Monday, December 08, 2025
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.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon21. We had the pleasure of hosting Great Lakes’ CFO Scott Kornblau at NobleCon21. Highlights of the presentation include the ongoing strong market funding and expected East Coast deepening cycle. The presentation can be found at https://www.channelchek.com/videos/great-lakes-dredge-and-dock-noblecon21-presentation-replay
Funding Remains Strong. Even though the Federal government is operating under a CR, business has been as usual for Great Lakes. Funding for the U.S. Army Corps is at a record level of $8.7 billion, the seventh consecutive year of record budgets for the Corps. The $1.5 billion Disaster Relief funding remains available. And under WRDA several large capital projects, such as New York and Texas, are expected to come to market in the next few years.
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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.