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

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and twelve months ended December 31, 2021, on February 16, 2022, at 7:00 a.m. C.S.T. A conference call will follow at 9:00 a.m. C.S.T., accessible via phone at (877) 377-7553 with Conference ID 5544504. The call will also be streamed on the company's website. Known as the largest dredging service provider in the U.S., Great Lakes has a solid track record of project completion and prioritizes employee safety through its Incident-and Injury-Free® culture.

Great Lakes Dredge & Dock (GLDD) has secured a $92.5 million contract for the Houston Ship Channel Widening Project 11, which is part of a billion-dollar expansion initiative. Dredging operations are set to begin in Q1 2022, and completion is expected by Q4 2022. The project involves widening 11½ miles of the channel to accommodate larger vessels and will enhance environmental efforts by creating a new island for wildlife. The company is also investing $4.5 million to upgrade equipment to reduce emissions, showcasing its commitment to environmental sustainability.

Great Lakes Dredge & Dock (GLDD) has announced a $197 million contract with Philly Shipyard to construct the first U.S.-flagged Jones Act-compliant vessel for subsea rock installation. This pioneering vessel will support the offshore wind industry and contribute to the Biden administration's goal of achieving 30 GW of offshore wind energy by 2030. Expected to be sea-ready by Q4 2024, the vessel will enhance job creation and establish a U.S.-based rock supply chain. With advanced technology and low emissions, this project positions GLDD favorably in the growing renewable energy sector.

Great Lakes Dredge & Dock Corporation (GLDD) reported Q3 2021 results with net income of $13.8 million and adjusted EBITDA of $32.2 million. Revenue for the quarter stood at $168.6 million, down $7.2 million year-over-year, attributed to lower coastal protection and foreign revenue. Their backlog reached $598.5 million as of September 30, 2021. COVID-19-related costs impacted profitability, costing $2.1 million in Q3. Looking ahead, GLDD anticipates improved results in Q4 2021, driven by new project awards and a positive outlook in domestic dredging.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will release its financial results for the three and nine months ended September 30, 2021, on November 2, 2021, at 7:00 a.m. C.D.T. A conference call will follow at 9:00 a.m. C.D.T. for investors and analysts to discuss these results. The call can be accessed at (877) 377-7553 using Conference ID 1187471 and will be available for replay until November 4, 2021. Great Lakes is the U.S.'s largest dredging services provider, with over 200 specialized vessels and a commitment to a culture of safety through its Incident-and Injury-Free® program.

Great Lakes Dredge & Dock Corporation (GLDD) announced major dredging awards totaling $88.1 million. The projects include:

• Sea Bright to Manasquan, NJ - $26.6 million
• Portsmouth Harbor, NH/ME - $25.6 million
• Oak Island, FL - $17.1 million
• South Hutchinson Island, FL - $11.3 million
• Mobile Harbor, AL - $7.5 million

These awards enhance GLDD's order backlog, with projects expected to start in 2021 and complete in early 2022. CEO David Simonelli highlighted the projects' significance for economic and environmental improvement.

Great Lakes Dredge & Dock Co. (NASDAQ:GLDD) has welcomed Scott Kornblau as its new Senior Vice President and Chief Financial Officer. Kornblau, who has over 20 years of financial and industry expertise, replaces Mark Marinko, who has left for other opportunities. Kornblau will oversee the company’s financial operations and contribute to its strategic growth. CEO Lasse Petterson expressed confidence in Kornblau's leadership. Great Lakes, the largest U.S. dredging service provider, boasts a rich history and a commitment to safety.

Great Lakes Dredge & Dock Corporation (GLDD) announced a partnership with Project Vesta to advance Coastal Carbon Capture technology, which utilizes sand to extract carbon dioxide from the atmosphere. This innovative collaboration positions Great Lakes as a leader in climate change mitigation efforts within the dredging industry. The partnership aims to enhance research on sustainable practices and coastal resilience, potentially impacting billions of tons of CO2 reduction according to scientific studies. The initiative is set to bolster Great Lakes' commitment to sustainability and promote new methods for effective carbon removal.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) has announced the receipt of several significant dredging awards totaling $261.3 million. Key projects include:

• Corpus Christi Upper Bay Reach Channel Improvement Project ($139 million)
• Fire Island Inlet to Montauk Point Beach Project ($47.5 million)
• Thimble Shoal East Deepening Project ($38.4 million)
• Mississippi River Maintenance Project ($24.3 million)
• Cape May Inlet Beach Renourishment Project ($12.1 million)

These projects are expected to commence in late 2021 and early 2022 and will enhance coastal protection and navigation.