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) 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.
Great Lakes Dredge & Dock Corporation (GLDD), the largest U.S. dredging services provider, will participate in Noble Capital Markets' Virtual Road Show on June 2, 2021. The event will feature presentations from President Lasse Petterson and CFO Mark Marinko, followed by a Q&A session. This initiative encourages investor engagement and registration is free. Great Lakes boasts over 131 years of project completion history, and operates the largest fleet of specialized vessels, emphasizing its commitment to safety and performance in marine projects.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has secured multiple dredging awards totaling $112.8 million. Key projects include:
- Mobile Harbor Navigation-Phase 3 in Alabama: $53.9 million
- Golden Triangle Marsh Creation in Louisiana: $32.4 million
- Captiva Island Beach Renourishment in Florida: $15.6 million
- McKellar Lake Harbor Dredging: $7.6 million
- Jacksonville Harbor Maintenance Dredging: $3.3 million
Work on these projects is expected to start between May and July 2021, enhancing U.S. coastal infrastructure and environment.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) plans to sell $325 million of unsecured 5.25% Senior Notes due 2029 to redeem its existing 8.000% Senior Notes due 2022. The issuance, priced at par, is expected to be completed by May 25, 2021, subject to customary conditions. The 2029 Notes will be guaranteed by the Company’s wholly-owned subsidiaries but will not be registered under the Securities Act of 1933. This move aims to enhance the Company’s financial structure and reduce interest expenses.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a proposed offering of $325 million in fixed-rate, unsecured senior notes, aimed at redeeming its outstanding 8.000% Senior Notes due 2022. The offering will be conducted privately, targeting qualified institutional buyers. This financial maneuver is intended to strengthen the company’s balance sheet by eliminating higher-interest debt.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported first-quarter 2021 net income of $8.8 million and adjusted EBITDA of $26.8 million. Revenue reached $177.6 million, down $40.1 million from Q1 2020 due to COVID-19 impacts and equipment failures. The company secured $90.3 million in awards, achieving a 42% bid market share. Direct COVID costs totaled $4.3 million, while operational delays resulted in $3.9 million revenue loss. Despite the challenges, management remains optimistic about future projects and vaccination efforts to mitigate disruptions.
Great Lakes Dredge & Dock Corporation (GLDD) will release its financial results for Q1 2021 on May 4, 2021, at 7:00 a.m. C.D.T. A conference call for investors will follow at 9:00 a.m. C.D.T., accessible via phone or the company's website. As the leading dredging services provider in the U.S., Great Lakes has a rich history of completing marine projects and operates the largest fleet in the industry, comprising over 200 specialized vessels. The company's safety management program emphasizes employee safety within its operations.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has secured several major dredging contracts worth a total of $90.3 million. This includes $61.8 million for the Boston Harbor Navigation Improvement Project-Phase 3 aimed at enhancing navigational access for larger tankers, and $28.5 million for the Rehabilitation of Panama City Beaches Coastal Storm Risk Management Project. Work on these federally-funded projects is set to commence in Q2 2021 and Q3 2021, with expected completion by year-end.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported strong financial results for the fourth quarter and full year 2020. Fourth quarter income from continuing operations was $10.6 million, while adjusted EBITDA was $29.4 million. For the full year, income from continuing operations reached $66.1 million, a significant increase of 18.7% from the previous year. Revenue rose to $733.6 million, driven by a robust domestic dredging market. The company ended 2020 with a backlog of $559.4 million and a cash position of $216.5 million, positioning it well for future investments and growth.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and twelve months ended December 31, 2020, on February 17, 2021, at 7:00 a.m. C.S.T. A conference call will follow at 9:00 a.m. C.S.T., accessible at (877) 377-7553, Conference ID 4967097. The call will also be available for replay until February 19, 2021. Great Lakes, the largest U.S. dredging service provider, boasts a strong safety culture and operates over 200 specialized vessels, ensuring efficient project execution.
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