Tag: Great Lakes Dredge & Dock

Great Lakes Dredge & Dock (GLDD) – A “Reset” on Empire II

Posted on by cpereira@noblefcm.com


Friday, January 05, 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, 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.

A Termination. Coming as no surprise, European energy firms Equinor and BP announced an agreement with the New York State Energy Research and Development Authority to terminate the Offshore Wind Renewable Energy Certificate Agreement for the Empire Wind II project. As we previously noted, rising inflation, higher borrowing costs, and supply chain issues combined to negatively impact potential returns from the project. Termination of the Empire Wind II project initiates a contractually obligated termination fee payable to Great Lakes and Van Oord that is intended to cover lost earnings potential related to Empire Wind II.

But A Reset. But all is not lost, as Equinor and BP can re-submit the project on more acceptable terms. With the state supporting offshore wind projects, we believe there remains a strong chance the project is revived in some form. Winners of an expedited solicitation for offshore wind will be announced in February.


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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. 

Great Lakes Dredge & Dock (GLDD) – New Awards to Finish the Year

Posted on by cpereira@noblefcm.com


Wednesday, January 03, 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, 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.

More Awards. Last week, Great Lakes announced several new awards totaling $173.7 million. We previously covered some of the awards in the press release (Great Egg Harbor Inlet Beach Renourishment Project, St. Augustine Shore Protection Project, and Duval County Shore Protection Beach Renourishment Project), so we will focus on the awards previously not covered. Great Lakes continues to receive new awards for 2024 and beyond, continuing its momentum.

Largest Award. The largest award is the $62.8 million Sabine-Neches Waterway Channel Improvement Project-Phase 1 for dredging for channel deepening along the Sabine-Neches Waterway from Sabine Bank Channel to Sabine Pass Channel. Work is expected to commence in Southeast Texas in the first quarter of 2024 with an estimated completion in the fourth quarter of 2024.


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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).

*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. 

Great Lakes Dredge & Dock (GLDD) – Some More Business

Posted on by cpereira@noblefcm.com


Tuesday, December 19, 2023

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, 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.

Continued Momentum. Great Lakes Dredge & Dock received some additional awards, according to the Department of Defense daily contract release. While value of one of the awards is more nuanced than the DOD release statement, combined, the two recent awards total some $66 million over a three-year period. Great Lakes continues to build momentum in securing new business, which will bode well for 2024 and beyond.

Jacksonville. Yesterday, the U.S. Army Corps of Engineers awarded Great Lakes a $32.4 million firm-fixed-price contract for shore protection and beach renourishment. Work will be performed in Jacksonville, Florida, with an estimated completion date of October 13, 2024. Fiscal 2023 civil construction funds in the amount of $32.4 million were obligated at the time of the award.


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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).

*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. 

Great Lakes Dredge & Dock (GLDD) – NobleCon19 Presentation Notes

Posted on by cpereira@noblefcm.com


Wednesday, December 13, 2023

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, 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.

NobleCon19. Great Lakes CEO Lasse Petterson and CFO Scott Kornblau presented at NobleCon19. Highlights included record backlog, the improving quality of the Company’s backlog, and the opportunity the wind market is providing for Great Lakes. A rebroadcast is available at https://www.channelchek.com/videos/great-lakes-dredge-dock-noblecon19-replay.

Size of Backlog. Great Lakes’ backlog is at a record $1.03 billion and consists of roughly 71% in capital projects. The bid market has continued to remain strong, as year-to-date, the market has totaled $1.8 billion compared to $1.3 billion for all of last year and a $1.4 billion five year average. The Company expects the market to grow to $2 billion by the end of the year. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Great Lakes Dredge & Dock (GLDD) – Reports 3Q Results

Posted on by cpereira@noblefcm.com


Wednesday, November 08, 2023

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, 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.

Results. Great Lakes reported total revenue of $117.2 million, a decrease from $158.4 million the prior year and below our estimate of $137 million. Gross margin was 7.7% compared to 2.4%, but lower than our projection of 8.8%. Net loss was at $6.2 million, or $0.09 per diluted share compared to $9.9 million last year, or $0.15. We projected a net loss of $6 million, or $0.09 per share. Adjusted EBTIDA totaled $5.3 million versus $1.3 million in the previous year.

