Great Lakes Dredge & Dock Corp Stock Price, News & Analysis

Great Lakes Dredge & Dock Corporation (GLDD) announced significant awards totaling $117.8 million for various dredging projects in the U.S. The major projects include:

• $44.9 million for the Mississippi River maintenance project.
• $24 million for the beach renourishment project in New Jersey.
• $15.2 million for coastal storm risk management in Florida.
• $14.6 million for Wilmington Harbor maintenance.
• $10.3 million for maintenance in Texas and Louisiana.
• $8.8 million for a project in Delaware and Maryland.

These projects are expected to enhance coastal protection and the company’s service capabilities.

Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported Q2 2020 results, showing a revenue of $167.9 million, a decline of 9.1% from Q2 2019. Income from continuing operations was $9.0 million, down $2.5 million year-over-year, while adjusted EBITDA fell to $28.1 million. The company ended the quarter with a cash position of $233.5 million and a backlog of $423.4 million. Despite lower quarter earnings, year-to-date income grew by 34% to $42.9 million. Management remains confident in the company's outlook, citing continued project opportunities amidst the COVID-19 pandemic.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a new share repurchase program, allowing up to $75 million in common stock buybacks. CEO Lasse Petterson stated that this decision reflects the Board's confidence in the company's future and commitment to shareholder value. The company boasts strong cash flow and a solid balance sheet, enabling these buybacks while retaining liquidity for growth opportunities. Repurchases may occur through various methods, including open market and Rule 10b5-1 plans.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the quarter ending June 30, 2020, on August 4, 2020, at 7:00 a.m. C.D.T. A conference call is scheduled for the same day at 9:00 a.m. C.D.T., accessible via phone at (877) 377-7553, with Conference ID 1658815. Replays will be available until August 6, 2020. The company emphasizes its leadership in the dredging industry, showcasing over 130 years of project success and a commitment to safety through its Incident-and Injury-Free® program.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a subcontract with Bechtel for dredging work at the Sabine Pass Liquefaction Project in Louisiana. This project involves expanding the LNG facility, adding a third marine berth for LNG export vessels. Dredging is set to begin in Q3 2020 and emphasizes environmental preservation and safety. CEO Lasse Petterson highlighted Great Lakes' extensive experience in similar projects and their commitment to safe operations. The company has a strong track record, having completed all marine projects in its 130-year history.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is set to present at the Noble Capital Markets Virtual Roadshow on July 15, 2020, at 10 a.m. CDT. CEO Lasse Petterson and CFO Mark Marinko will lead the presentation followed by a live Q&A session. Registration is free, but limited to 100 participants. With over 130 years in operation, Great Lakes is the largest U.S. dredging services provider, boasting a diverse fleet of over 200 specialized vessels. The company emphasizes safety through its Incident-and Injury-Free® program, ensuring a high standard of employee welfare.

Great Lakes Dredge & Dock Corporation (GLDD) has secured several dredging awards totaling $51.1 million. Key projects include:

• CPRA Cameron Meadows Marsh Creation Project (Coastal Protection, Louisiana, $28.6 million)
• Oak Island Beach Project (Coastal Protection, North Carolina, $15.4 million)
• New York and New Jersey Harbor Maintenance Dredging (New Jersey, $4.2 million)
• Jacksonville Harbor Maintenance Dredging (Florida, $2.9 million)

Work on these projects is set to begin in the fourth quarter of 2020, with maintenance dredging starting in July 2020.

Great Lakes Dredge & Dock Corporation (GLDD) reported strong Q1 2020 results, with net income from continuing operations at $34.0 million, reflecting a 13% increase year-over-year. Adjusted EBITDA surged to $61.4 million, up from $43.9 million the previous year. Revenue reached $217.7 million, a $25.1 million increase from Q1 2019, driven by robust project performance. The company's cash position was $207.5 million, maintaining a net debt to EBITDA ratio of 0.75x. Despite COVID-19 challenges, operations remain uninterrupted.