Thursday, August 08, 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.
2Q24. Revenue totaled $170.1 million, up from $132.7 million a year ago. We had forecast $166 million. Higher capital and coastal protection project revenues drove the increase. Gross margin improved to 17.5% from 13.5%. Adjusted EBITDA for the quarter increased $9.2 million to $25.8 million. Great Lakes recorded net income of $7.67 million, or EPS of $0.11, compared to $1.73 million, or $0.03/sh in 2Q23.
Backlog. Quarter-end dredging backlog totaled $807.9 million, with an additional $273.1 million in low bids and options pending award and another $44.6 million of offshore wind backlog. Post quarter-end, Great Lakes was the low bidder on approximately $181.6 million of additional work.
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