Backlog. Great Lakes ended the quarter record backlog of $1.03 billion, up from $327.1 million at 1Q23, not including approximately $50.0 million of performance obligations related to offshore wind contracts. In addition, the Company ended the quarter with $225 million in low bids and options pending award. Significantly, 71% of backlog was capital projects work, which will help drive margins higher going forward.  


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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).

*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. 

Great Lakes Dredge & Dock (GLDD) – Updating 3Q23 Estimates

Posted on by cpereira@noblefcm.com


Tuesday, October 31, 2023

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, 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.

Updating 3Q23 Estimates. On the heels of Orion Group’s release late last week, we are adjusting our third quarter 2023 projections for Great Lakes downward. On its earnings call, Orion management noted the ongoing sluggishness in Army Corps of Engineers dredging awards. As a result, competition for business has increased. We suspect Great Lakes has been impacted to some degree by the market conditions.

Updated Projections. On the revenue side, we are lowering our estimate to $137 million from a prior $145 million. With reduced utilization, we also are decreasing our gross margin estimate. Net net, our projected quarterly net loss projection is now $6 million, or a loss of $0.09 per share, compared to a previous estimated loss of $3.0 million, or a loss of $0.04 per share. Our adjusted EBITDA estimate declines to $8 million from $11.5 million.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Release – Great Lakes Announces Delivery of Their Multi Cats, The Cape Hatteras and The Cape Canaveral

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GLDD

Oct 10, 2023

PDF Version

HOUSTON, Oct. 10, 2023 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today the delivery of the Cape Hatteras and the Cape Canaveral, the two Damen 3013 Multi Cats built by Conrad Shipyard in Morgan City, LA.

Chris Gunsten, Great Lakes’ Senior Vice President of Project Services and Fleet Engineering, commented on the improvements the Cape Hatteras and Cape Canaveral will represent, “This is a milestone for our Company and the U.S. dredging industry. The Multi Cat brings step change safety improvements to Great Lakes’ dredge pipeline operations, which was a prime driver for the investment. Pipe handling and connection work can now take place securely on deck, which will greatly reduce the risk of man overboards. These vessels will also enhance and improve Great Lakes’ pipe and anchor operations. Further, the Multi Cats’ two crane and multiple winch and wire tugger arrangements will significantly reduce manual work and the risk of soft tissues injuries. These vessels support our strong safety culture and gives us the ability to dredge with enhanced operating efficiencies needed to maintain our shorelines and waterways.”

The two identical vessels measure approximately 99 feet in length and are each powered by three EPA Tier III Caterpillar C32 TTA engines capable of meeting speeds of 10.2 knots and will have maximum bollard pull of approximately 32 short tons. Equipped with two large winches and two deck cranes they are ideal dredge support vessels with the ability to perform a wide range of tasks including handling submerged and floating pipelines as well as anchor handling and logistics supply. Efficiency is also greatly enhanced by eliminating the need for assorted floating support equipment such as derrick barges, towboats and anchor barges.

The two vessels are the first Damen Multi Cats to be built in the U.S. and are fully compliant with the U.S. Coast Guard and U.S. Army Corps of Engineers stability criteria.

The Company
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 133-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.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.

Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Great Lakes Dredge & Dock (GLDD) – More Business

Posted on by cpereira@noblefcm.com


Monday, October 02, 2023

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, 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.

New Awards. Great Lakes was awarded some additional work, according to the DOD daily new awards announcements. The work totals some $48 million and continues the recent trend of building backlog.

Award 1. On September 27th, Great Lakes was awarded a $14.4 million modification to contract W912HY-21-C-0015 for removal and disposal of pipelines. Work will be performed in Corpus Christie, Texas, with an estimated completion date of March 20, 2024. Fiscal 2021 and 2023 civil construction funds and fiscal 2023 non-federal, Port of Corpus Christie funds in the amount of $14.4 million were obligated at the time of the award.


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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. 

Great Lakes Dredge & Dock (GLDD) – Another $34.8 Million of Awards

Posted on by cpereira@noblefcm.com


Monday, September 18, 2023

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, 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.

