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 (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.
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.
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