Release – NN Announces Another Strong Quarter of New Business Wins

Research News and Market Data on NNBR

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New Business Awards of $16.4 million in first quarter 2025; New Business Awards of over $150 million since Q1 2023; tracking ahead of its five-year plan

Company raises five-year Adjusted EBITDA margin target range to 13–14%, and reaffirms previous 2025 Adjusted EBITDA guidance

CHARLOTTE, N.C., April 21, 2025 (GLOBE NEWSWIRE) — NN (NASDAQ: NNBR) today announced an update on its new business wins program and its ongoing above-plan margin results.

Highlights:

  • First quarter 2025 new business wins were $16.4 million; we believe NN is on pace to meet its 2025 goal of $65 million of new business awards
    • Approximately $98 million of new business awards will ramp into revenue stream during 2025 and beyond
  • New wins for the quarter were in the key focus areas of non-automotive industrial products, electrical and power products, medical, and automotive products
    • NN is leveraging its installed base of $340 million of assets and is selectively adding new capacity in certain growth areas
  • NN has secured more than $150 million in new wins since Q1 2023, tracking ahead of its five-year goal and supporting its long-term net sales targets which also assumes a stable base market for ongoing business
  • NN’s new business pipeline continues to expand in non-automotive, medical, industrial, and automotive products
    • NN has built a $340+ million pipeline in the targeted areas of electrical, medical, and industrial; or about half of its pipeline
  • NN’s adjusted EBITDA rate is ahead of its five-year plan due to cost-improvement actions and new business
    • NN is increasing its five-year Adjusted EBITDA target range up to 13-14%, up from prior range of 12-13%
    • Company is incurring immaterial direct tariff impacts due to its indigenous footprint strategy in the US
    • NN is reaffirming prior adjusted EBITDA guidance for 2025 

Harold Bevis, Chief Executive Officer of NN Inc. commented, “First quarter 2025 was a good quarter for NN as we continued to execute on our transformation strategy, highlighted by strong new business growth of $16.4 million. Our commercial pipeline is building upon the strong momentum delivered since the launch of the transformation, and we are proud to be solidifying our position as an elite and preferred supplier in our key growth portfolios. Our base business is slightly less than expected in certain areas due to uncertainties, but the company is adjusting its cost positions where needed.”

Bevis concluded, “Our team remains highly focused on accretive margin expansion and driving operational improvements across the company. Our efforts to date have resulted in profitability improvements that are tracking ahead of our initial transformation plan, and as a result, we are increasing our five-year Adjusted EBITDA margin target up to the range of 13-14%. We are well underway with improving our cost structure, onboarding accretive new business, pivoting our ongoing accumulated pipeline, and improving our margin mix through continued wins in our key growth areas of stampings, electrical, and medical markets. While we are pleased with the momentum and early success of our program, we are only getting started and will implement further growth and cost-out initiatives to strengthen profitability and expand our margins as part of our commitment to growing shareholder value.”

ABOUT NN

NN is a global industrial company that combines advanced engineering and production capabilities to deliver solutions for high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Asia, Europe, and South America. For more information, visit www.nninc.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. (the “Company”) based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project,” “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public   health crises, on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and governmental regulations; the impact of climate change on our operations; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

Investor Relations: 
Joseph Caminiti or Stephen Poe, Investors 
NNBR@alpha-ir.com  
312-445-2870 

Primary Logo

Source: NN, Inc.

NN, Inc. (NNBR) – Term Loan Refi Completed


Thursday, April 17, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Term Loan Refi. NN announced the successful completion of its term loan refinancing. The new term loan has multiple improved operational features that management expects will enable the Company to improve and grow faster. Combined with the $65 million ABL refinancing announced in January, yesterday’s announcement sets the stage for a new chapter for NN, in our view.

Details. Although we are awaiting an 8-K filing to drill down into all the terms of the new financing, the term loan is $118 million, with a 2030 maturity. There is a $10 million add-on feature for certain borrowing and improved leverage and liquidity covenants. However, the interest rates are slightly higher than the previous term loan. Marathon Asset Management is the new lender.


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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. 

V2X, Inc. (VVX) – New Business; Successful ReFi


Wednesday, April 09, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

COBRA DANE. V2X has been awarded a $62 million contract extension to continue ensuring the operational readiness of the COBRA DANE radar system in Alaska. In addition to ensuring operational readiness, V2X has incorporated various engineering enhancements into this essential system, extending its capabilities and readiness. This full-spectrum support emphasizes V2X’s differentiated capabilities, in our view. The extension work is expected to be completed by March 2027.

