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 (NASDAQ: GLDD) is widely described in its public disclosures as the largest provider of dredging services in the United States, with a long history of executing significant international projects. This news page compiles company announcements, project updates, and regulatory disclosures that illustrate how Great Lakes operates within the marine construction and site preparation sector.
Readers can find news about dredging contracts and awards, such as maintenance and coastal protection projects on major rivers, harbors, and coastlines. Recent releases describe awards for work on the Mississippi River, regional harbor dredging in the South Atlantic, maintenance dredging in Baltimore Harbor and channels, and beach renourishment and coastal protection projects in states including Florida, New York, Arkansas, Oklahoma, and Delaware. These items show how the company’s services support navigation, coastal resilience, and environmental restoration.
News coverage also includes financial and capital structure updates, including quarterly earnings releases, discussions of backlog, and information about credit facilities. For example, Great Lakes has reported amendments to its revolving credit facility, describing changes to borrowing capacity, maturity, and the use of proceeds to refinance other debt. These announcements provide context on the company’s balance sheet, liquidity, and access to capital.
Another recurring theme in GLDD news is the company’s Offshore Energy sector and subsea infrastructure activities. Releases highlight the development of the Acadia subsea rock installation vessel, its expected use on offshore wind projects, and the broader strategy to serve subsea cable and pipeline protection markets. Collaborations with partners, such as arrangements to provide dredging services for potential offshore mineral projects, are also covered.
By following this news feed, investors and observers can monitor Great Lakes Dredge & Dock’s project pipeline, contract awards, offshore energy initiatives, and key financial disclosures over time.
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Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the quarter ended March 31, 2023, on May 2, 2023, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT. Investors and analysts can pre-register for the call, ensuring immediate access with a unique PIN. Great Lakes, the largest dredging services provider in the U.S., is also expanding into the offshore wind energy sector. With a 133-year history of completing marine projects, the company boasts a diverse fleet of about 200 specialized vessels. Their commitment to safety is reflected in the Incident-and Injury-Free® (IIF®) management program, ensuring a strong workplace culture focused on employee safety.
Ascent Industries Co. (Nasdaq: ACNT) has appointed Bill Steckel as its new chief financial officer, effective immediately. He succeeds Aaron Tam, who resigned from the position. With over two decades of operational finance experience, Steckel previously served as CFO in notable companies, including Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), where he achieved significant revenue and EBITDA growth. His expertise spans across financial planning, analysis, and capital markets. President and CEO Chris Hutter emphasized Steckel's operational mindset and transformative track record that will bolster the company’s efforts towards sustainable growth and enhanced long-term shareholder value. Steckel holds an MBA from Western Illinois University and is a Certified Public Accountant (Inactive).
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.