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GLDD

Great Lakes Dredge & Dock NasdaqGS:GLDD Stock Report

Last Price

US$8.16

Market Cap

US$539.2m

7D

-8.6%

1Y

-46.6%

Updated

28 Sep, 2022

Data

Company Financials +
GLDD fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance3/6
Financial Health3/6
Dividends0/6

GLDD Stock Overview

Great Lakes Dredge & Dock Corporation provides dredging services in the United States.

Great Lakes Dredge & Dock Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Great Lakes Dredge & Dock
Historical stock prices
Current Share PriceUS$8.16
52 Week HighUS$16.27
52 Week LowUS$7.98
Beta0.78
1 Month Change-17.83%
3 Month Change-37.76%
1 Year Change-46.63%
3 Year Change-23.16%
5 Year Change60.00%
Change since IPO26.51%

Recent News & Updates

Sep 22
Does Great Lakes Dredge & Dock (NASDAQ:GLDD) Have A Healthy Balance Sheet?

Does Great Lakes Dredge & Dock (NASDAQ:GLDD) Have A Healthy Balance Sheet?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Sep 06

Great Lakes Dredge & Dock: Insider Buying In This Infrastructure Name

Summary Today, we put Great Lakes Dredge & Dock Corporation in the spotlight. The shares of this infrastructure concern has been under pressure recently, but the stock saw the first insider purchase of 2022 in August. An investment analysis follows in the paragraphs below. There is no such thing as work-life balance. Everything worth fighting for unbalances your life."― Alain de Botton May Company Presentation We tee up North America's largest dredging concern in today's analysis. Great Lakes Dredge & Dock Corporation (GLDD) should be a beneficiary of the large amount of funding the government has approved for infrastructure under the current administration. Despite this, the stock is down some 40% over the past year. The shares did see some insider buying in August, the first for 2022 to date. Better times ahead? An analysis follows below. Seeking Alpha Company Overview: Great Lakes Dredge & Dock is based in Houston and primarily provides dredging services throughout the United States. These services include but are not limited to port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures. The company also provides coastal protection and other services to both the private and public sectors through a fleet of approximately 35 core ships and various other support vessels. The stock currently trades for around $9.50 a share and sports an approximate $620 million market capitalization. May Company Presentation Second Quarter Results: A good portion of the decline in the stock occurred after the company posted second quarter numbers on August 2nd. Great Lakes Dredge & Dock Corporation badly missed expectations, to put it mildly. The company had a GAAP loss of six cents a share when the consensus was looking for a 20 cents a share profit. Revenues fell some 12% on a year-over-year basis to $149.4 million, missing expectations by nearly $35 million. May Company Presentation Going through the press release that accompanied these tepid numbers, it appears Great Lakes Dredge & Dock Corporation hit the perfect storm of adverse conditions in the quarter. Management cited 'supply chain delays, inflationary pressures, adverse weather conditions combined with some atypical dredging project challenges' for the poor quarter. May Company Presentation The biggest hit to margins and profits it appears to be the delay to their dredging ships Liberty Island and Carolina dry dockings which were caused by supply chain challenges. This caused both dredges to be delayed several weeks mobilizing to their projects. And speaking of the perfect storm, several of the company's projects were impacted by unseasonably rough sea conditions along the east coast. This caused several vessels to have to stop operating and seek shelter. This extended completion timelines and delayed commencement of subsequent projects as well. In addition, three of the company's larger projects encountered differing and unanticipated site conditions which negatively impacted production. Management is renegotiating agreements with their clients on these projects to reflect these conditions. However, until resolved, revenue and profit recognition is delayed. Finally, higher-than-anticipated inflation impacted the cost of labor, operating supplies, and dry dockings in the quarter. The company is accounting for these higher costs within new bids. Finally, the company's order backlog shrunk to $373.8 million at the end of the quarter from $454.4 million at the same point in 2021. Looking for some good news on Great Lakes Dredge & Dock Corporation, the company did report it won $107 million worth of new awards in late August that will help its backlog. In addition, adjusted EBITDA was a positive $10.2 million in the second quarter despite very adverse conditions. Ending on a bright note, management mentioned the following positives within their earnings press release. We continue to see increased market demand backed by strong government support and development of new LNG export facilities that we expect will benefit Great Lakes and our market position in the upcoming years. Our new build program is on schedule with the new hopper dredge, the Galveston Island, expected to be ready for operations in the first half of 2023 and her sister ship expected to be ready for operations in 2025." Analyst Commentary & Balance Sheet: There has been very little in the way of analyst activity around this stock in 2022. Alliance Global Partners maintained their Buy rating and $17 price target on GLDD in mid-March, two weeks ago, Noble Financial took the same action with an identical price target. Those are the only analyst firms I can find that have chimed in around Great Lakes Dredge & Dock Corporation so far in 2022.

