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.
Great Lakes Dredge & Dock Corporation is a dredging-services company that became a wholly owned subsidiary of Saltchuk Resources after a completed cash acquisition in 2026. News about GLDD centers on the completed tender offer and merger, the end of Nasdaq trading in its common stock, delisting and deregistration steps, and debt tender-offer and consent-solicitation activity tied to its senior notes.
Coverage also includes transaction-related shareholder matters, material agreements, operating and financial results, capital-structure disclosures, and corporate governance updates.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has secured multiple dredging contracts totaling $138.8 million. Key awards include:
- Trujillo Alto Design and Build for Lago Loiza, Puerto Rico: $93.1 million
- Townsends Inlet to Cape May Inlet, New Jersey: $28.8 million
- Palm Beach Harbor Maintenance, Florida: $11 million
- South Boca Raton Beach Renourishment, Florida: $5.9 million
The Trujillo Alto project will benefit approximately 171,387 families. Work is expected to start in Spring 2023 and finish by Spring 2025.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported significant financial challenges for Q4 and full year 2022, posting a net loss of $31.2 million in the fourth quarter and $34.1 million for the year. Full year revenue was $648.8 million, down $77.3 million from 2021. Adjusted EBITDA stood at $17.0 million, reflecting ongoing impacts from delayed projects and inflation. The company has a dredging backlog of $377.1 million and anticipates market recovery as 2023 progresses, with major projects in offshore wind and LNG expected to drive future growth. Management is focusing on cost reduction and fleet adjustments to improve performance.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the year ending December 31, 2022, on February 15, 2023, 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., with pre-registration encouraged for immediate access. Great Lakes is the largest U.S. dredging service provider and is expanding into the offshore wind energy sector. The company boasts a diverse fleet of around 200 specialized vessels and emphasizes safety through its Incident-and Injury-Free® culture.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the U.S.'s largest dredging service provider, will present at the 23rd Annual CJS Securities 'New Ideas for the New Year' Investor Conference on January 11, 2023, at 1:30 PM E.T. CEO Lasse Petterson and CFO Scott Kornblau will offer company insights and engage in a Q&A session. Attendees can access the live presentation via this link. A replay will be available on Great Lakes' website under Investor Relations.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) projects lower revenues and gross profit margins for Q4 2022 due to the early retirement of the Terrapin Island hopper dredge, weather delays, and increased drydocking costs affecting Ellis Island and Padre Island. Despite challenges from a slow bidding market and inflation, the company anticipates improved bidding activity and fleet modernization in 2023. The new Galveston Island dredge is expected to be operational by Q2 2023, with plans to reactivate cold-stacked vessels to capitalize on market recovery.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced an update on its fleet renewal program, with the new hopper dredge Galveston Island set to operate in 2023. This 6,500-cubic-yard-capacity vessel boasts advanced features aimed at reducing environmental impact, including EPA Tier IV engines and biofuel capability. The company will retire the 42-year-old Terrapin Island, resulting in an $8 million non-cash write-off. The complete fleet renewal is expected by 2025, positioning Great Lakes with the largest modern hopper fleet in the U.S. and enhancing its competitiveness in coastal protection and offshore wind markets.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported a net loss of $9.9 million for Q3 2022, alongside revenues of $158.3 million, a $10.3 million decrease from the previous year. Adjusted EBITDA was $1.3 million, with an operating loss of $9.5 million. The dredging backlog stands at $452.6 million, down from $598.5 million year-over-year. Despite challenges such as delayed bids and inflation, management sees an improving bid market and anticipates better results in Q4 2022. New projects awarded totaled $338.9 million, indicating recovery prospects in the dredging sector.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the three and nine months ended September 30, 2022, on November 1, 2022, 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. Investors and analysts can pre-register for the call through a provided link, which grants access via a unique PIN. The live call can also be accessed on the Company’s website, under the Investor Relations section.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced major dredging awards totaling $143.5 million with additional open options worth $102.9 million. Key projects include the South Atlantic Division Regional Harbor Dredging Project ($26.6 million) and the Fire Island Inlet to Montauk Point Project ($24.5 million). Most projects are federally funded and expected to commence from December 2022 to January 2023, with completions anticipated by August 2023. CEO Lasse Petterson noted a recovery in bidding, although delays may affect Q4 performance.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced the acquisition of multiple dredging contracts, totaling $107 million. Key projects include:
- Norfolk Harbor Navigation Improvements: $56.8 million
- Charleston Lower Harbor Maintenance Dredging: $15.4 million
- Tampa Harbor Maintenance Dredging: $13 million
- New Jersey Wind Port Access Channel: $7 million
- Various smaller projects: $14.8 million
These contracts bolster Great Lakes’ project backlog and support regional cargo capacity and renewable energy efforts.