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Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is the largest provider of dredging services in the United States, known for its extensive and diverse fleet of over 200 specialized vessels. With a legacy spanning 127 years, the company plays a significant role in marine construction, environmental remediation, and infrastructure development both domestically and internationally. Employing more than 1,000 skilled professionals, GLDD excels in projects that enhance and preserve waterways and coastlines, as well as those that bolster infrastructure.
The company’s core operations include Coastal Restoration, Coastal Protection, Ports and Harbors, International, and Inland Dredging. Recent high-profile projects include the deepening of the Sabine-Neches Waterway, the beach renourishment at Great Egg Harbor Inlet, and the St. Augustine Shore Protection Project. These initiatives are pivotal for economic benefits, environmental protection, and enhancing U.S. competitiveness in global markets.
GLDD’s strategic expansion into the offshore wind market underscores its commitment to renewable energy. The company has made significant strides with its offshore wind rock installation vessel, the Acadia, which is the first U.S.-flagged Jones Act compliant vessel for subsea rock installation. This vessel will contribute to meeting the ambitious renewable energy goals set by the Biden Administration.
Financially, Great Lakes has demonstrated resilience and adaptability. Despite recent market challenges, the company reported strong performance in 2023, securing multiple contracts and maintaining a robust backlog. This includes significant projects related to LNG and offshore wind. The company's disciplined cost management and strategic investments in new vessels like the Galveston Island and Amelia Island dredges position it well for future growth.
Partnerships with entities like MARAD and the Philly Shipyard highlight GLDD’s collaborative efforts to enhance its service offerings and operational capabilities. Moreover, the company’s Incident-and Injury-Free® (IIF®) safety management program underscores its commitment to employee safety and operational excellence.
Great Lakes Dredge & Dock Corporation remains a vital player in the maritime industry, dedicated to improving and protecting the world’s waterways and coastlines while pioneering advancements in renewable energy infrastructure.
Great Lakes Dredge & Dock (NASDAQ: GLDD), the largest U.S. dredging services provider, announced its participation in Noble Capital Markets' C-Suite Interview Series. The interview, available on Channelchek, features CEO Lasse Petterson, CFO Scott Kornblau, and SVP of Offshore Wind Eleni Beyko discussing key topics including:
- Updates on the Acadia vessel and its competitive advantages
- Challenges and opportunities in the domestic and international offshore wind markets
- Overview of the dredging market and future challenges
- The company's expansion into the offshore wind energy industry
Great Lakes, with its 134-year history and fleet of 200 specialized vessels, is positioning itself in the growing offshore wind sector while maintaining its core dredging business.
Great Lakes Dredge & Dock (NASDAQ: GLDD) announced that S&P Global Ratings has upgraded the company's issuer credit rating to 'B-' from 'CCC+'. The upgrade is based on improved revenue and profitability in the first half of 2024, as well as a strong backlog and recent awards that provide visibility into improved cash flows through 2025. S&P expects Great Lakes to continue expanding revenue and improving profitability throughout the remainder of 2024 and into 2025.
Scott Kornblau, Great Lakes' Senior VP and CFO, stated that the upgrade validates their efforts and positions the company for future growth and success. Great Lakes is the largest provider of dredging services in the US and is expanding into the offshore wind energy industry.
Great Lakes Dredge & Dock (NASDAQ: GLDD) has announced the receipt of $256.2 million in dredging awards. The projects include:
- Mobile Harbor Deepening ($65.9M)
- Port Everglades Sand Bypass ($59.8M)
- Long Beach Island Beach Renourishment ($54.4M)
- Fire Island Inlet Dredging ($52.0M)
- North Wildwood Emergency Beach Renourishment ($14.8M)
- St. Lucie Inlet Maintenance Dredging ($9.3M)
These projects span capital, coastal protection, and maintenance work, supporting infrastructure and coastline improvements. The company also has $318 million in low bids and options pending award, potentially bringing their total work pipeline to over $1.2 billion.
Great Lakes Dredge & Dock (GLDD) reported solid financial results for Q2 2024.
Key highlights include:
- Revenue: $170.1 million, a $37.4 million increase YoY
- Net Income: $7.7 million, a $6.0 million improvement YoY
- Adjusted EBITDA: $25.8 million
- Dredging Backlog: $807.9 million
CEO Lasse Petterson highlighted strong project performance despite having three dredges in drydock and mentioned significant ongoing projects like the Freeport Deepening and Sabine-Neches Waterway Channel Improvement.
Great Lakes secured new financing of $150 million, enhancing liquidity. The offshore wind backlog stands at $44.6 million, with substantial future opportunities.
The company continues its U.S. offshore wind market expansion with the construction of the Acadia vessel, expected in late 2025, and is actively bidding on multiple projects domestically and internationally.
Total capital expenditures for Q2 2024 reached $51.3 million, significantly higher than the previous year.
Great Lakes Dredge & Dock (NASDAQ: GLDD) has announced the scheduled release of its financial results for Q2 2024 on Tuesday, August 6, 2024, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT on the same day. Investors and analysts are encouraged to pre-register for the call using a provided link. The company, the largest provider of dredging services in the United States, is also expanding into the offshore wind energy industry. With a 134-year history and a fleet of about 200 specialized vessels, Great Lakes emphasizes its commitment to safety through its Incident-and Injury-Free® (IIF®) program.
Great Lakes Dredge & Dock (GLDD), the largest provider of dredging services in the U.S., will present at Sidoti’s Virtual Investor Conference on June 13, 2024. CEO Lasse Petterson and CFO Scott Kornblau will lead the presentation and host one-on-one meetings. The presentation starts at 12:15 ET and can be accessed via a provided Zoom link. Great Lakes has a long history of completing major marine projects and is expanding into the offshore wind energy sector. The company operates a fleet of around 200 specialized vessels and emphasizes a strong safety culture.
Great Lakes Dredge & Dock (GLDD) reported strong financial results for the first quarter of 2024 with a net income of $21.0 million, adjusted EBITDA of $42.9 million, and a dredging backlog of $879.4 million. Revenue was $198.7 million, representing an increase of $40.7 million from the first quarter of 2023. The company continues to secure significant projects, particularly in the LNG and offshore wind markets, positioning itself for future growth. GLDD also entered into a $150 million credit agreement to support its new build program and enhance liquidity.
Great Lakes Dredge & Dock (GLDD) will announce its financial results for the first quarter of 2024 on May 7, 2024. The company, a leading dredging services provider in the U.S., is expanding into offshore wind energy. With a strong history of successful international projects and a focus on safety, GLDD is poised for growth.
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