Monday, March 22, 2021
Great Lakes Dredge & Dock (GLDD)
A Good Win in Alabama
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.
Another win…in Alabama. Bids were opened by the USACE late Friday afternoon on the Phase III of Mobile Harbor deepening work. GLDD was the apparent low bidder at $53.9 million, with Manson closely behind at $57.9 million and Weeks lagging at $76.9 million. Interestingly, all of the bids were well below the IGE of $95.7 million. Final award is slated to be announced in late April.
Solid dredging outlook with backlog at $559 million, and potential infrastructure spending stimulus could create a tailwind. We would like to correct a misstatement from our last note and highlight that the Boston award of $62 million was included in the 4Q2020 low bids pending award/options total ~$562 million, including $90 million added in January. Two state projects in Louisiana are out for bid …
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.
