Tuesday, February 26, 2019

Great Lakes Dredge & Dock (GLDD)

Positive Development at E&I Could Bolster Sales Process.

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

• Recent $35 million award could
  help sale of under performing Environmental & Infrastructure (E&I)
  business. E&I was recently reclasssified as discontinued operation at yearend 2018 and a
  sale is likely in mid-2019. Late last week, E&I was awarded a $35 million project for levee work in Sacramento, CA, which should have a positive impact on E&I backlog and the sales process. 
• Bidding activity remains
  high and 2018 awards moved yearend 2018 dredging backlog to $707 million, up $196 million from yearend 2017 backlog of $511 million and almost double yearend 2016 backlog of $369 mill…
  
  
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*Analyst
certification and important disclosures included in 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.