Movers and SHAKERS
Great Lakes Dredge & Dock (GLDD)
Weather and COVID-19 Hit Quarter, But Strong Finish to Year
Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only's operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q2021 Results hit by stormy weather and COVID-19. Revenue was flattish with higher US Capital more than offsetting lower Coastal Protection. Maintenance and Rivers and Lakes were flat, while international remains dormant. Revenue hit from weather disruptions included an unexpected dry dock and COVID-19 cost drag was $2.1 million, but gross margin of $36.3 million and gross margin of 21.5% were positives. Same with EBITDA of $32.2 million and EBITDA margin of 19.1%.
4Q2021 Guidance sets tone for strong finish to year. Revenue should jump into the $225-$235 million range with gross margin close to 3Q2021, implying gross profit in the $48 million range. COVID-19 cost drag is moderating and our EBITDA estimate is $42 million, or EBITDA margin of 18.8%. Looks like the strongest quarter in almost two years, and full year EBITDA estimate is $121.6 million based on ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.