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

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) appointed Earl Shipp to its Board of Directors, effective July 29, 2021, expanding the Board to eight members. Lawrence R. Dickerson, Chairman, welcomed Shipp, highlighting his extensive experience in operations and strategic growth, notably at Dow Inc., where he managed over $7 billion in investments. Shipp’s background includes leadership roles across various locations globally. The appointment signifies the company’s commitment to enhancing governance and board depth, aimed at strengthening strategic initiatives.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is set to release its financial results for the six months ended June 30, 2021, on August 3, 2021, at 7:00 a.m. CDT. A conference call will follow at 9:00 a.m. CDT, with a replay available until August 10, 2021. Great Lakes, the leading U.S. dredging service provider, boasts a robust 131-year history, completing all marine projects undertaken. The company emphasizes a strong safety culture through its Incident-and Injury-Free® management program and operates over 200 specialized vessels.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) will participate in the Stifel Virtual Cross Sector Insight Conference on June 9, 2021, featuring a presentation by President and CEO Lasse Petterson and CFO Mark Marinko at 9:20 AM EDT. A live webcast of the event will be accessible through the company's website, with an archived recording available afterward. With over 131 years in operation, Great Lakes is the largest dredging service provider in the U.S., boasting a diverse fleet of over 200 specialized vessels and a commitment to employee safety.

Great Lakes Dredge & Dock Corporation (GLDD), the largest U.S. dredging services provider, will participate in Noble Capital Markets' Virtual Road Show on June 2, 2021. The event will feature presentations from President Lasse Petterson and CFO Mark Marinko, followed by a Q&A session. This initiative encourages investor engagement and registration is free. Great Lakes boasts over 131 years of project completion history, and operates the largest fleet of specialized vessels, emphasizing its commitment to safety and performance in marine projects.

Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has secured multiple dredging awards totaling $112.8 million. Key projects include:

• Mobile Harbor Navigation-Phase 3 in Alabama: $53.9 million
• Golden Triangle Marsh Creation in Louisiana: $32.4 million
• Captiva Island Beach Renourishment in Florida: $15.6 million
• McKellar Lake Harbor Dredging: $7.6 million
• Jacksonville Harbor Maintenance Dredging: $3.3 million

Work on these projects is expected to start between May and July 2021, enhancing U.S. coastal infrastructure and environment.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) plans to sell $325 million of unsecured 5.25% Senior Notes due 2029 to redeem its existing 8.000% Senior Notes due 2022. The issuance, priced at par, is expected to be completed by May 25, 2021, subject to customary conditions. The 2029 Notes will be guaranteed by the Company’s wholly-owned subsidiaries but will not be registered under the Securities Act of 1933. This move aims to enhance the Company’s financial structure and reduce interest expenses.

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a proposed offering of $325 million in fixed-rate, unsecured senior notes, aimed at redeeming its outstanding 8.000% Senior Notes due 2022. The offering will be conducted privately, targeting qualified institutional buyers. This financial maneuver is intended to strengthen the company’s balance sheet by eliminating higher-interest debt.

Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported first-quarter 2021 net income of $8.8 million and adjusted EBITDA of $26.8 million. Revenue reached $177.6 million, down $40.1 million from Q1 2020 due to COVID-19 impacts and equipment failures. The company secured $90.3 million in awards, achieving a 42% bid market share. Direct COVID costs totaled $4.3 million, while operational delays resulted in $3.9 million revenue loss. Despite the challenges, management remains optimistic about future projects and vaccination efforts to mitigate disruptions.

Great Lakes Dredge & Dock Corporation (GLDD) will release its financial results for Q1 2021 on May 4, 2021, at 7:00 a.m. C.D.T. A conference call for investors will follow at 9:00 a.m. C.D.T., accessible via phone or the company's website. As the leading dredging services provider in the U.S., Great Lakes has a rich history of completing marine projects and operates the largest fleet in the industry, comprising over 200 specialized vessels. The company's safety management program emphasizes employee safety within its operations.