Welcome to our dedicated page for Great Lakes Dredge & Dock news (Ticker: GLDD), a resource for investors and traders seeking the latest updates and insights on Great Lakes Dredge & Dock stock.
Overview
Great Lakes Dredge & Dock Corp (GLDD) is a storied and diversified provider of dredging and marine construction services, with a legacy that spans over 127 years. Operating the largest and most diverse dredging fleet in the United States, GLDD brings unparalleled expertise in advancing navigational safety, coastal restoration, and infrastructure improvements. Utilizing advanced dredging technology and marine engineering solutions, the company consistently executes complex projects that support both coastal and inland waterways.
Core Business Areas
At its core, GLDD excels in:
- Dredging Operations: Enhancing and maintaining navigability of waterways through the removal or replenishment of soil, sand, or rock. These operations are critical for coastal restoration, harbor deepening, and inland dredging projects.
- Marine Construction: Implementing large-scale projects that protect shorelines and support port and harbor infrastructure. The company’s engineering expertise extends to designing and executing projects that counteract the forces of nature.
- Environmental Remediation and Infrastructure: Through its Great Lakes Environmental & Infrastructure segment, the company addresses environmental challenges and pioneers solutions for water and land-based infrastructure improvements.
- Offshore Energy Initiatives: Recently, GLDD has broadened its service offerings to include projects in the offshore energy sector. This diversification highlights the company’s commitment to maintaining relevance across evolving market sectors while employing its expertise in subsea construction and marine operations.
Operational Excellence and Competitive Position
GLDD’s operational strategy is built on a foundation of technical expertise and innovation. The company’s expansive fleet of specialized vessels is not only the largest in the United States but also one of the most diverse globally. This extensive asset base supports a wide range of projects—from coastal protection and navigation improvement to sophisticated offshore wind-related endeavors. By consistently delivering high-quality project execution, GLDD has affirmed its competitive advantage even in a market characterized by stringent regulatory standards and dynamic operational challenges.
Market Significance and Industry Impact
GLDD occupies a unique position in the U.S. market as the only company with significant international dredging operations, which provides a diversified geographical footprint. The company plays a pivotal role in servicing government contracts, including those awarded by the U.S. Army Corps of Engineers, and remains a trusted partner for both public and private sector entities. Its integration into offshore energy projects further reinforces GLDD's contribution to national infrastructure and renewable energy initiatives, blending traditional marine construction with emerging energy solutions.
Industry Expertise and Technological Edge
Utilizing a combination of cutting-edge dredge technology and sustainable engineering practices, GLDD has streamlined its operating processes to consistently meet rigorous project specifications. The company’s approach is grounded in decades of practical experience, market insight, and a commitment to maintaining rigorous safety and environmental standards. This produces a robust operational model that not only addresses immediate infrastructural needs but also adapts to long-term market trends within the dredging and marine construction sectors.
Conclusion
In summary, Great Lakes Dredge & Dock Corp is a multifaceted operator within the dredging and marine construction industry. Its comprehensive service offering—from enhancing waterway navigability to executing complex offshore energy installations—demonstrates an adaptive business model rooted in historical expertise and supported by state-of-the-art technology. For investors seeking a deep dive into the operational dynamics of a company with a vast and influential presence in the U.S. infrastructure landscape, GLDD provides a compelling profile built on a storied past and a breadth of practical applications in modern engineering and construction initiatives.
Great Lakes Dredge & Dock Corporation (GLDD) has secured several major dredging contracts worth a total of $118.8 million. Key projects include the $52.9 million Charleston Lower Harbor Dredging, $30.6 million Emerald Isle post-hurricane nourishment, and $15.5 million Freeport Harbor improvement. Work is set to begin in Q4 2020 and continue into 2022. These contracts contribute positively to Great Lakes' backlog and align with their strategy for environmental support and infrastructure improvement.
Great Lakes Dredge & Dock Corporation (GLDD) announced significant awards totaling $117.8 million for various dredging projects in the U.S. The major projects include:
- $44.9 million for the Mississippi River maintenance project.
- $24 million for the beach renourishment project in New Jersey.
- $15.2 million for coastal storm risk management in Florida.
