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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 (NASDAQ: GLDD) has announced the receipt of $342.3 million in dredging awards. The projects include:
- Sabine-Neches Waterway Channel Improvement ($219.1M)
- Canaveral Harbor Sand Bypass Project ($40.6M)
- Absecon Island Beach Renourishment ($38.2M)
- Captiva Island Beach Renourishment ($26.7M)
- Cape Cod Canal and Sandwich Beaches Renourishment ($8.9M)
- Brazos Island Harbor Dredging ($8.8M)
These projects span across Texas, Florida, New Jersey, and Massachusetts, with work expected to start between Q4 2024 and mid-2025. The company also has approximately $350 million in low bids and options pending award, potentially bringing their total pipeline to over $1.5 billion.
Great Lakes Dredge & Dock (NASDAQ: GLDD), the largest U.S. dredging services provider, announced its participation in Noble Capital Markets' Basic Industries Emerging Growth Virtual Equity Conference. Scott Kornblau, Senior VP and CFO, will present on September 25, 2024, at 9:30 AM EST. The presentation will feature a fireside Q&A, with 1x1 meetings available on September 26 for qualified investors.
Attendees can register for free to view the presentation. A video webcast will be available on the company's website and Channelchek.com for 90 days post-event. Great Lakes, with over 134 years of history, is expanding into the offshore wind energy industry and operates the largest fleet in the U.S. dredging industry with approximately 200 specialized vessels.
Great Lakes Dredge & Dock (NASDAQ: GLDD), the largest dredging services provider in the United States, announced its participation in the Sidoti Small-Cap Virtual Investor Conference on September 18, 2024. Scott Kornblau, Senior VP and CFO, will present at 3:15 PM ET and host one-on-one investor meetings.
Great Lakes, with a 134-year history, is expanding into the offshore wind energy industry. The company owns a diverse fleet of 200 specialized vessels and employs experienced engineering staff. Great Lakes emphasizes its Incident-and Injury-Free® (IIF®) safety management program throughout its operations.
The Sidoti conference, organized by Sidoti Events, , focuses on small and microcap companies, providing a platform for meaningful interaction between issuers and interested investors.
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.
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