TESS ID/IQ. V2X won a seat on the Bridge to Enduring Synthetic Training Environment Tactical Engagement Simulation Systems (TESS). This contract supports the U.S. Army’s TESS devices, a vital component of its live training capabilities, by extending their product life and ensuring they meet the Army’s evolving requirements. The ID/IQ contract includes a ten-year performance period consisting of a five-year base period and two options with a ceiling value of $921 million. This award complements V2X’s previously won $3.7 billion Warfighter Readiness task order.


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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. 

Euroseas (ESEA) – Favorable Time Charter Contract for the M/V Monica


Tuesday, April 08, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

New time charter contract. Euroseas Ltd. executed a time charter contract for the M/V Monica at a gross daily rate of $23,500 for a minimum period of 24 months, with an option to extend to a maximum of 26 months at the charterer’s option. The M/V Monica is a 1,800 twenty-foot equivalent unit (TEU) feeder container ship. The new charter is expected to commence between the end of April and mid-May 2025.

Attractive rate and improved charter coverage. The new time charter is an improvement over the previous contract rate of $16,000 per day and is expected to contribute EBITDA of $12.1 million during the minimum contracted period. The new time charter enhances Euroseas’ charter coverage for the remainder of 2025 and 2026 to ~94% and ~58%, respectively.


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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. 

FreightCar America (RAIL) – While the Tariff Overhang is Removed, RAIL Shares Remain Undervalued


Friday, April 04, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

No direct tariff impact. While the Trump administration recently announced sweeping new tariffs, goods from Mexico and Canada that comply with the United States-Mexico-Canada Agreement (USMCA) trade agreement remain exempt from tariffs, except for automobile exports and steel and aluminum, which fall under separate tariffs. FreightCar America sources most of its raw materials, including aluminum, from the United States.

Return to business as usual. FreightCar America, along with customers in its addressable markets, have greater certainty regarding tariff policies, which could promote a return to business as usual for those that might have previously deferred orders due to uncertainty. While the Trump administration’s trade policies could have implications for U.S. and global economic growth, we believe the tariffs are negotiable. Importantly, because RAIL continues to increase its market share serving an industry that is in a replacement cycle, we do not anticipate a change in RAIL’s near-term sales trajectory despite the potential for slower economic growth.


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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. 

Release – AZZ Inc. to Review Fourth Quarter and Fiscal Year 2025 Financial Results on Tuesday, April 22, 2025

AZZ Inc is the leading independent provider of hot-dip galvanizing and coil coating solutions in North America. (PRNewsfoto/AZZ, INC.)

Research News and Market Data on AZZ

Mar 31, 2025, 16:15 ET

FORT WORTH, Texas, March 31, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced it will conduct a conference call to review the financial results for the fourth quarter and fiscal year 2025 at 11:00 a.m. ET on Tuesday, April 22, 2025. The Company will issue a press release reporting fourth quarter and full fiscal year financial results after the market closes on April 21, 2025.

Conference Call Details
Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). A webcast of the call will be available on the Company’s Investor Relations page at http://www.azz.com/investor-relations.

A replay of the call will be available at (877) 344-7529 or (412) 317-0088 (international), replay access code: 3079902 through April 29, 2025, or by visiting http://www.azz.com/investor-relations for the next 12 months.

About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life. For more information, please refer to www.azz.com.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:
David Nark, Senior Vice President of Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin or Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
www.threepa.com

SOURCE AZZ, Inc.

Steelcase Inc. (SCS) – Order Growth Remains Solid in 4Q25


Friday, March 28, 2025

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.

4Q Results. Revenue of $788 million rose 1.7% y-o-y, exceeded our expectation of $775 million, and was at the high end of guidance. Impacted by the revenue mix, gross margin of 31.9% was below our 33.3% projection. Adjusted EBITDA came in at $40.4 million, below our $52.5 million projection. Net income, aided by $21.8 million of favorable tax items, totaled $27.6 million, or $0.23/sh. Adjusted EPS was $0.26, up from $0.23 last year.

Promising Order Growth. Organic order growth in the fourth quarter was 9%, driven by a 12% increase in Americas orders and 1% International order growth. This was the sixth consecutive quarter of year-over-year order growth in the Americas, reflecting continued gains in market share, in our view. Order growth was seen across most customer segments, with especially strong growth from large corporate and government customers.


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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. 

SKYX Platforms (SKYX) – Expecting Revenue Growth Momentum Throughout 2025


Tuesday, March 25, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Favorable revenue growth. The company reported 7% year-over-year revenue growth to $23.7 million, largely in line with our estimate of $24.0 million. The adj. EBITDA loss of $3.8 million was greater than our estimated loss of $2.1 million, due to gross margin compression resulting from a shift in product mix on the company’s lighting website.

