Thursday, October 07, 2021

Great Lakes Dredge & Dock (GLDD)
Smooth CFO Transition Underway and Another Low Bid Out

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Smooth CFO transition underway. We caught up yesterday with Scott Kornblau who recently joined as SVP and CFO. Based on our meeting, we believe that Scott is a great addition to the executive team, and his 20-plus years of experience, including CFO at Diamond Offshore Drilling, has made the transition smooth. The change was driven by the HQ relocation, and Scott is already up and running in Houston. We expect no changes to the current strategic direction, including moving into offshore wind. We will miss the former CFO, but look forward to working with Scott.


Another low bid out.  Bids on South Atlantic Regional Harbor Dredging (W912PM21B0008) were opened on Tuesday afternoon and GLDD was the low bidder at $29.4 million. The IGE was $28.3 million and Manson bid $31.6 million. The work includes work at five harbors along the east coast and is broken down as follows: $8.3 million for Morehead City, $4.6 million for Wilmington, $4.5 million for Brunswick …

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.