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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 (GLDD) reported Q3 2021 results with net income of $13.8 million and adjusted EBITDA of $32.2 million. Revenue for the quarter stood at $168.6 million, down $7.2 million year-over-year, attributed to lower coastal protection and foreign revenue. Their backlog reached $598.5 million as of September 30, 2021. COVID-19-related costs impacted profitability, costing $2.1 million in Q3. Looking ahead, GLDD anticipates improved results in Q4 2021, driven by new project awards and a positive outlook in domestic dredging.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and nine months ended September 30, 2021, on November 2, 2021, at 7:00 a.m. C.D.T. A conference call will follow at 9:00 a.m. C.D.T. for investors and analysts to discuss these results. The call can be accessed at (877) 377-7553 using Conference ID 1187471 and will be available for replay until November 4, 2021. Great Lakes is the U.S.'s largest dredging services provider, with over 200 specialized vessels and a commitment to a culture of safety through its Incident-and Injury-Free® program.
Great Lakes Dredge & Dock Corporation (GLDD) announced major dredging awards totaling $88.1 million. The projects include:
- Sea Bright to Manasquan, NJ - $26.6 million
- Portsmouth Harbor, NH/ME - $25.6 million
- Oak Island, FL - $17.1 million
- South Hutchinson Island, FL - $11.3 million
- Mobile Harbor, AL - $7.5 million
These awards enhance GLDD's order backlog, with projects expected to start in 2021 and complete in early 2022. CEO David Simonelli highlighted the projects' significance for economic and environmental improvement.
Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) has welcomed Scott Kornblau as its new Senior Vice President and Chief Financial Officer. Kornblau, who has over 20 years of financial and industry expertise, replaces Mark Marinko, who has left for other opportunities. Kornblau will oversee the company’s financial operations and contribute to its strategic growth. CEO Lasse Petterson expressed confidence in Kornblau's leadership. Great Lakes, the largest U.S. dredging service provider, boasts a rich history and a commitment to safety.
Great Lakes Dredge & Dock Corporation (GLDD) announced a partnership with Project Vesta to advance Coastal Carbon Capture technology, which utilizes sand to extract carbon dioxide from the atmosphere. This innovative collaboration positions Great Lakes as a leader in climate change mitigation efforts within the dredging industry. The partnership aims to enhance research on sustainable practices and coastal resilience, potentially impacting billions of tons of CO2 reduction according to scientific studies. The initiative is set to bolster Great Lakes' commitment to sustainability and promote new methods for effective carbon removal.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced the receipt of several significant dredging awards totaling $261.3 million. Key projects include:
- Corpus Christi Upper Bay Reach Channel Improvement Project ($139 million)
- Fire Island Inlet to Montauk Point Beach Project ($47.5 million)
- Thimble Shoal East Deepening Project ($38.4 million)
- Mississippi River Maintenance Project ($24.3 million)
- Cape May Inlet Beach Renourishment Project ($12.1 million)
These projects are expected to commence in late 2021 and early 2022 and will enhance coastal protection and navigation.
Great Lakes Dredge & Dock Corporation (GLDD) reported its Q2 2021 financial results, showing a net income of $2.1 million and adjusted EBITDA of $20.2 million. Revenue for the quarter reached $169.9 million, marking a $2.0 million increase from Q2 2020. However, gross margin declined to 13.5%, down from 19.7% due to COVID-related costs totaling $3.0 million. The company's backlog stood at $454.4 million, an increase from last year, bolstered by new awards of $112.8 million in the current quarter.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) appointed Earl Shipp to its Board of Directors, effective July 29, 2021, expanding the Board to eight members. Lawrence R. Dickerson, Chairman, welcomed Shipp, highlighting his extensive experience in operations and strategic growth, notably at Dow Inc., where he managed over $7 billion in investments. Shipp’s background includes leadership roles across various locations globally. The appointment signifies the company’s commitment to enhancing governance and board depth, aimed at strengthening strategic initiatives.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is set to release its financial results for the six months ended June 30, 2021, on August 3, 2021, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT, with a replay available until August 10, 2021. Great Lakes, the leading U.S. dredging service provider, boasts a robust 131-year history, completing all marine projects undertaken. The company emphasizes a strong safety culture through its Incident-and Injury-Free® management program and operates over 200 specialized vessels.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) will participate in the Stifel Virtual Cross Sector Insight Conference on June 9, 2021, featuring a presentation by President and CEO Lasse Petterson and CFO Mark Marinko at 9:20 AM EDT. A live webcast of the event will be accessible through the company's website, with an archived recording available afterward. With over 131 years in operation, Great Lakes is the largest dredging service provider in the U.S., boasting a diverse fleet of over 200 specialized vessels and a commitment to employee safety.
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