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) announced its participation in Noble Capital Markets' C-Suite Interview Series. In the interview, President & CEO Lasse Petterson and SVP Eleni Beyko discussed the company's new offshore wind division, associated market opportunities, and challenges. Key topics included the rock installation vessel under construction, the impact of the Jones Act on competition, and growth drivers in the dredging market. This initiative highlights Great Lakes' commitment to expanding in the offshore wind energy sector while leveraging its extensive fleet and engineering expertise.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announces the retirement of Chief Operating Officer David E. Simonelli, effective September 16, 2022. With 44 years at Great Lakes, Simonelli has significantly impacted project safety and environmental protection. He served as President of the Dredging Division and COO, known for his leadership and fostering a safety culture in the dredging industry. Post-retirement, he will offer consulting services, ensuring a smooth transition as the company aims to enhance its market growth, especially in the offshore wind sector.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has announced the exercise of a contract option to construct a second 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge with Conrad Shipyard, expected to be delivered by Q1 2025. This vessel will complement the Galveston Island dredge currently under construction. CEO Lasse Petterson emphasized the strategic investment in the fleet to enhance capabilities for various projects, including channel deepening and coastal restoration. The dredge will feature environmentally-friendly technologies, showcasing the company's commitment to sustainable operations.
Great Lakes Dredge & Dock reported first-quarter 2022 earnings with a net income of $11.1 million and adjusted EBITDA of $29.7 million. Revenue reached $194.3 million, reflecting a year-over-year increase of $16.7 million. The backlog stood at $473.5 million as of March 31, 2022. Challenges included weather-related delays and ongoing COVID-19 costs, impacting production. A significant contract for subsea rock installation for the Empire Wind I and II project was secured, anticipating long-term growth opportunities in offshore wind development.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has been awarded its first offshore wind rock installation contract for the Empire Wind I and II projects, a joint venture by Equinor and bp. The projects will generate over 2 GW of renewable energy for New York. Great Lakes will utilize the first Jones Act compliant subsea rock installation vessel, enhancing U.S. offshore wind capabilities. The initiative supports local employment and economic growth, marking a significant step for the offshore wind industry in the U.S.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the quarter ending March 31, 2022, on May 3, 2022, at 7:00 a.m. C.D.T. Following this, a conference call will take place at 9:00 a.m. C.D.T., accessible via call-in or on the company’s website. Established over 131 years ago, Great Lakes is the largest U.S. dredging service provider, known for its significant international projects and commitment to safety through its Incident-and Injury-Free® program.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced a significant agreement with Texas A&M University to support the establishment of the Great Lakes Dredge & Dock Laboratory of Dredging and Coastal Studies. This partnership aims to enhance research and technical support in coastal engineering. The collaboration underscores Great Lakes' commitment to education and the ocean engineering profession and is expected to strengthen their longtime relationship with the university. Both parties expressed excitement about the potential advancements in dredging and coastal studies.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced multiple major dredging awards totaling $132.3 million. Key projects include:
- Rockaway Inlet Beach Fill (New York, $37.2 million)
- South Atlantic Division Harbor Dredging (Georgia, North Carolina, South Carolina, $25.8 million)
- Avon Village Beach Nourishment (North Carolina, $25.9 million)
- Carolina and Kure Beaches Project (North Carolina, $20.3 million)
- Jacksonville Harbor Dredging (Florida, $11.5 million)
- Nags Head Beach Renourishment (North Carolina, $11.6 million)
Work on these projects will help improve coastal resilience and is expected to commence between mid-2022 and fall 2022.
Great Lakes Dredge & Dock Corporation (GLDD) reported Q4 2021 net income of $24.7 million and full-year net income of $49.4 million, down 25.3% from 2020. Q4 revenue rose to $210.0 million, a $37.9 million increase YoY, while adjusted EBITDA grew by 63.9% to $48.2 million. The company's full-year revenue fell by $7.5 million to $726.1 million. GLDD ended the year with a backlog of $551.6 million and announced a new contract in the offshore wind sector.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and twelve months ended December 31, 2021, on February 16, 2022, at 7:00 a.m. C.S.T. A conference call will follow at 9:00 a.m. C.S.T., accessible via phone at (877) 377-7553 with Conference ID 5544504. The call will also be streamed on the company's website. Known as the largest dredging service provider in the U.S., Great Lakes has a solid track record of project completion and prioritizes employee safety through its Incident-and Injury-Free® culture.
FAQ
What is the current stock price of Great Lakes Dredge & Dock (GLDD)?
What is the market cap of Great Lakes Dredge & Dock (GLDD)?
What are the core business areas of Great Lakes Dredge & Dock Corp?
How does GLDD maintain its competitive advantage?
Which markets and sectors does GLDD serve?
How does GLDD incorporate environmental remediation in its operations?
What distinguishes GLDD’s dredging fleet?
How is GLDD involved in the offshore energy sector?
How does GLDD compare to other international dredging providers?
What is the historical significance of GLDD in its industry?