Additional Work. Over the past week, the Department of Defense announced two additional awards to Great Lakes with a total value of $34.8 million. Recall, the DOD only discloses awards in excess of $7.5 million in its press releases, so the published number likely under-estimates the actual amount of work Great Lakes has been awarded over time.

Award 1. On September 8th, Great Lakes was awarded a $16.2 million firm-fixed-price contract for beach nourishment. Work will be performed in Cape May, New Jersey, with an estimated completion date of March 20, 2024. Fiscal 2023 civil construction funds in the amount of $16.2 million were obligated at the time of the award.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Great Lakes Dredge & Dock (GLDD) – Another LNG Award

Posted on by cpereira@noblefcm.com


Thursday, August 24, 2023

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, 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.

Port Arthur Award. Yesterday, Great Lakes Dredge & Dock announced the award for the Port Arthur LNG Phase 1 project Marine Dredging and Disposal contract. This is the second LNG related award received by the Company this summer, following on the heels of the Next Decade contract. The Port Arthur LNG project is a natural gas liquefaction and export terminal in Southeast Texas with direct access to the Gulf of Mexico.

Work Details. The scope of work on this project is to dredge the Port Arthur LNG Berthing Pocket on the Port Arthur Ship Canal. The berthing pocket and turning basin will connect to the Port Arthur Ship Canal and allow LNG vessels to berth, load and depart safely. A significant portion of the dredged materials will be placed by Great Lakes within designated Beneficial Use of Dredged Material (BUDM) areas to restore and enhance marshlands within a local wildlife refuge. Great Lakes is expected to start this project later this year and finish within two years.


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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. 

Great Lakes Dredge & Dock (GLDD) – More Work

Posted on by cpereira@noblefcm.com


Tuesday, August 15, 2023

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, 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.

New Awards. Friday and then on Monday, Great Lakes was awarded two new contracts worth a combined $49.2 million, according to the Department of Defense daily contract award notification. Combined with two end of July awards worth $36.7 million, Great Lakes has received some $86 million of new business in the last couple of weeks. We remain optimistic the awards pace will speed up, at least through the Federal government’s fiscal 2023 year-end.

Award 1. Great Lakes was awarded a $22.1 million firm-fixed-price contract for dredging in the Mississippi River. Work will be performed in Plaquemines, Louisiana, with an estimated completion date of December 17, 2023. Fiscal 2023 civil operation and maintenance funds in the amount of $22.1 million were obligated at the time of the award. U.S. Army Corps of Engineers, New Orleans, Louisiana, is the contracting activity.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Great Lakes Dredge & Dock (GLDD) – A Top Line Miss, But Better than Expected Bottom Line

Posted on by cpereira@noblefcm.com


Wednesday, August 02, 2023

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, 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.

2Q23. Revenue came in at $132.7 million down from $149.4 million last year, and below our $150 million projection. Reported gross margin was 13.5%, up from 7% in the year ago period and our 7.3% estimate. Adjusted EBITDA for the quarter was $16.6 million, the highest since 1Q22, versus $10.2 million last year. The Company reported net income of $1.7 million, or EPS of $0.03 per share, compared to last year’s loss of $4.0 million, or a loss of $0.06 per diluted share. We had projected a net loss of $4.5 million, or a loss of $0.07 per share.

Quarter Impacts. Second quarter top line was impacted by the reduced award levels in 2022 as well as the removal of the Terrapin Island and the two cold stacked vessels. On the positive side, a better mix of revenue and the cost cutting measures implemented positively impacted the bottom line.


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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. 

Great Lakes Dredge & Dock (GLDD) – Two New Awards

Posted on by cpereira@noblefcm.com


Monday, July 31, 2023

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, 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.

Two New Awards. Great Lakes was announced as the recipient of two awards by the Department of Defense last week, hopefully an indication of a return to a more normal award pace by the Army Corps of Engineers. In total, the two awards represent $36.7 million of new business for Great Lakes.

Award 1. Great Lakes was awarded a $20.7 million firm-fixed-price contract for Atchafalaya River basin maintenance dredging. Work will be performed in Morgan City, Louisiana, with an estimated completion date of February 15, 2024. Fiscal 2023 civil construction funds in the amount of $20.7 million were obligated at the time of the award.


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