Thursday, February 21, 2019

Great Lakes Dredge & Dock (GLDD)

Another robust quarter. Selling under performing business.

Great Lakes Dredge
& Dock Corp is a provider of dredging services in the United States. The
Company operates in two operating segments namely Dredging and Environmental,
and Infrastructure.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

• Another quarter of strong execution. The dredging business finished the year with another robust quarter. Solid execution and restructuring benefits combined to drive strong dredging operating results. Adjusted dredging EBITDA of $33 million was well ahead of expectations in the $23 million range.Under performing Environmental & Infrastructure (E&I)
  business reclasssified as discontinued operation and sale is likely in
  mid-2019.
• Improved execution and dredging market
  strength reinforces positive outlook. 2019 EBITDA estimate of $120.1 million reflects robust dredging market outlook, full year from Ellis Island hopper bar…
  
  
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