Aug 24

Great Lakes Dredge & Dock totals $107M in awarded work

Great Lakes Dredge & Dock (NASDAQ:GLDD) announced receipt of several major dredging awards totaling $107M including: Norfolk Harbor Navigation Improvements Project- Capital, Virginia, $56.8M. Charleston Lower Harbor Maintenance Dredging Project- Maintenance, South Carolina, $15.4M. Tampa Harbor Maintenance Dredging 45-Foot Project-  Maintenance, Florida, $13M. New Jersey Wind Port, Stage 1, Access Channel Dredging Project- Capital, New Jersey, $7M. Various Maintenance Projects- New York, North Carolina, and South Carolina, $14.8M. David Simonelli, COO commented, “Great Lakes is pleased to add these projects to our backlog of deepening and maintenance dredging projects that will contribute to both our 2022 and 2023 performance. In addition, the land being created at the New Jersey Wind Port project will support the state of New Jersey’s efforts towards renewable energy development. All of these projects support the overall improvement and resiliency of our country's environment, coastlines and infrastructure.”

Shareholder Returns

GLDDUS ConstructionUS Market
7D-8.6%-3.6%-2.0%
1Y-46.6%2.6%-20.3%

Return vs Industry: GLDD underperformed the US Construction industry which returned -0.8% over the past year.

Return vs Market: GLDD underperformed the US Market which returned -22.1% over the past year.

Price Volatility

Is GLDD's price volatile compared to industry and market?
GLDD volatility
GLDD Average Weekly Movement7.8%
Construction Industry Average Movement5.2%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: GLDD is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: GLDD's weekly volatility (8%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1890421Lasse Pettersonhttps://www.gldd.com

Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures. It is also involved in coastal protection projects that comprises of moving sand from the ocean floor to shoreline locations where erosion threatens shoreline assets; maintenance dredging, which consists of the re-dredging of previously deepened waterways and harbors to remove silt, sand, and other accumulated sediments; land reclamations, channel deepening, and port infrastructure development; and lake and river dredging, inland levee and construction dredging, environmental restoration and habitat improvement, and other marine construction projects.

Great Lakes Dredge & Dock Fundamentals Summary

How do Great Lakes Dredge & Dock's earnings and revenue compare to its market cap?
GLDD fundamental statistics
Market CapUS$539.24m
Earnings (TTM)US$45.54m
Revenue (TTM)US$722.38m

11.8x

P/E Ratio

0.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GLDD income statement (TTM)
RevenueUS$722.38m
Cost of RevenueUS$589.57m
Gross ProfitUS$132.81m
Other ExpensesUS$87.27m
EarningsUS$45.54m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.69
Gross Margin18.38%
Net Profit Margin6.30%
Debt/Equity Ratio77.9%

How did GLDD perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is GLDD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GLDD?

Other financial metrics that can be useful for relative valuation.

GLDD key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.2x
Enterprise Value/EBITDA7.1x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does GLDD's PE Ratio compare to its peers?

