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Thursday September 12, 2019
Great Lakes Dredge & Dock (GLDD)
Project Awards Should Stem Backlog Decline
Great Lakes Dredge & Dock is a marine and environmental infrastructure contractor, and the largest dredging company in the United States. Headquartered in suburban Chicago, the company provides port expansion and maintenance, coastal restoration, river dredging and environmental restoration for public and private entities worldwide. In June 2019, the Environmental & industrial (E&I) business was sold for $17.5 million in cash and the company is now pure play on the dredging market.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Three awards announced for total of $141 million. Work awarded includes Jacksonville Deepening Contract B Option for $97 million, Baltimore Harbor maintenance for $38 million, and Boston Harbor maintenance for $6 million. In addition to the announced awards, total low bids on other projects equal ~$48 million and most should be announced shortly.
- 2H2019 Backlog rebound remains likely. While GLDD has not been the low bidder on three very large projects in Savannah, Norfolk and Charleston, we are tracking several other large projects in…
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