Thursday, September 26, 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.
Noble Conference. We hosted Great Lakes CFO Scott Kornblau at our Basic Industries Virtual Investor Conference. Mr. Kornblau touched on the Company’s recent strong operating performance, backlog, positive future opportunity, the ship building program, and capital structure. A replay of the presentation, including Q&A can be viewed at: https://www.channelchek.com/videos/great-lakes-dredge-dock-company-gldd-noble-capital-markets-basic-industries-virtual-conference-replay
Operating Performance. Great Lakes has completed three successful quarters in a row and the Company believes the strong operating outlook will continue for the foreseeable future, driven by record budgets at the U.S. Army Corps, supplemental funding for hurricane impacted areas now being released, and other additional funding for large projects expected in the second half of the decade.
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*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.