GLDD PE Ratio vs Peers
The above table shows the PE ratio for GLDD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12x
BBCP Concrete Pumping Holdings
17x8.9%US$383.2m
IESC IES Holdings
15.4xn/aUS$577.1m
STRL Sterling Infrastructure
8.4x13.5%US$650.5m
PRIM Primoris Services
7.4x14.1%US$904.6m
GLDD Great Lakes Dredge & Dock
11.8xn/aUS$539.2m

Price-To-Earnings vs Peers: GLDD is good value based on its Price-To-Earnings Ratio (11.8x) compared to the peer average (12x).


Price to Earnings Ratio vs Industry

How does GLDD's PE Ratio compare vs other companies in the US Construction Industry?

Price-To-Earnings vs Industry: GLDD is good value based on its Price-To-Earnings Ratio (11.8x) compared to the US Construction industry average (25.5x)


Price to Earnings Ratio vs Fair Ratio

What is GLDD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GLDD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate GLDD's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of GLDD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate GLDD's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate GLDD's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is Great Lakes Dredge & Dock forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


26.0%

Forecasted Capital Goods industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Great Lakes Dredge & Dock has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Take a look at our analysis of GLDD’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has Great Lakes Dredge & Dock performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


39.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GLDD has a high level of non-cash earnings.

Growing Profit Margin: GLDD's current net profit margins (6.3%) are higher than last year (4.9%).


Past Earnings Growth Analysis

Earnings Trend: GLDD has become profitable over the past 5 years, growing earnings by 39.7% per year.

Accelerating Growth: GLDD's earnings growth over the past year (33.6%) is below its 5-year average (39.7% per year).

Earnings vs Industry: GLDD earnings growth over the past year (33.6%) exceeded the Construction industry 16.7%.


Return on Equity

High ROE: GLDD's Return on Equity (11%) is considered low.


Discover strong past performing companies

Financial Health

How is Great Lakes Dredge & Dock's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GLDD's short term assets ($283.1M) exceed its short term liabilities ($141.6M).

Long Term Liabilities: GLDD's short term assets ($283.1M) do not cover its long term liabilities ($461.4M).


Debt to Equity History and Analysis

Debt Level: GLDD's net debt to equity ratio (59.6%) is considered high.

Reducing Debt: GLDD's debt to equity ratio has reduced from 177.1% to 77.9% over the past 5 years.

Debt Coverage: GLDD's debt is not well covered by operating cash flow (4.4%).

Interest Coverage: GLDD's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


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Dividend

What is Great Lakes Dredge & Dock current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Great Lakes Dredge & Dock Dividend Yield vs Market
How does Great Lakes Dredge & Dock dividend yield compare to the market?
SegmentDividend Yield
Company (Great Lakes Dredge & Dock)0%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Construction)0.9%
Analyst forecast in 3 Years (Great Lakes Dredge & Dock)n/a

Notable Dividend: Unable to evaluate GLDD's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate GLDD's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if GLDD's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if GLDD's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: GLDD is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as GLDD has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Lasse Petterson (66 yo)

5.75yrs

Tenure

US$3,103,804

Compensation

Mr. Lasse J. Petterson has been the Chief Executive Officer of Great Lakes Dredge & Dock Corporation since May 2, 2017 and has been its President since March 2020. Mr. Petterson served as the President and...


CEO Compensation Analysis

Lasse Petterson's Compensation vs Great Lakes Dredge & Dock Earnings
How has Lasse Petterson's remuneration changed compared to Great Lakes Dredge & Dock's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$46m

Mar 31 2022n/an/a

US$52m

Dec 31 2021US$3mUS$755k

US$49m

Sep 30 2021n/an/a

US$35m

Jun 30 2021n/an/a

US$34m

Mar 31 2021n/an/a

US$41m

Dec 31 2020US$3mUS$725k

US$66m

Sep 30 2020n/an/a

US$70m

Jun 30 2020n/an/a

US$67m

Mar 31 2020n/an/a

US$69m

Dec 31 2019US$4mUS$700k

US$56m

Sep 30 2019n/an/a

US$46m

Jun 30 2019n/an/a

US$49m

Mar 31 2019n/an/a

US$39m

Dec 31 2018US$3mUS$700k

US$11m

Sep 30 2018n/an/a

US$3m

Jun 30 2018n/an/a

-US$12m

Mar 31 2018n/an/a

-US$18m

Dec 31 2017US$3mUS$467k

-US$15m

Sep 30 2017n/an/a

-US$19m

Jun 30 2017n/an/a

-US$11m

Mar 31 2017n/an/a

-US$9m

Dec 31 2016US$3kn/a

US$542k

Compensation vs Market: Lasse's total compensation ($USD3.10M) is about average for companies of similar size in the US market ($USD2.92M).

