Great Lakes Dredge & Dock Corporation - GLDD STOCK NEWS

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the U.S.'s largest dredging service provider, will present at the 23rd Annual CJS Securities 'New Ideas for the New Year' Investor Conference on January 11, 2023, at 1:30 PM E.T. CEO Lasse Petterson and CFO Scott Kornblau will offer company insights and engage in a Q&A session. Attendees can access the live presentation via this link. A replay will be available on Great Lakes' website under Investor Relations.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) projects lower revenues and gross profit margins for Q4 2022 due to the early retirement of the Terrapin Island hopper dredge, weather delays, and increased drydocking costs affecting Ellis Island and Padre Island. Despite challenges from a slow bidding market and inflation, the company anticipates improved bidding activity and fleet modernization in 2023. The new Galveston Island dredge is expected to be operational by Q2 2023, with plans to reactivate cold-stacked vessels to capitalize on market recovery.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced an update on its fleet renewal program, with the new hopper dredge Galveston Island set to operate in 2023. This 6,500-cubic-yard-capacity vessel boasts advanced features aimed at reducing environmental impact, including EPA Tier IV engines and biofuel capability. The company will retire the 42-year-old Terrapin Island, resulting in an $8 million non-cash write-off. The complete fleet renewal is expected by 2025, positioning Great Lakes with the largest modern hopper fleet in the U.S. and enhancing its competitiveness in coastal protection and offshore wind markets.

Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported a net loss of $9.9 million for Q3 2022, alongside revenues of $158.3 million, a $10.3 million decrease from the previous year. Adjusted EBITDA was $1.3 million, with an operating loss of $9.5 million. The dredging backlog stands at $452.6 million, down from $598.5 million year-over-year. Despite challenges such as delayed bids and inflation, management sees an improving bid market and anticipates better results in Q4 2022. New projects awarded totaled $338.9 million, indicating recovery prospects in the dredging sector.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the three and nine months ended September 30, 2022, on November 1, 2022, 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. Investors and analysts can pre-register for the call through a provided link, which grants access via a unique PIN. The live call can also be accessed on the Company’s website, under the Investor Relations section.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced major dredging awards totaling $143.5 million with additional open options worth $102.9 million. Key projects include the South Atlantic Division Regional Harbor Dredging Project ($26.6 million) and the Fire Island Inlet to Montauk Point Project ($24.5 million). Most projects are federally funded and expected to commence from December 2022 to January 2023, with completions anticipated by August 2023. CEO Lasse Petterson noted a recovery in bidding, although delays may affect Q4 performance.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced the acquisition of multiple dredging contracts, totaling $107 million. Key projects include:

• Norfolk Harbor Navigation Improvements: $56.8 million
• Charleston Lower Harbor Maintenance Dredging: $15.4 million
• Tampa Harbor Maintenance Dredging: $13 million
• New Jersey Wind Port Access Channel: $7 million
• Various smaller projects: $14.8 million

These contracts bolster Great Lakes’ project backlog and support regional cargo capacity and renewable energy efforts.

Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported a net loss of $4.0 million for Q2 2022, with revenues at $149.4 million, a decline of $20.5 million from last year. Adjusted EBITDA was $10.2 million, and backlog stands at $373.8 million. Challenges included supply chain delays, inflation, and adverse weather affecting project timelines. Despite current hurdles, management anticipates stronger performance in the second half of 2022, bolstered by improved bidding, government support, and growth in the LNG and offshore wind sectors.

Great Lakes Dredge & Dock Corporation (GLDD) will release its financial results for the three and six months ending June 30, 2022, on August 2, 2022, at 7:00 a.m. CDT. Following the release, a conference call is scheduled for the same day at 9:00 a.m. CDT, where investors can pre-register for immediate access. Known as the largest dredging service provider in the U.S., Great Lakes is expanding into the offshore wind energy sector and boasts a diverse fleet of about 200 vessels, ensuring a commitment to safety through its Incident-and Injury-Free® program.