Wednesday, August 21, 2024
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, CFA, Managing Director, Equity Research Analyst, Generalist , 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.
Recent DOD Awards. Great Lakes has been awarded over $120 million in two new contracts since August 9th, according to the Department of Defense daily contract release. We believe the additional awards highlight the amount of opportunity available to Great Lakes.
Mobile Harbor. Yesterday, Great Lakes was awarded a $65.9 million firm-fixed-price contract to deepen and widen Mobile Harbor, with an estimated completion date of April 27, 2025. Fiscal 2020 civil construction funds and fiscal 2024 civil operation and maintenance funds in the amount of $65.9 million were obligated at the time of the award. The U.S. Army Corps of Engineers, Mobile, Alabama, is the contracting activity.
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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.