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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 Corporation (NASDAQ: GLDD) will release its financial results for the quarter ended March 31, 2023, on May 2, 2023, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT. Investors and analysts can pre-register for the call, ensuring immediate access with a unique PIN. Great Lakes, the largest dredging services provider in the U.S., is also expanding into the offshore wind energy sector. With a 133-year history of completing marine projects, the company boasts a diverse fleet of about 200 specialized vessels. Their commitment to safety is reflected in the Incident-and Injury-Free® (IIF®) management program, ensuring a strong workplace culture focused on employee safety.
Ascent Industries Co. (Nasdaq: ACNT) has appointed Bill Steckel as its new chief financial officer, effective immediately. He succeeds Aaron Tam, who resigned from the position. With over two decades of operational finance experience, Steckel previously served as CFO in notable companies, including Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), where he achieved significant revenue and EBITDA growth. His expertise spans across financial planning, analysis, and capital markets. President and CEO Chris Hutter emphasized Steckel's operational mindset and transformative track record that will bolster the company’s efforts towards sustainable growth and enhanced long-term shareholder value. Steckel holds an MBA from Western Illinois University and is a Certified Public Accountant (Inactive).
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has secured multiple dredging contracts totaling $138.8 million. Key awards include:
- Trujillo Alto Design and Build for Lago Loiza, Puerto Rico: $93.1 million
- Townsends Inlet to Cape May Inlet, New Jersey: $28.8 million
- Palm Beach Harbor Maintenance, Florida: $11 million
- South Boca Raton Beach Renourishment, Florida: $5.9 million
The Trujillo Alto project will benefit approximately 171,387 families. Work is expected to start in Spring 2023 and finish by Spring 2025.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported significant financial challenges for Q4 and full year 2022, posting a net loss of $31.2 million in the fourth quarter and $34.1 million for the year. Full year revenue was $648.8 million, down $77.3 million from 2021. Adjusted EBITDA stood at $17.0 million, reflecting ongoing impacts from delayed projects and inflation. The company has a dredging backlog of $377.1 million and anticipates market recovery as 2023 progresses, with major projects in offshore wind and LNG expected to drive future growth. Management is focusing on cost reduction and fleet adjustments to improve performance.
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