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Wednesday, October 2, 2019
Great Lakes Dredge & Dock (GLDD)
Total 3Q2019 Awards of $319 million Above Expectations.
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.
- New awards of $178 million announced. Moves total 3Q2019 awards to $319 million. As highlighted in recent notes, GLDD has been low bidder on numerous projects that we track. Yesterday, GLDD confirmed the likely awards of $135 million and announced $53 million of awards on other off-the-radar projects that exceeded our expectations. Please see comments and Figure 1 on page 2 for more details.
- 2H2019 Backlog rebound remains likely even though 2019 win rate in the 25% range has been below average. There were misses on…
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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).
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