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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) 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.
Great Lakes Dredge & Dock (GLDD) has secured a $92.5 million contract for the Houston Ship Channel Widening Project 11, which is part of a billion-dollar expansion initiative. Dredging operations are set to begin in Q1 2022, and completion is expected by Q4 2022. The project involves widening 11½ miles of the channel to accommodate larger vessels and will enhance environmental efforts by creating a new island for wildlife. The company is also investing $4.5 million to upgrade equipment to reduce emissions, showcasing its commitment to environmental sustainability.
Great Lakes Dredge & Dock (GLDD) has announced a $197 million contract with Philly Shipyard to construct the first U.S.-flagged Jones Act-compliant vessel for subsea rock installation. This pioneering vessel will support the offshore wind industry and contribute to the Biden administration's goal of achieving 30 GW of offshore wind energy by 2030. Expected to be sea-ready by Q4 2024, the vessel will enhance job creation and establish a U.S.-based rock supply chain. With advanced technology and low emissions, this project positions GLDD favorably in the growing renewable energy sector.
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.
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