Compensation vs Earnings: Lasse's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: GLDD's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

Experienced Board: GLDD's board of directors are considered experienced (5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: GLDD insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:GLDD Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
05 Aug 22BuyUS$96,540Lasse PettersonIndividual10,000US$9.65
09 May 22SellUS$24,994David SimonelliIndividual1,770US$14.12

Ownership Breakdown

What is the ownership structure of GLDD?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,690,1212.6%
General Public7,283,02011.0%
Institutions57,110,16986.4%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 75.03% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.75%
Franklin Resources, Inc.
5,783,222$47.2m0%0.02%
8.36%
BlackRock, Inc.
5,527,083$45.1m8.28%no data
7.73%
Jennison Associates LLC
5,107,828$41.7m-2.98%0.04%
6.47%
Dimensional Fund Advisors LP
4,277,229$34.9m-0.06%0.01%
4.89%
The Vanguard Group, Inc.
3,230,641$26.4m0.52%no data
4.72%
Ashford Capital Management Inc
3,119,404$25.5m-4.86%3.81%
4.2%
William Blair Investment Management, LLC
2,776,216$22.7m-2.49%0.04%
3.98%
AllianceBernstein L.P.
2,629,236$21.5m-0.99%0.01%
2.9%
Neumeier Poma Investment Counsel LLC
1,918,578$15.7m-17.92%1.29%
2.67%
Harvey Partners, LLC
1,762,500$14.4m54.61%3.48%
2.23%
Renaissance Technologies LLC
1,472,501$12.0m-1.25%0.02%
2.09%
State Street Global Advisors, Inc.
1,380,351$11.3m3.53%no data
1.79%
Geode Capital Management, LLC
1,185,063$9.7m0.71%no data
1.78%
The TCW Group, Inc.
1,179,538$9.6m7.37%0.12%
1.62%
D. E. Shaw & Co., L.P.
1,070,122$8.7m2.83%0.02%
1.48%
Minerva Advisors LLC
979,540$8.0m0%6.02%
1.32%
Fort Washington Investment Advisors, Inc.
875,356$7.1m-0.29%0.06%
1.23%
Lasse Petterson
815,111$6.7m1.24%no data
1.19%
Wellington Management Group LLP
783,600$6.4m-0.17%no data
1.05%
Hotchkis and Wiley Capital Management, LLC
694,600$5.7m-2.98%0.02%
1.04%
Charles Schwab Investment Management, Inc.
688,468$5.6m3.03%no data
0.94%
Northern Trust Global Investments
620,022$5.1m-0.55%no data
0.89%
Royce & Associates, LP
585,531$4.8m-17.7%0.05%
0.89%
Kennedy Capital Management, Inc.
585,350$4.8m0.38%0.14%
0.81%
Allspring Global Investments, LLC
534,530$4.4m12.77%0.01%

Company Information

Great Lakes Dredge & Dock Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Great Lakes Dredge & Dock Corporation
  • Ticker: GLDD
  • Exchange: NasdaqGS
  • Founded: 1890
  • Industry: Construction and Engineering
  • Sector: Capital Goods
  • Implied Market Cap: US$539.240m
  • Shares outstanding: 66.08m
  • Website: https://www.gldd.com

Number of Employees


Location

  • Great Lakes Dredge & Dock Corporation
  • 9811 Katy Freeway
  • Suite 1200
  • Houston
  • Texas
  • 77024
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GLDDNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDDec 2006
5GLDB (Deutsche Boerse AG)YesCommon StockDEEURDec 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.