- $14.6 million for Wilmington Harbor maintenance.
- $10.3 million for maintenance in Texas and Louisiana.
- $8.8 million for a project in Delaware and Maryland.
These projects are expected to enhance coastal protection and the company’s service capabilities.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported Q2 2020 results, showing a revenue of $167.9 million, a decline of 9.1% from Q2 2019. Income from continuing operations was $9.0 million, down $2.5 million year-over-year, while adjusted EBITDA fell to $28.1 million. The company ended the quarter with a cash position of $233.5 million and a backlog of $423.4 million. Despite lower quarter earnings, year-to-date income grew by 34% to $42.9 million. Management remains confident in the company's outlook, citing continued project opportunities amidst the COVID-19 pandemic.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a new share repurchase program, allowing up to $75 million in common stock buybacks. CEO Lasse Petterson stated that this decision reflects the Board's confidence in the company's future and commitment to shareholder value. The company boasts strong cash flow and a solid balance sheet, enabling these buybacks while retaining liquidity for growth opportunities. Repurchases may occur through various methods, including open market and Rule 10b5-1 plans.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the quarter ending June 30, 2020, on August 4, 2020, at 7:00 a.m. C.D.T. A conference call is scheduled for the same day at 9:00 a.m. C.D.T., accessible via phone at (877) 377-7553, with Conference ID 1658815. Replays will be available until August 6, 2020. The company emphasizes its leadership in the dredging industry, showcasing over 130 years of project success and a commitment to safety through its Incident-and Injury-Free® program.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a subcontract with Bechtel for dredging work at the Sabine Pass Liquefaction Project in Louisiana. This project involves expanding the LNG facility, adding a third marine berth for LNG export vessels. Dredging is set to begin in Q3 2020 and emphasizes environmental preservation and safety. CEO Lasse Petterson highlighted Great Lakes' extensive experience in similar projects and their commitment to safe operations. The company has a strong track record, having completed all marine projects in its 130-year history.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is set to present at the Noble Capital Markets Virtual Roadshow on July 15, 2020, at 10 a.m. CDT. CEO Lasse Petterson and CFO Mark Marinko will lead the presentation followed by a live Q&A session. Registration is free, but limited to 100 participants. With over 130 years in operation, Great Lakes is the largest U.S. dredging services provider, boasting a diverse fleet of over 200 specialized vessels. The company emphasizes safety through its Incident-and Injury-Free® program, ensuring a high standard of employee welfare.
Great Lakes Dredge & Dock Corporation (GLDD) has secured several dredging awards totaling $51.1 million. Key projects include:
- CPRA Cameron Meadows Marsh Creation Project (Coastal Protection, Louisiana, $28.6 million)
- Oak Island Beach Project (Coastal Protection, North Carolina, $15.4 million)
- New York and New Jersey Harbor Maintenance Dredging (New Jersey, $4.2 million)
- Jacksonville Harbor Maintenance Dredging (Florida, $2.9 million)
Work on these projects is set to begin in the fourth quarter of 2020, with maintenance dredging starting in July 2020.
Great Lakes Dredge & Dock Corporation (GLDD) reported strong Q1 2020 results, with net income from continuing operations at $34.0 million, reflecting a 13% increase year-over-year. Adjusted EBITDA surged to $61.4 million, up from $43.9 million the previous year. Revenue reached $217.7 million, a $25.1 million increase from Q1 2019, driven by robust project performance. The company's cash position was $207.5 million, maintaining a net debt to EBITDA ratio of 0.75x. Despite COVID-19 challenges, operations remain uninterrupted.
FAQ
What is the current stock price of Great Lakes Dredge & Dock (GLDD)?
What is the market cap of Great Lakes Dredge & Dock (GLDD)?
What are the core business areas of Great Lakes Dredge & Dock Corp?
How does GLDD maintain its competitive advantage?
Which markets and sectors does GLDD serve?
How does GLDD incorporate environmental remediation in its operations?
What distinguishes GLDD’s dredging fleet?
How is GLDD involved in the offshore energy sector?
How does GLDD compare to other international dredging providers?
What is the historical significance of GLDD in its industry?
