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 (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.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced the appointment of David Johanson as SVP, Project Acquisition & Operations, and Christopher G. Gunsten as SVP, Project Services & Fleet Engineering, effective August 1, 2022. This follows the retirement announcement of COO David E. Simonelli, scheduled for September 16, 2022. Johanson has been with Great Lakes since 1994, while Gunsten has served since October 2021. Both executives bring extensive experience to their new roles as the company continues to expand its operations.
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