Thursday, November 05, 2020
Great Lakes Dredge & Dock (GLDD)
Another Good Quarter – Execution Remains Solid
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.
3Q2020 operating results were in line expectations including loss of hire benefit. Total revenue of $175.8 million was close to our estimate of $176.5 million and profitability was in line with expectations. Adjusted EBITDA of $32.2 million was in line with expectations of $32.1 million due to a loss of hire benefit of $1.7 million, and EBITDA margin of 18.3% was in line with expectations of 18.2%.
Moving 2020 EBITDA estimate to $155.2 million. Positive dredging market outlook intact, but costs moving slightly higher. Introducing 2021 EBITDA estimate of $150.4 million. Bar is high after strong outperformance this year …
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.
