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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) 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.
Great Lakes Dredge & Dock Co. (NASDAQ: GLDD) has appointed Eleni Beyko as senior vice president offshore wind, effective January 25, 2021. Beyko brings over 20 years of experience in program engineering and project management from the oil and gas and automotive sectors. Her role focuses on developing GLDD’s offshore wind operations, enhancing business strategies, and project execution. This appointment highlights GLDD's strategic move to invest in the offshore wind market along the eastern seaboard, aiming to leverage their dredging expertise for economic growth in the sector.
Great Lakes Dredge & Dock Corporation (GLDD) will present at NobleCon17 on January 20, 2021, at 11:00 am C.S.T. This virtual conference is free to attend and requires no obligations or restrictions. CEO Lasse Petterson and CFO Mark Marinko will lead the corporate presentation followed by a live Q&A session. A high-definition video webcast will be available the next day on the company's website. Great Lakes, the largest U.S. dredging service provider with over 200 specialized vessels, emphasizes a safety-first culture with its Incident-and Injury-Free® program.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has secured several major dredging awards totaling $60.9 million, enhancing its year-end 2020 backlog. Key projects include:
- North County Comprehensive Shore Protection Project in Florida: $21.2 million
- U.S. Naval Station Mayport and Jacksonville Harbor Maintenance: $21.2 million
- U.S. Naval Station Kings Bay Entrance Channel Maintenance: $15.8 million
- Brunswick Inner Harbor Maintenance Subcontract: $2.7 million
These projects demonstrate Great Lakes' commitment to coastal protection and maintenance, vital for U.S. Navy operations and enhancing environmental resilience.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced the development of the first U.S.-flagged, Jones Act compliant vessel for subsea rock installation, aiming to boost the offshore wind industry. This project is expected to enhance job growth and establish a U.S.-based rock supply chain along the East Coast. Designed in collaboration with Ulstein Design and Solutions B.V., the vessel will meet stringent emissions standards and be operational by Q1 2024, facilitating major offshore wind projects. CEO Lasse Petterson emphasized the significant economic potential of this initiative.
Great Lakes Dredge & Dock Corporation (GLDD) reported third-quarter financial results for 2020, highlighting income from continuing operations of $12.5 million, a 42.4% increase year-over-year. Revenue rose to $175.8 million, up 3.5% from the prior year, with a gross margin percentage of 20.7%. Adjusted EBITDA also grew to $32.2 million, an 18.8% increase. The company’s backlog reached $661.3 million, supported by $927 million in projects bid during the quarter. Additionally, Great Lakes is relocating its headquarters to Houston, Texas to better serve its regional clients.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the three and nine months ending September 30, 2020, on November 4, 2020, at 7:00 a.m. C.S.T. A conference call is scheduled for the same day at 9:00 a.m. C.S.T. Participants can join by calling (877) 377-7553 with Conference ID 1494155. The call will also be available for replay until November 6, 2020. Great Lakes is the largest U.S. dredging service provider and has a strong safety culture, never failing to complete a marine project in over 130 years.
Great Lakes Dredge & Dock Co. (NASDAQ: GLDD) announced its relocation of headquarters from Oak Brook, Illinois, to Houston, Texas. This strategic move aims to strengthen connections with customers and explore new markets along the Gulf Coast and Mississippi River. The Houston office is set to open in early 2021, seeking 20,000 square feet of space in the Energy Corridor. The company anticipates enhanced collaboration with major clients, including the U.S. Army Corps of Engineers, and plans to support industry growth through new regional offices in Jacksonville and Staten Island.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has increased its investment in coral conservation at The Florida Aquarium in Tampa, following the challenges posed by COVID-19. This initiative aims to continue the Aquarium's significant coral restoration efforts, which have included spawning endangered coral species. The company's ongoing support reflects its commitment to environmental conservation. The Florida Aquarium has made notable advancements in coral propagation, crucial for preserving marine biodiversity.
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