and are in New York, North Carolina, and South Carolina….
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.