Mandatory standardization application. Management noted that the company’s team responsible for applying the mandatory standardization to the National Electrical Code believes it will receive assistance from certain key organizations during its application process. This is due to the significant safety advantages of the company’s technology. We view this development favorably, as the prospect of mandatory standardization represents a potentially transformative revenue opportunity for the company.


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The GEO Group (GEO) – An Investor Day Full of Opportunity; Raising PT to $35


Monday, March 24, 2025

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

Investor Day. The GEO Group hosted an investor day at the end of last week, during which the Company outlined the substantial growth opportunities available under the new programs to manage undocumented migrants, as well as its goal to both significantly reduce debt and return capital to shareholders.

Secure Facilities. There is an immediate need from ICE for additional detention capacity. This is illustrated by the new contract for GEO’s 1,800 bed North Lake Facility announced last Thursday. This new contract will add $70 million of annualized revenue. Management estimates currently unused bed capacity (including the three facilities recently contracted by ICE) could add $575-$625 million to revenue.


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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. 

Euroseas (ESEA) – EuroHoldings Spin-Off and a New Time Charter Contract


Friday, March 21, 2025

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

New time charter contract. Euroseas executed a new time charter contract for the M/V Rena P, a 4,250 twenty-foot equivalent unit (TEU) intermediate containership. The charter contract is at a gross daily rate of $35,500 for a minimum period of 35 months and a maximum period of 37 months at the charterer’s option. The contract is expected to take effect on August 21, 2025, in continuation of its present charter. The contract is anticipated to contribute roughly $29.0 million in EBITDA during the minimum contract period. The new contract strengthens the company’s charter coverage to 88% in 2025 and 54% in 2026.

Updating estimates. The new charter contract for $35,500 represents a significant improvement compared to the previous rate of $21,000. Consequently, we have increased our 2025 adjusted EBITDA and EPS estimates to $145.1 million and $14.20, respectively, from $139.1 million and $13.35. In addition to the M/V Rena P, our estimates reflect updated time charter contract information for the M/V Marcos, M/V Synergy Antwerp, M/V Synergy Keelung, and M/V EM Hydra.


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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 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. 

SKYX Platforms Corp. (SKYX) – Pre-Releases Solid Q4 Revenue


Wednesday, March 19, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q4 pre-release. On Monday, SKYX pre-released its Q4 revenue results, reporting revenue of $23.7 million (largely aligning with our estimate of $24.0 million). Notably, the company’s revenue grew throughout 2024, from $19.0 million in Q1 to $21.4 million, $22.2 million, and $23.7 million, in the subsequent quarters.

Key leadership additions. The company recently announced the additions of Huey Long as Head of E-commerce and Greg St. John as President of Lighting, Fans and Smart Home Products. Mr. Long previously served as director of e-commerce for Amazon and as an executive at both Ashley Furniture and Walmart. Mr. St. John previously served as head of lighting at Home Depot as well as CEO of EGLO.


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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. 

Kratos Defense & Security (KTOS) – Some More Business Wins


Wednesday, March 19, 2025

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

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.

Business Wins. Kratos has been awarded a number of new and additions to existing contracts in March. We view these developments positively, although we remain watchful as to the impact of the ongoing continuing resolution for the Federal budget and its implications on new awards in 2025.

BQM-177A Awards. Kratos was awarded $3.4 million from the U.S. Navy for the base year of its next Contractor Logistics Support and Engineering Services contract, supporting BQM-177A aerial target system operations. If all four option years awarded under this contract are exercised, this contract has a potential value of  $19.1 million. The Company also received $59.3 million for an additional 70 BQM-177A Subsonic Aerial Target aircraft through the exercise of the contract option for Full Rate Production (FRP) Lot 6.


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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 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) – Announces $50 Million Share Buyback


Monday, March 17, 2025

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.

New Buyback Program. On Friday, Great Lakes Dredge & Dock Corporation announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to $50 million of its common stock. At the current price, the $50 million equates to 5.78 million GLDD shares or approximately 8.6% of the outstanding common. The share repurchase program expires on March 14, 2026.

Rationale. According to management, “Our business is strong, as we delivered in 2024 the second best results in our Company’s history. The outlook for 2025 and 2026 is also strong, with $1.2 billion in backlog as of December 31, 2024. Our new build program is also expected to be substantially completed in 2025. We believe the Company’s current share price does not reflect the strength of our business and that a share repurchase program will be accretive to our shareholders.” 


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